What is human resource management benchmarking?

HRM refers to "human resource management" functions, such as compensation, span of control, compliance, pay for performance, and performance management. Benchmarking of such processes refers to comparing the way your organization manages people to similar organizations. A sound benchmarking program should compare you to organizations in the same industry, of a similar size, of a similar age, and with similar geographic distribution. This can be done yourself, but it takes time and it is often difficult to identify peer organizations to talk with. Research firms and benchmarking firms can make this easier and more effective.