(Solution) 7C003 2.2 Business acumen deliver commercial benefits and manage resilience
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Solution
| Assessment criterion | 2.2 Discuss how business acumen can deliver commercial benefits and manage resilience. |
| Competence achieved | Initial ability (scale 0-10) = 5/10
Competence now (scale 0-10) = 8/10 Justification: (with cross-references to evidence)
|
| Discussion and Justification: | I do understand that business acumen is a key skill for any business to possess and it enables the organization to identify opportunities, manage resources, and stay ahead of the competition. I also gained an understanding that HR professionals are in the unique position of bridging the gap between the Almarai’s goals and its employees’ needs. For example, I learned from Schultz (2021) that HR are responsible for helping to create a culture of innovation and success, while also managing resilience and ensuring commercial benefits are delivered.
As an HR professional, it is important for me to have business acumen in order to deliver commercial benefits and manage resilience. It was recommended that I undertake special HR task to better understand this criteria and attend coaching and mentoring session (see STAR approach and coaching and mentoring session outcome and impact evaluation in Appendix 3 for evidences and summary). In the reading, Kovoor-Misra (2019) it stated that business acumen helps to understand the business’s operations and the competitive environment, in order to make decisions that benefit the organization financially and I also believe the same. For example, I used my business acumen knowledge and understanding to identify and recommend cost-saving measures that can help reduce expenditure. I used business acumen to ensure that HR strategies are aligned with the Almarai’s overall objectives, and that they are designed to benefit the organization in the long-term. I reflected as per my learning that business acumen also helped me to manage resilience (Mendy, 2021). By understanding the Almarai operations, I developed strategies to navigate the business through challenging times. For instance, I used business acumen to identify potential areas of risk and develop contingency plans to mitigate them. This helped Almarai survive and even thrive during difficult periods.
Stakeholder theory is important in HR because it helps organizations identify and understand the needs of all stakeholders and expectations (Hodges, & Crabtree, 2020). One of the example is that it helped me to ensure strategies and policies are aligned with stakeholders’ needs and interests, and that they remain competitive.
Governance and regulation are important to HR in order to ensure that organizations are compliant with laws and regulations and that internal processes and procedures are in line with the laws and regulations (Khandelwal, & Krishna, 2021). It was very good reading and it helped me to be more efficient and contribute higher so Almarai can maintain a good reputation within the industry.
I came to know that CSR is important to HR in order to ensure that organizations are socially responsible and that they are taking the necessary steps to be mindful of the environment, the community, and the society in which they operate as per reading of Das, Taneja, & Arora (2021). This helped to maintain a positive public image and to attract and retain talented employees.
Environmental analysis is important to HR in order to understand the external environment in which the organization operates and to identify potential opportunities and threats (Paillé, 2022) that I already learned and revisited this time. This always helped to devise strategies and policies to capitalize on opportunities and to mitigate risks.
Employee resilience scales are important to HR in order to measure employee resilience in the face of change and to identify areas for improvement (Pradhan, & Kumar, 2021) and I was enlightened to this reading. This helped to take proactive steps to enhance employee resilience and to ensure employees are able to cope with change.
Another interesting learning is about VUCA is important to HR in order to understand the volatile, uncertain, complex, and ambiguous environment in which the organization operates (Lepeley, Morales, Essens, Beutell, & Majluf, 2021). I was anticipated towards possible risks and to devise strategies to manage them effectively.
Finally, business acumen is a critical part of any business’s success. But, the role of HR is just as important. Through expertise in understanding the needs of both Almarai and employees, HR professionals are uniquely positioned to ensure commercial benefits are delivered, while also managing resilience and creating an environment of innovation and success. In this way, I was able to play a vital role in building and sustaining a business’s acumen. |
| Post-programme CPD plan | · I will use my knowledge in areas such as analytics and data-driven decision-making for Almarai.
· I will gain skills and knowledge, so I should take advantage of online courses, workshops, and certifications to stay up-to-date on the latest trends and best practices. · I will attend conferences and networking events to gain insights from other HR professionals and to stay up-to-date on current strategies so I can bring best practices in Almarai. |
| Appendices and Evidences | Appendix 1: Learning Plan
Appendix 2: Learning journal + CPD Appendix 3: Evidences |
| References | 1. Das, J. K., Taneja, S., & Arora, H. (Eds.). (2021). Corporate social responsibility and sustainable development: Strategies, practices and business models. Taylor & Francis.
2. Hodges, J., & Crabtree, M. (2020). Reshaping HR: The Role of HR in Organizational Change. Routledge. 3. Khan, N., & Millner, D. (2020). Introduction to people analytics: A practical guide to data-driven HR. Kogan Page Publishers. 4. Khandelwal, A. K., & Krishna, A. (2021). Strategic Human Capital Management Governance. Transformational Leadership in Banking: Challenges of Governance, Leadership and HR in a Digital and Disruptive World, 101. 5. Kovoor-Misra, S. (2019). Crisis management: Resilience and change. Sage Publications. 6. Lepeley, M. T., Morales, O., Essens, P., Beutell, N. J., & Majluf, N. (Eds.). (2021). Human centered organizational culture: Global dimensions. Routledge. 7. Mendy, J. (2021). Beyond HRM’s Performance Management: Towards Strategic Workforce Resilience. 8. Paillé, P. (2022). Green Human Resource Management Research: Issues, Trends, and Challenges. 9. Pradhan, R. K., & Kumar, U. (Eds.). (2021). Emotion, well-being, and resilience: Theoretical perspectives and practical applications. CRC Press. 10. Schultz, C. M. (2021). The future of HR. In Beyond Human Resources-Research Paths Towards a New Understanding of Workforce Management Within Organizations. IntechOpen. |
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