The CIPR is in the process of updating its research, measurement and evaluation guidelines (PDF). The current edition is dated March 2011 and harks back to when I used to chair the CIPR's measurement deliberations; the current initiative is being led by Matt McKay and Martin Turner.
Here's a short but important extract from the current guidance:
Every organisation should have a mission (why we exist), values (guiding behaviour), a vision (what do we want to be), objectives (breaking down the vision) and strategy (how we intend to get there / achieve the objectives). Given that measurement isn't just the detached collection, analysis and presentation of data but a powerful management tool in itself, a powerful way to align each employee’s day-to-day activities with the strategy, this cascade must continue robustly, transparently and visibly.
People perform as they are measured, so the measures must drive strategically important behaviour.
And as each marketplace is unique and as your organisation is unique, your strategy will be unique. And so, therefore, will be the suite of measures you design, deploy and manage by.