Every penny counts for HR practitioners in the current economic context faltering profitability for many organisations and weak overall economic growth. And so, as I tell Jeya Thiruchelvam in this week's XpertHR Podcast, benchmarking employment practices can represent a highly effective way to keep on top of costs and do their jobs more efficiently and more cost-effectively.
Here is just one example of how benchmarking can help employment practitioners and HR professionals do their jobs right now. We can use the XpertHR benchmarking service to drill down into the data for the 2009/2010 IRS HR roles and responsibilities survey (subscription required for each). Employers can use the interactive features to tailor their own bespoke benchmarking data.
Focusing on just one specific question from this survey, we find that the median annual HR department running costs budget stands at £585.71 per employee (subscription required).
So this figure offers HR professionals a very clear measure of what HR spend across the whole economy looks like right now. And this can help them assess exactly where they stand.
But using XpertHR benchmarking's unique interactive features, we can break the results down much further. By applying refinement options we can tailor the info we're seeing to match our specific needs. Find out more about how this works, and learn details of typical HR department running costs in the private services sector, by tuning in to the Podcast.
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