What is benchmarking?

[GreenIgirl]

The company that I am working in is in neg regarding "benchmarking" - I may be a bit thick, but can anyone explain it or know of a internet website that would be relatively easy to understand?

Many thanks!

 

[ajapale]

Benchmarking has very many different meanings.

In recent years Benchmarking was the word used for the process used to review most Public Servants' salaries.

Benchmarking is also a management process by which companies compare their performance within and without their industry sector.

Benchmarking is also a term used in land surveying.

from wikipedia:

Benchmark

From Wikipedia, the free encyclopedia


Look up benchmark in Wiktionary, the free dictionary.

Benchmark may refer to:

• Benchmark (surveying), a point of reference for a measurement
• Benchmark (crude oil), a reference for and discussion of cost and/or pricing of petroleum, such as Brent Crude and West Texas Intermediate in terms of benchmarks based on classification differences.
• Benchmark (computing), the result of running a computer program, or a set of programs, in order to assess the relative performance of an object by running a number of standard tests and trials against it
• Benchmarking (geolocating), a sport similar to geocaching in which participants individually go out and find benchmarks
• Benchmarking, the process used in management in which organizations evaluate various aspects of their processes in relation to the best practice, usually within their own sector
• Benchmark Capital, a venture capital firm behind various startups, including ebay.

The term benchmark originates from the chiseled horizontal marks that surveyors made, into which an angle-iron could be placed to bracket ("bench") a levelling rod, thus ensuring that the levelling rod can be repositioned in exactly the same place in the future.

My guess is that you are working with a private sector company which wishes to engage in a benchmarking process with similar companies in the industry sector. Before embarking on the process they are communicating with the employees.