Asked by jordan lewis on Apr 28, 2024
Verified
What is benchmarking?
Benchmarking
The process of comparing one's business processes and performance metrics to industry bests or best practices from other companies.
- Explain the concept of benchmarking and its role in setting competitive pay structures.
Verified Answer
CB
Crystal BernerApr 30, 2024
Final Answer :
To compete for talent, organizations use benchmarking, a procedure in which an organization compares its own practices against those of successful competitors. In terms of compensation, benchmarking involves the use of pay surveys. These provide information about the going rates of pay at competitors in the organization's product and labor markets.
Learning Objectives
- Explain the concept of benchmarking and its role in setting competitive pay structures.
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