Business Acumen In Hr

Business acumen is the ability to make good judgements and efficient business decions.

Business acumen in hr. At the executive level 83 percent of respondents state that the competency is required upon entry. I thought that business acumen had been around for years that people were really honing in on that skill but it is clear that that s not necessarily the case. By changing perceptions hr increases the chance that they will be asked to contribute to the company s big decisions and long term plans.

In august 2019 josh bersin wrote an article in human resource executive titled 8 skills hr business partners need for success among the eight skills described his article listed two critically important individual competencies. How quickly are hr departments ready to change and are they ready for more risk lead leadership. Hr is seen either as an administration function or people focused outcomes that don t tie in with business outcomes.

Well the reality is that it is not a single skill but a much broader. Its most recent human capital survey cites 58 percent of hr executives placing business acumen as a critical requirement for hr employees. But honestly it can be challenging to develop business acumen.

But what exactly is business acumen. Digital acumen and business language knowledge. It s important to know the business be able to talk about it and make decisions to help the business grow.

Business acumen refers to a keen and agile ability to understand interpret and deal with business situations. When i was at the hr congress dave ulrich and loren shuster both spoke. The implementation of an effective business acumen plan and hr elevates these concerns.

Having business acumen allows hr professionals to change senior management s perceptions by demonstrating that they are a fellow businessperson who understands the business its environment and challenges. In fact business acumen is the most lacking skill when looking for top level hr talent that one critical skill outpaces all others with 41 percent of chros citing business acumen as their. The next highest need at 28 percent is the ability to turn strategy into action.