Gilly Brothers, an insurance company, incurred losses of about $100 million. To analyze its losses and to overcome them, the company began comparing its own practices against those of its successful competitors. In this scenario, which procedure is adopted by Gilly Brothers?

A) benchmarking
B) job evaluation
C) regression analysis
D) delayering
E) pay structuring

Benchmarking

A procedure in which an organization compares its own practices against those of successful competitors.

Regression Analysis

A statistical method used for estimating the relationships among variables, commonly used for prediction and forecasting.

Pay Structuring

The method by which organizations standardize the compensation provided to employees, including base pay, bonuses, and increments.