Functional Area of Business Essay

1136 Words Apr 9th, 2015 5 Pages
Functional Area of Business

Manager Role within Functional Area of Business
Shyam Sunder Bansal
MGT/521
July-28, 2014
Sandra Griffin

Manager Role within Functional Area of Business

Business functional areas are nothing but departments, teams or divisions where each unit performs similar tasks and activities carried out by employees possessing common skills and expertise. For example: Finance, Sales & Marketing, Administration, Human resource, Production, Legal and Research. Though all business performs all activities and actions for performance but big organization normally have a separate function for concentration of typical activities. Functional managers head these departments, who have role and responsibility to plan,
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Human resource manager formulates policies and plan for recruitment, compensation, performance evaluation, training and performance, research and analysis in align with the organization vision, mission, goal and strategic objectives. He then setup a team, coordinates with recruiting, training, advertisement and promotional agencies for hiring people and put process for defining jobs, compensation structure, job and position hierarchies and for employee performance evaluations. He directs his team and department to make sure right employee at right place having clear definition of the job description with proper compensation plan including opportunities for training and development. He evaluates performance of each employee and then award and control through performance appraisal system. Manager often works as an administrator/facilitator to support and help employees in carrying out activities.
Finance, Accounting, Law and Economics
As these are Lifelines of any business, Manager must have niche expertise in these areas since he needs to plan about sources of finance as an equity, debts or loans. He decides about future business roadmap based on national, international, economic and political situation. Business and government law needs to consider formulating plan for finance, accounting and economics. He directs resources to acquire funds and utilize as per budgeting. Maintain accounts

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