SHRM-CP Training Unit Exam Questions And Verified Answers 2024.

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