Management in the functional roles of business
Managers are the leaders of a company, be the CEO or just a branch/store manager. The leadership, organization of a good manager is very essential for an organizations goal to be recognized. It is the management of different functional areas of a company that plan, organize, lead, and control. Examples of functional areas are operations, law, accounting, finance, marketing, human resources management, economics, management, strategic planning, research and statistics. I will be analyzing the roles of management in Human Resources and Finance/accounting.
The human resources management is very essential to the success of a company. Before I was hired as a personal banker, my main point of contact for the bank was the HR management. The ...view middle of the document...
Therefore it has changed the role from just being the HR management to strategic human resource management in many businesses and has lead to better performance by them.
Whether being a small mom and pop business or a large corporation they both need to control their finances to reach success. Finance and accounting are different but related as well. The accountant is someone who prepares the balance sheet, but the finance manager is the one who interprets and analyzes the information also gives helpful insight to top managers of an organization. A financial manager needs to think in the future how well will the assets of the company be higher than the liability, will the company pay off its debt, will they be able to pay their creditors, and still have working capital left over for the growth of the business. Accounting gives us the strength and weaknesses of the company, but it is the finance managers that decide where to invest, allocate funds within the organization, borrow money from (short term or long term), to keep the financial strengths of the company stronger than the weaknesses.
In conclusion the human resource management and finance/accounting management are the most important functional areas of an organization. If they are strategic and innovative they can propel an organization to success.
Citation and reference:
1) Scholl, Richard. T. (2009). human resource management: level of innovation. Retrieved from http://www.uri.edu/research/lrc/scholl/webnotes/HR_Functions.htm
2) Strategic Human Resource Management for High Performance Organizations. (2012, june). International Journal of Research in Commerce and Management, 3(6), 54-59. ebsco host