Benchmarking
Comparing an organisation's pay, benefits or practices against the market or peers to stay competitive.
Benchmarking is the practice of measuring your organisation's metrics — most commonly pay and benefits, but also policies and HR performance — against external data from comparable employers or sectors.
It helps ensure reward is competitive enough to attract and retain talent, and that practices keep pace with the market.
Reliable benchmarking depends on good-quality, comparable data and sensible judgement about which comparators genuinely reflect the roles and locations involved.
