HR departments are responsible for managing employees and employee-related issues. They also play a large role in the development of company policies and procedures. They also ensure that they are up-to-date on current labour laws and regulations.
Human resources is also in charge of ensuring that the employer-employee relationship remains cordial at all times. They achieve this by designing workplace policies in consultation with senior management. They also help to create packages and sets of employee benefits programs that will enable a business to attract and retain the right talent.
A business requires a finance department to manage financial operations. This includes recording transactions, creating balance sheets and analysing data to determine a company’s growth. Finance teams also help companies stay compliant with regulatory bodies.
A finance department must also establish policies on working capital management (WCM). This involves determining how much money a company should have at all times, and when it should use short-term credit or financing to supplement operating costs.
The marketing department identifies the products and services that your business offers, creates promotional materials to describe them, and promotes them via traditional and digital channels. The marketing department also carries out research to find out how customers respond to your products and services.
Depending on the size of your firm, you may have a marketing department that reports to a head of administration or to sales (Business Development). Ideally, if you have enough staff in your marketing department, it should have a seat at the table when major decisions are made.
Operations are the activities that turn raw materials and components into goods or services for customers. This includes processing inputs, such as raw petroleum in an oil refinery, to produce output, such as gasoline with the appropriate octane level. This department also ensures that output is consistent and that all quality controls are in place before the product reaches customers.