Not everyone—most, even—do not have inherent business acumen, but being able to view a business from the top leader’s perspective, understand core organizational functions and how they interact, and apply financial metrics that reflect the success of that organization/department is critical for an HR business partner to be able to partner and develop strategies that align.
In this session, the second of i4cp’s three-part HRBP Development Cohort, i4cp’s Mark Englizian (former CHRO, Walgreens, and former total rewards leader at Amazon and Microsoft), will outline what and how an HRBP can best advance their business acumen and serve as a better partner to the business:
- Applying general business understanding to the job - knows how a business operates to make money
- Using basic business financials - balance sheet, operating statement and key ratios and metrics appropriate to the business area supported, such as backlog, reject rate, payables, receivables, run rate, customer acquisition cost, etc.
- Using business terminology and concepts when communicating with business leaders
- Understanding the vision/mission, value proposition and business strategy of the business/functional area she/he supports
- Knowing the customers, competitors and industry trends for the business she/he supports
- Asking relevant questions to gain an understanding of business needs.