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Why is it important to benchmark a product?
Benchmarking tells a company how many jobs need to be compensated for and the total amount of money needed to compensate these jobs (Ojimba, 7). It enables companies to match internal jobs with those of competitors, gain insight into their industry and helps link jobs to content and not just titles (Ojimba, 7).
How is benchmarking used in the real world?
Benchmarking is used by a wide variety of industries. At its heart lies the principle that it is necessary to have some agreed-upon standard or benchmark, to ensure that the organization is fulfilling its function and delivering a performance of high quality. Simply trying to be better without having data-based goals is not useful.
Which is an example of a benchmarking essay?
Using a detailed process of benchmarking -- which included defining what exactly to benchmark, identifying performance gaps and improvements, creating action plans for improvements, and incorporating the plans into practice -- they achieved BV and the Investors in People Award in 1999, along with "excellent quality service."
What does it mean to benchmark a job?
Benchmarking is nothing more than a process allowing a company to make pay comparisons for a job typically to jobs outside the organization in question but sometimes within the organization itself. This process helps establish a hierarchy of jobs that validates the worth of jobs within a company. Pay…
Last Update: Oct 2021
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