From the course: Human Resources: Leadership and Strategic Impact
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Pitfalls of benchmarking as HR strategy
From the course: Human Resources: Leadership and Strategic Impact
Pitfalls of benchmarking as HR strategy
- Are you trying to benchmark your way to an HR strategy? A benchmark was originally a chiseled cut in a stone structure creating a bench for a leveling rod. That way, level was measured the same every time. In business, benchmarks let you see what other organizations do and compare your organization to them. For example, in marketing, a benchmark might compare you and another organization on the percent of your advertising budget you spend online. That's useful information but you wouldn't just allocate your advertising budget to match your competitor. You know that your unique strategic payoff from online advertising might justify spending more or less than your competitors. In HR, typical benchmarks compare things like cost per hire or training days per employee. Unlike marketing, when it comes to HR, leaders are tempted to match the benchmark. Particularly when the benchmark is from an admired organization, the logic is that organization is very successful, so let's do HR the way…
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