GRP – C8: Business Acumen for Compensation Professionals

In this competitive, global economy business leaders expect you to go beyond the technical aspects of your job and think like a businessperson. In fact, strategic business understanding was one of eight key differentiators of top performers according to the WorldWork 2012 Total Rewards Professionals’ Career Census.

To gain this understanding, you must embody business acumen skills-knowing what’s going on around you and how the business works internally and externally. Having a keen sense of business knowledge is essential for better decision making and driving long-term positive results for your organisation.

This course covers the essential skills, behaviours and actions that support the understanding and development of business acumen-helping you learn to see “the big picture”, understand finance concepts, recognise the important relationship between compensation plans and the bottom line, and make wiser decisions.

• Learn what it takes to apply key business acumen skills and behaviours.

• Understand, evaluate and articulate the relationship between compensation and business outcomes.

• Grasp essential financial concepts.

• Know how your business works and recognise the relationship between the compensation plan and the bottom line.

• Strengthen communication skills.

What you will learn

Module 1: Introduction to Business Acumen 

• Business acumen skills and behaviours and key competencies

• Importance of business acumen to organisations and individuals

• The Global Rewards Framework

• Role of the compensation professional

Module 2: Knowing How Business Works 

• Competitive strategies and market position

• Allowances

• Business life cycle

Module 3: Financial Literacy

• Basics of financial reports

• Common profit measures

• Common metrics

Module 4: Evaluating the Business 

• Key performance indicators

• The organisation’s bottom line and its impact on compensation

• Common tools and approaches for evaluation

Module 5: Communication and Connections

• Building a knowledge network

• Identifying resources and where data comes from

• Importance of fact-based communication

• Engaging and contributing to discussions with non-compensation colleagues

Fee:

Remarks: 

• All materials and binder will be in electronic format.
  

• For e-learning arrangement, participant will receive an email invitation to activate a Learner Dashboard (WorldatWork platform) account for accessing educational contents and pre-recorded videos.

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