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What is benchmarking?
Benchmarking is a process where the different processes and teams of an organization are compared with and measured against the best in the industry. The intent is to find out what an organization can do to be at par with the best.
Relevant insights from benchmarking can help HR professionals in setting goals and objectives for the organization. Organizations often benchmark against competitors, similar departments or industries.
Not to be confused with:
balanced scorecard
A balanced scorecard, or BSC, is a business-performance management framework that helps HR teams implement organizational strategy.
Not to be confused with:
balanced scorecard
A balanced scorecard, or BSC, is a business-performance management framework that helps HR teams implement organizational strategy.
balanced scorecard
A balanced scorecard, or BSC, is a business-performance management framework that helps HR teams implement organizational strategy.
balanced scorecard
A balanced scorecard, or BSC, is a business-performance management framework that helps HR teams implement organizational strategy.
A balanced scorecard, or BSC, is a business-performance management framework that helps HR teams implement organizational strategy. It works by aligning the goals and objectives of employees with the organization’s vision and strategy. BSC allows organizations to stick to their own vision and strategic objectives, and unlike benchmarking it is not an exercise that aims to match up to the industry best.
What are the benefits of benchmarking?
Helps define scope of improvement
HR benchmarking compares the policies and practices of similar organizations with the objective of identifying gaps. With benchmarking, organisations can clearly define areas of improvement and concentrate on those to easily come at par with the industry best.
Data based comparisons
Data based comparisons drawn during benchmarking establish successful processes and procedures across organizations. The data and numbers can help the HR department have a better understanding of which areas need improvement.
Insights into changing industry trends
Benchmarking when done at regular intervals can help keep the HR teams informed about the changing business landscape. They can leverage this knowledge to constantly improve processes and do away with what’s obsolete.