Recently we held the latest in a series of CPO forum events in which we discussed the topic of HR benchmarking and its relevance in the current business landscape. The host, Chris, was joined by Cathy Acratopulo, Aaron Alburey, and Debbie Mitchell, to reflect on our key takeaways form our CPOs. The discussion revolved around the reasons for using benchmarking, the challenges it presents, and the 10 traits of high-performing people functions.
What is benchmarking?
It is when an organisation compares their HR functions across different organisations rather than salary or reward comparisons. However, despite the challenges, organisations still seek benchmarking insights for understanding the direction of their HR function and driving efficiency improvements. These difficulties may be due to variations in industries and company sizes.
The 10 traits of high-performing people functions include:
- Business aligned and partnership-driven
- Employee-centric and experience-rich
- Change leader mindset and innovation
- Continuous learning, adapting and evolving
- Focused on points of competitive differentiation
- Supercharging people managers
- Quick and agile decision-making
- Digitally and technology-enabled
- Data and insight mindset
- Solution and innovation labs
Organisations need to assess their HR functions against these traits to gain insights into their strengths and areas for improvement. Our 10 traits framework provides a valuable tool for understanding the strengths and weaknesses of different HR functions, allowing organisations to make informed decisions and focus on areas that align with their business goals.
The key takeaway from this event is that organisations should approach benchmarking from a holistic perspective, considering both quantitative data and qualitative insights from the traits framework. Listen now for a robust and passionate discussion, demonstrating the relevance and significance of benchmarking in shaping HR strategies and driving organisational success.