Business Acumen UPDATED QUESTIONS
AND CORRECT ANSWERS
Key Competencies for Comp Professionals - CORRECT ANSWER Financial Management,
HR Management, Resource Management
Financial Management Competencies - CORRECT ANSWER 1. funding
2. ROI of programs
3. budget for programs
4. cost benefit thinking
5. expendetures
6. Cost effective approaches
7. procurement & contracting
8. performance plans
HR Management Competencies - CORRECT ANSWER 1. Assess current and future
staffing needs based on goals and budget.
2. Ensure staff are selected, developed, appraised and rewarded
3. Take corrective action
4. Understand basic org design principles
Resource Management Competencies - CORRECT ANSWER 1. Determine sources and
collect data to facilitate decisions
2. Partner with internal staff and external consult/vendors
3. Use efficient and cost effective approaches to integrate technology
What sets apart top performers - CORRECT ANSWER The ability to tie the key
competencies together, distill key messages and make impactful decisions
, Business acumen skills and behaviors - CORRECT ANSWER 1. Mission, vision, values.
Understanding the purpose of your organization, how it creates value, how it makes money
2. Business strategy. Understandings your customers competition and competitive
advantage
3. Organizational culture. Understanding the culture and subcultures of the organization
4. HR strategy. Ability to speak about your area of expertise and collaborate with others
Business acumen for the comp professional - CORRECT ANSWER Demonstrate
influencing and negotiation skills, be an expert with data, navigate regulatory challenges
The importance of business acumen - CORRECT ANSWER Contributions to
organizational success, engaging with executive leadership, self improvement and career
development
Contributions to organizational success - CORRECT ANSWER Understand the financial
and strategic context of your organization, influence the organizations bottom line and
financial results
Engaging with executive leadership - CORRECT ANSWER Represent the perspective of
your area of expertise and articulate its role in business outcomes, align with the company's
mission and financial priorities
Self-improvement and career development - CORRECT ANSWER Better understand
connections between you and wider org opportunities for cooperative value creation,
understand business disciplines and what is critical to their success, Display confidence and
decisiveness, be a better leader, inspire and excite others
Why organizations are in business - CORRECT ANSWER Purpose is reflected in mission,
vision, values, strategy, profit model
Mission - CORRECT ANSWER The intention or purpose of the business, answers why
are we in business?
AND CORRECT ANSWERS
Key Competencies for Comp Professionals - CORRECT ANSWER Financial Management,
HR Management, Resource Management
Financial Management Competencies - CORRECT ANSWER 1. funding
2. ROI of programs
3. budget for programs
4. cost benefit thinking
5. expendetures
6. Cost effective approaches
7. procurement & contracting
8. performance plans
HR Management Competencies - CORRECT ANSWER 1. Assess current and future
staffing needs based on goals and budget.
2. Ensure staff are selected, developed, appraised and rewarded
3. Take corrective action
4. Understand basic org design principles
Resource Management Competencies - CORRECT ANSWER 1. Determine sources and
collect data to facilitate decisions
2. Partner with internal staff and external consult/vendors
3. Use efficient and cost effective approaches to integrate technology
What sets apart top performers - CORRECT ANSWER The ability to tie the key
competencies together, distill key messages and make impactful decisions
, Business acumen skills and behaviors - CORRECT ANSWER 1. Mission, vision, values.
Understanding the purpose of your organization, how it creates value, how it makes money
2. Business strategy. Understandings your customers competition and competitive
advantage
3. Organizational culture. Understanding the culture and subcultures of the organization
4. HR strategy. Ability to speak about your area of expertise and collaborate with others
Business acumen for the comp professional - CORRECT ANSWER Demonstrate
influencing and negotiation skills, be an expert with data, navigate regulatory challenges
The importance of business acumen - CORRECT ANSWER Contributions to
organizational success, engaging with executive leadership, self improvement and career
development
Contributions to organizational success - CORRECT ANSWER Understand the financial
and strategic context of your organization, influence the organizations bottom line and
financial results
Engaging with executive leadership - CORRECT ANSWER Represent the perspective of
your area of expertise and articulate its role in business outcomes, align with the company's
mission and financial priorities
Self-improvement and career development - CORRECT ANSWER Better understand
connections between you and wider org opportunities for cooperative value creation,
understand business disciplines and what is critical to their success, Display confidence and
decisiveness, be a better leader, inspire and excite others
Why organizations are in business - CORRECT ANSWER Purpose is reflected in mission,
vision, values, strategy, profit model
Mission - CORRECT ANSWER The intention or purpose of the business, answers why
are we in business?
