Bench marking. It appears everyone is doing it. Unfortunately, many organizations pay top dollar for benchmarking services, get the numbers, but fail to include them into their management strategies.
If you are one of the few organizations not taking help of a benchmarking service (or not utilizing the benchmarks you have), you are apparently wondering why benchmarking is hyped as a key management tool. Why do companies benchmark?
Benchmarks are a tool for the introduction of staffing standards. It’s important to stress that benchmarks are an instrument. They shouldn’t be used as the only real source for the persistence of staffing expectations. Rather, benchmarks supply you with a reasonable selection of staffing techniques, given your organization’s functions and workloads. For more information about Benchmarking, you can also visit www.crowleycalvert.com.au/.
Benchmarks look at the variations that individual your organization’s departments from other similar organizations. Quality benchmarks provide usage of a reliable output reporting system. This isn’t something provided by many benchmarking providers.
To control effectively, it’s important to truly have a reporting system set up that actions key metrics such as real vs. budgeted vs. peer group performance evaluations. The reviews should be made with enough regularity to permit for key management modifications to improve efficiency.
When used correctly, good benchmarks are a powerful and efficient management tool. Benchmarking should be a thoughtful method, one that leads to a more productive and efficient organization.
If you have benchmarks (or are considering them), it is essential to evaluate your benchmarking service with these key points in mind. Carefully think your benchmarking options because not all providers offer the equivalent types and levels of service.