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3. Data-Driven Decision-Making
One of the core elements of business acumen is the ability to interpret and leverage data to make informed decisions. For compensation professionals, this means using compensation surveys, benchmarking data, and financial metrics to design compensation strategies that are competitive and cost-effective.
Data-driven decision-making allows compensation professionals to keep compensation packages competitive in the market while ensuring internal equity. By leveraging data, compensation professionals can confidently make decisions about pay structures, benefits, and bonuses that are both fair and aligned with company strategy.