Benchmarking

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

Mean Wage

What is Mean Wage?   ‘Mean Wage’ refers to the average wage given to a group of employees for the same amount of work performed

Virtual HR

What is Virtual HR?   ‘Virtual HR’ refers to a kind of HR functioning that provides the employees with common HR-related services virtually by removing

What is Credit Voucher?

What is Voucher? A voucher is a document that serves as proof of a transaction or an agreement between parties. It can be in the

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