Human resources is the term used to describe and explain how an organization / firm is made up of individuals / people that count, for their workforce; although, it is also pertained to labor economics , such as, business sectors or even a whole nation. Human resource management or the shorted abbreviated versions, 'HRM and / or HR' is basically the overseeing of an organization's employees. This entails employment and negotiations, in accordance with the law of a company's directives.
Human resources is a relatively new management term, established as late as the 1960s. Back then it was called, 'The Personnel Function' or in the institution or firm that used it, they called it, The Personnel Department.' The births of the Personnel function developed from organizations that introduced 'welfare management' practices, and also in institutions that adopted the principles of 'scientific management'. From these terms surfaced a largely administrative management activity, coordinating a range of worker related processes. Human resources gradually became the more usual name for this function, revealing the implementation of a more quantitative as well as a more tactical approach to the workforce. It was also to gain a more competitive advantage by utilizing limited skilled and highly skilled workers.
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Human resource function is to implement and construct an organization's human resource requirements effectively. It must take into account labor laws and regulations for that country. It entails ethical business practices, and net cost, in a manner that maximizes the company's profits, by the use of good employee motivation, commitment and productivity.
The key functions of Human Resources may be to set strategies and develop policies, standards, systems, and processes, into a whole range of areas. The following are the typical uses of Human Resources in a wide range of organizations:
Maintaining an awareness and compliance with local, state and federal labor laws
Recruitment and selection.
Employee record-keeping and confidentiality
Organizational design and development, 'Organizational Structure.'
Performance, conduct and behavior management, performing appraisals.
Industrial and employee relations
Human resources (workforce) analysis and workforce personnel data management
Compensation and employee benefit management
Training and development.
Employee motivation and morale-building (employee retention and loyalty)
Marketing is an activity, set out by institutions or firms used for processes, creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Marketing is a product or service that selling is its main goal. It creates the format that underlies sales techniques, business communication, and business developments. It is an integrated process by which companies build strong customer relationships and generate value for customers as for themselves.
Marketing is used to identify, satisfy and keep the customer happy. With the customer as the focus of its activities, it can be established that marketing management is a major components of business management. Marketing advancement is the stability used in developing new markets, caused by mature markets and overloading, the adoption of marketing strategies. It requires companies to change their focus from production to the perceived needs and wants of their customers, as the overall goal of staying profitable.
The term marketing concept stands at achieving organizational goals for the end result of knowing the needs and wants of the firms target markets; and also in delivering the desired satisfactions for the customers. It suggests that in order to please its organizational objectives, an organization should foresee the needs and wants of consumers and satisfy these more effectively and efficiently than its competitors.
Marketing is made up of a wide range of activities required in making sure that you're continuing to meet the needs of your customers and are getting suitable value in return. It constitutes by finding out the following market research procedures:
What specific groups of potential customers/clients, 'marketing segmentation' might have with their specific needs and wants
How those needs and wants can be met for each group (or target market), which suggests how the product might be designed to meet the need of the customers
How each of the target markets might choose to tackle the product, etc. (its "packaging")
Always on Time
Marked to Standard
How much the customers/clients might be willing pay for the product (pricing analysis)
Who are your competitors (competitor analysis)
How to design and describe the product such that customers/clients will buy from the organization, rather than from its competitors (its unique value proposition)
How the product should be identified, ' its personality' to be unique (its naming and branding)
Advertising and promotions (focused on the product)
Public and media relations, through advertising and one on one feedback (focused on the entire organization)
Customer service, customer care and customer satisfaction
Too often, firms / individuals jump right to the outbound marketing. As a result, they often end up trying to push products onto people who really don't want the products at all. Effective inbound marketing often results in much more effective, and less difficult, outbound marketing and sales.
Finance is a branch of economics involved with resource allocation as well as resource management, procurement and investment. Simply, finance deals with matters related to money and the markets involved. It is also a means to raise money through the issuance and sales of debt and/or equity.
It can also be broken down into the following:
1. The science of the management of money and other assets.
2. The management of money, banking, investments, and credit.
3. Finances Monetary resources; funds, especially those of a government or corporate body.
4. The supplying of funds or capital.
1. To provide or raise the funds or capital for: financed a new car.
2. To supply funds to: financing a daughter through law school.
3. To furnish credit to.
Finance is the science of the funds of management. The general areas of finance are business finance, personal finance, and public finance. Finance includes saving money and often includes lending money. The study of finance deals with the concepts of time, money, risk and how they are interconnected. It also deals with how money is spent and budgeted.
One aspect of finance is as a result of individuals and business organizations, which deposit money in a bank. The bank then lends out the money to other individuals or organizations for consumption or investment and charges interest on those loans.
Loans have become increasingly packaged for resale, meaning that an investor buys a loan from a bank or directly from an institution. Sale of Bonds is a debt instrument, which is sold to investors for organizations, such as companies, governments or charities. The financier can then hold the debt and collect the interest or sell the debt on a secondary market.
In conclusion we can see that an institution is made up of Finance, Marketing and Human resources. They all work together as a team, without one the other cannot function.
Human resources are the management tool required to recruit new qualified employees, train them, provide them with the necessary benefits for their betterment, e.g. trying to fight for them. This department is very important for the improvement of a firm, because without Human Resources there would not be any employees or actually the employees might not be qualified for the varied positions; any one would be employed anywhere in the firm.
Marketing has a very important role to play in an organization. Without this department the company could not function, since they are basically responsible for promoting and selling the products created by the institution. They are responsible for fighting our competitors through their target markets, by providing excellent products or services. They are the money makers of the company, without a Marketing Department or Market Management the institution would not exist for very long.
Finance is the backbone of an institution, without finance the company would not be able to understand their profits or losses. They would not know who are their debtors are creditors are, they would just be working without a record of the financial status of the company. Also without a proper financial report the company would have many difficulties in applying for loans or aids from other financial institutions, simply banks would refuse their business because of insufficient records of income.
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Human resources, Marketing and Finance need each other for the other management role to function efficiently and effectively.