This study discusses the perceived role of the Human Resource Management Department and its perceived capacity of outstanding performance by comparing data collected in Brazil and Peru from employees of large organizations as well as participants in MBA programs at renowned schools. The non-probabilistic sample was composed of 416 Brazilian and 90 Peruvian respondents. The results point out that both in Brazil and Peru, the relevance attached to the HRM Department role for contributing to the future success of organizations does not correspond to its current capacity of performance. As such, in these realities the HRM Department has not yet made the qualitative leap that would enable its strategic role in organizations. © 2009 Brazilian Administration Review.