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Functional Areas of Business

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Functional Areas of Business
Functional Areas of Business
La’Kisha Thomas
University of Phoenix
Management
MGT 521
Greg Luce
February 11, 2013

Functional Areas of Business
The functional areas of business are management, law, human resources management, leadership, accounting, finance, economics, research and statistics, operations management, marketing, and strategic planning. Although, all of the functional areas are essential to the success of a organization, two areas stand out as key to getting the business started and keeping it profitable, and they are human resources management and the accounting area (University of Phoenix, 2013).
The Human Resources Management (HRM) area of business focuses on utilizing people as business resources. The HRM is responsible for overseeing the recruiting and hiring of employees, coordinating employee benefits, and coordinating employee training and development strategies. Human resources personnel function as consultants to the managers in a business, advising them on issues that relate to the employees and help layout how managers are essential to the overall success of an organization. The HRM form relationships with managers in the organization, collaborating continuously on how to best develop employees’ skills. In some organizations employees need to have the ability and working knowledge of other functions in order to be able to be shifted around within a department or company based on the company’s priorities and employee preferences (Bianca, 2013).
Along with their many other task, the human resources personnel also create concepts for increasing a business’s ability to build committed relationships with their staff. Organization need to be able to not only acquire good talent, but they must be able to retain that staff and have an environment where staff are committed to their jobs and feel there is room for growth and advancement. A good HRM should be capable of increasing a company’s competitive edge by building its capacity


References: Bianca, A. (2013). The Role of Human Resources Management in Organizations. Demand Media. Retrieved from www.smallbusiness.chron.com Fritz, R. (2013). The Accounting Functions in an Organization. Demand Media. Retrieved from www.smallbusiness.chron.com Johnson, R. (2013). Managerial Accountant’s Role in Business Planning. Demand Media. Retrieved from www.smallbusiness.chron.com Karimi, S. (2013). What is the Mission of a Financial Accounting Manager? Retrieved from www.ehow.com Mayhew, R. (2013). The Strategic Role of Human Resource Managers. Demand Media. Retrieved from www.smallbusiness.chron.com University of Phoenix. (2013). MBA Overview module. Retrieved from University of Phoenix, MGT 521
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