What is Benchmarking?


‘Benchmarking’ is the concept of measuring something against a set of standard metrics to set a base score. Benchmarks can be used in multiple ways to monitor a company’s performance both internally and with respect to the competition.


There are multiple kinds of benchmarking systems available for a variety of purposes. For example, one could set a base rate for a product, based on which a company can increase or decrease its price as per the market conditions.


Similarly, when it comes to HR, benchmarking can be used to set a base employee satisfaction index for the company, which can be used to measure against the current index to take corrective measures.

More HR Terms


What is Retrenchment? Retrenchment is a process of reducing employees by terminating them from the workforce. Organizations often have to take this decision due to

Factor Comparison

What is Factor Comparison ? ‘Factor Comparison’ is a scientific technique of ranking the job roles based on the individual factors rather than ranking it

Industrial Relations

What is Industrial Relations?   ‘Industrial Relations’ is a complex study of the relations between employees, employers, trade unions, statutory authorities, etc. It is also

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