SHRM-CP Study Guide

SHRM - Correct Answer-Society for Human Resource Management What is Business Acumen? - Correct Answer-How an Organization decides to deal with a business situation to drive the best outcomes. -knowledge of the most profitable aspects of the business -understanding of cash flow and the current market situation -thorough understanding of the respective business niche Significance of Business Acumen - Correct Answer--helps HR bring more value to the company -HR can assure management they understand and can deal with challenges the business faces -HR can create an environment to boost productivity while keeping employees satisfied and treating them as equals HR Professionals' role - Correct Answer-To bridge the gap between senior management and the workforce, effectively communicating messages to employees Why is it important to understand the business? - Correct Answer--create long term strategies that align with the businesses goals and objectives -hire the right people with relevant skills to bring rewarding outcomes for the business in the future How to develop business acumen - Correct Answer--understanding the finances -getting familiar with the current business strategy -understanding the business environment Developing business acumen - understanding the finances - Correct Answer- Understand the financial standing of the business, financial statements, cash flow, balance sheets. To make a decision making process easier and more streamlined Developing business acumen - getting familiar with the current business strategy - Correct Answer-Makes it easier for HR professionals to make strategic decisions that benefit management and employees Developing business Acuman - understanding the business environment - Correct Answer-- Rotating managers to become familiar with all aspects of the business - understand finances, how a business operates, customers' expectations - Keep up with the news, social media, industry publications, and business competitors Improving HR Communication - Correct Answer-The way a business chooses to engage with its HR Success of an organization depends on - Correct Answer-the satisfaction of its employees Effective HR communication - Correct Answer-Boosts Employee morale and helps employees be more productive and committed to their jobs - training - info on salaries, wages, benefits, company news, etc Effectively plan internal communication - Correct Answer--long term strategies to increase productivity and improve communication Create the strategy by: -understanding how company operates, learn what employees expect from management -setting clear/achievable goals, will improve engagement and make employees' roles more interesting to them -effective communication channels, intranet, apps - plan which information will be shared internally Implement All-Inclusive Communication System - Correct Answer-HRIS that contains necessary information about the workforce, documents, salaries, contract details, employment history personal information. Makes it easy for employees to access their information Improve HR communication by - Correct Answer--effectively plan internal communication -implement an all inclusive communication system -create an environment that encourages face-to-face communication -Plan your strategies while focusing on the companies culture -creating an effective plan to welcome new employees on board Create an environment that encourages face-to-face communication - Correct Answer-Replace an email for face-to-face communication is crucial for trust Plan your strategies of focusing on the company's culture - Correct Answer-And effective HR strategy Aligns the employees' goals with a company's goals Creating an effective plan to welcome new employees on board - Correct Answer-HR needs to help new employees with information to exponer rolls, tools to make them more comfortable, confidence to use their creativity to produce outstanding results for the company. How does HR consultation work? - Correct Answer-- Business management skills -ability to work independently -ability to manage the office, customers, and business finances -ability to market the business What do clients look for an an HR consultant? - Correct Answer-Someone who has breakfast Apple organizations, can boost productivity, neutral in their stance to resolve issues, stay current and latest market trends Aspects of HR consultation - Correct Answer--business management -areas of focus -work environment -marketing consultation services -documentation -critical evaluation