F11-031 - Nguyen Thi Thu Huong.v.1.1.docx

33 critically analyse the interrelationship between

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3.3 Critically analyse the interrelationship between various functions within Vietinbank and how they are interconnected to organisational objectives and structure of Vietinbank. The functions, objectives and organizational structure of Vietinbank have a close relationship with each other. Offices and boards always support and consolidate to work, some sections are relateted to each other, so the connection is very tight. For instance, risk management always connects with policy board to give ideas, contribute the solution and create the most risk-limited strategies. Besides, marketing has a close connection to finance, accounting and human resources. In detail, for finance, the assessment of the market response function to changes in price, mode of payment, type and level of discount, and credit. For accounting, managerial accounting practices and approaches are related to financial management and can affect the firm s new evaluation of new products and other marketing activities. For human resources, it is concerned with the hiring, training and management of the appropriate marketing personnel.
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4.1 Purpose of Human Resource Function Human Resource Management (HRM) is the coordination of an organization s people to attain particular trade goals, fulfill staffing needs and keep up employee fulfillment. Giving intensive orientation to the employee is one of the major functions of HRM. Moreover, employee relationship is a very broad concept and it is one of the crucial functions of HRM. It also helps to foster good employee relations. Last but not least, training and development are the indispensable functions of HRM. It is the endeavor to progress the current or future performance of an employee by expanding the ability of an employee through educating and increasing one s skills or knowledge in the particular subject (Bhattacharyya, 2018). 4.2 Key Roles and Responsibilities of Human Resource Function It is clear to see that modern HRM concludes some following key roles and responsibilities: Support employees innovation. Drive strategic workforce planning. Identity rich recruitment sources and utilize the full enlistment potential of the organization. Construct the friendly corporate culture and drive the engagement of all employees. Build coordinate communication channels and support honest and quick information flow. Build the environment, which recognizes top talents and top performers. Develop top abilities and focus the investment of training funds. Set basic and performance-driven compensation strategies and compensation policies (CreativeHRM, 2018). 4.3 ‘Best Fit’ approach or ‘Best Practice’
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HRM departments in most organizations apply two kinds of practice in their operations: “Best fit” and “Best Practice”. The phrasing of „best practice represents international standard; while „best fit refers to policies that an organization chooses to manage its company because historic factors, culture, and industry trends (Mondy&Martocchio, 2016).
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