{"id":58266,"date":"2021-10-28T19:18:04","date_gmt":"2021-10-28T17:18:04","guid":{"rendered":"https:\/\/factorialhr.com\/blog\/?p=58266"},"modified":"2022-02-02T20:15:35","modified_gmt":"2022-02-02T18:15:35","slug":"hr-benchmarking","status":"publish","type":"post","link":"https:\/\/preproduction.factorialhr.com\/blog\/hr-benchmarking\/","title":{"rendered":"Reach Your Targets with These HR Benchmarking Practices"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">HR Benchmarking is <strong>the process of measuring key processes and performance metrics to encourage growth and advancement in an organization<\/strong>. Much like the annual reports published by the <\/span><a href=\"https:\/\/www.cipd.co.uk\/knowledge\/strategy\/analytics#gref\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CIPD<\/span><\/a><span style=\"font-weight: 400;\">, the regular analysis of people analytics can help companies drive effective decision-making and understand their performance in the context of the wider market.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The process of benchmarking involves <strong>identifying key metrics, assessing where you currently are, determining where you want to be, and creating an action plan to achieve and measure your goals.<\/strong> The term can be applied to a variety of contexts, including engagement, <\/span><span style=\"font-weight: 400;\">job satisfaction, retention, training, and turnover.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this post, we will discuss the benefits of using HR benchmarking to reach your targets. We will also share a few best practices and discuss the benefits of using tools and software to help you reach your goals.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><a href=\"#What\">What is Benchmarking in HRM?<\/a><\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><a href=\"#Types\">Types of Benchmarking<\/a><\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><a href=\"#Benefits\">Benefits of HR Benchmarking<\/a><\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><a href=\"#Practices\">The Best HR Benchmarking Practices<\/a><\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><a href=\"#Software\">Facilitate the Benchmarking Process with HR Software<\/a><\/span><\/li>\n<\/ul>\n<p><!--HubSpot Call-to-Action Code --><span id=\"hs-cta-wrapper-29df4b36-4624-4dea-afca-948e15862b68\" class=\"hs-cta-wrapper\"><span id=\"hs-cta-29df4b36-4624-4dea-afca-948e15862b68\" class=\"hs-cta-node hs-cta-29df4b36-4624-4dea-afca-948e15862b68\"><!-- [if lte IE 8]>\n\n\n<div id=\"hs-cta-ie-element\"><\/div>\n\n\n<![endif]--><a href=\"https:\/\/cta-redirect.hubspot.com\/cta\/redirect\/4960096\/29df4b36-4624-4dea-afca-948e15862b68\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" id=\"hs-cta-img-29df4b36-4624-4dea-afca-948e15862b68\" class=\"hs-cta-img aligncenter\" style=\"border-width: 0px;\" src=\"https:\/\/no-cache.hubspot.com\/cta\/default\/4960096\/29df4b36-4624-4dea-afca-948e15862b68.png\" alt=\"New call-to-action\" width=\"900\" height=\"308\" \/><\/a><\/span><script charset=\"utf-8\" src=\"https:\/\/js.hscta.net\/cta\/current.js\"><\/script><script type=\"text\/javascript\"> hbspt.cta.load(4960096, '29df4b36-4624-4dea-afca-948e15862b68', {\"region\":\"na1\"}); <\/script><\/span><!-- end HubSpot Call-to-Action Code --><\/p>\n<h2><span style=\"font-weight: 400;\"><a name=\"What\"><\/a>What is Benchmarking in HRM?\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">HR benchmarking is the process of <strong>measuring your company&#8217;s quality, performance, and <\/strong><\/span><span style=\"font-weight: 400;\"><strong>growth against a series of targets.<\/strong> It is a continuous procedure in which organizations periodically identify, measure, challenge, and improve their business practices and procedures.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">During the<\/span><span style=\"font-weight: 400;\"> process, companies use both quantitative and qualitative <\/span><a href=\"https:\/\/factorialhr.com\/blog\/people-analytics\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">people analytics<\/span><\/a><span style=\"font-weight: 400;\"> data to make comparisons between and within organizations, sectors, and industries. Feedback can then be used to <strong>improve existing processes and procedures.<\/strong> It can also be used to identify gaps, strengths, and weaknesses, as well as develop best practices and strategies to promote growth and keep up with changing market trends.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">HR benchmarking can be used to improve:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Recruitment processes<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Engagement and job satisfaction<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Retention rates<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/factorialhr.com\/blog\/causes-high-turnover-rate\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">High turnover rates<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/factorialhr.com\/blog\/labor-costs\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">labor costs<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Absenteeism<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Training and development metrics<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/factorialhr.com\/blog\/employee-performance-metrics\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Performance metrics<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/factorialhr.com\/blog\/diversity-metrics\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Diversity metrics<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Compensation planning<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/factorialhr.com\/blog\/metrics-for-hr-reports\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">HR reporting<\/span><\/a><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\"><a name=\"Types\"><\/a>Types of Benchmarking\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Generally speaking, benchmarking can be broken down into two categories: internal and external.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With both<strong> internal and external benchmarks,<\/strong> metrics need to be quantifiable and comparable. For example, you can\u2019t compare the performance of your sales department with that of your logistics department if you have 20 sales reps but only 3 logistics administrators. To the same effect, if your company only has 20 employees, then you cannot compare your performance with that of a major multinational conglomerate.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Internal Benchmarking<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">As you can probably imagine, internal HR benchmarking is the <strong>process of comparing internal processes and procedures.<\/strong> This involves establishing a series of defined <\/span><a href=\"https:\/\/factorialhr.com\/blog\/hr-kpis\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">KPIs<\/span><\/a><span style=\"font-weight: 400;\"> then regularly tracking these metrics to assess your progress. These KPIs might include retention levels, recruitment metrics, diversity metrics, performance, training and development, absenteeism, and employee engagement levels.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This type of benchmarking for HR relies on the regular analysis of reliable data. This helps companies understand how the various teams and departments are performing and whether there are any gaps and areas for improvement.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The aim of internal benchmarking is <strong>to establish a series of standards<\/strong> &#8211; or benchmarks &#8211; which give each department within the company something to aim for. The ultimate goal is <strong>to establish consistency and continuous improvement at all levels of a company.<\/strong><\/span><\/p>\n<h3><span style=\"font-weight: 400;\">External Benchmarking<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">In contrast, external HR benchmarking involves <strong>comparing your processes and procedures with those of other comparable organizations.<\/strong> For example, you might compare your standards and results with those of your competitors and other players in your industry. This helps you understand how your company is performing compared to the wider market and determine which business areas you need to focus on to improve your performance. It also helps you position yourself favorably in the market in which you operate.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These benchmarks can be very useful for <strong>establishing annual business strategies.<\/strong> However, it\u2019s not always easy to get hold of reliable data and HR metrics from your competitors which can limit the scope of the exercise. How easy this is will depend on your industry.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, for some industries such as government organizations or financial institutions, <strong>you can benchmark against publicly available statistics or data that you receive from external sources.<\/strong> However, if you work in an industry with less publicly available data then the metrics you have access to are likely to be limited.<\/span><br \/>\n<!--HubSpot Call-to-Action Code --><span id=\"hs-cta-wrapper-29df4b36-4624-4dea-afca-948e15862b68\" class=\"hs-cta-wrapper\"><span id=\"hs-cta-29df4b36-4624-4dea-afca-948e15862b68\" class=\"hs-cta-node hs-cta-29df4b36-4624-4dea-afca-948e15862b68\"><!-- [if lte IE 8]>\n\n\n<div id=\"hs-cta-ie-element\"><\/div>\n\n\n<![endif]--><a href=\"https:\/\/cta-redirect.hubspot.com\/cta\/redirect\/4960096\/29df4b36-4624-4dea-afca-948e15862b68\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" id=\"hs-cta-img-29df4b36-4624-4dea-afca-948e15862b68\" class=\"hs-cta-img aligncenter\" style=\"border-width: 0px;\" src=\"https:\/\/no-cache.hubspot.com\/cta\/default\/4960096\/29df4b36-4624-4dea-afca-948e15862b68.png\" alt=\"New call-to-action\" width=\"900\" height=\"308\" \/><\/a><\/span><script charset=\"utf-8\" src=\"https:\/\/js.hscta.net\/cta\/current.js\"><\/script><script type=\"text\/javascript\"> hbspt.cta.load(4960096, '29df4b36-4624-4dea-afca-948e15862b68', {\"region\":\"na1\"}); <\/script><\/span><!-- end HubSpot Call-to-Action Code --><\/p>\n<h2><span style=\"font-weight: 400;\"><a name=\"Benefits\"><\/a>Benefits of HR Benchmarking\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Let\u2019s take a look at some of the biggest benefits of benchmarking in HR:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You can use external benchmarking to understand how your business is performing compared to your competitors. It can also help you understand your strengths and weaknesses compared to the wider market. This can help you improve performance levels and stand out from the crowd.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Benchmarking against your competitors can also help you identify market trends and stay on top of industry developments. For example, you might identify that many of your competitors are offering wellness programs. You can then implement your own initiative and boost productivity, employee satisfaction levels, and retention rates.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Internal benchmarking can help you improve your existing internal policies and procedures. It provides you with an opportunity to assess all business areas in your company and implement measures to improve efficiency and performance.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Internal HR metrics and benchmarking can also help you design and implement attractive recruitment and retention programs. By raising your overall standards and striving for continuous improvement, you will be far more likely to attract top talent and thrive as a business. Plus, any improvements will impact the company culture and raise retention levels.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Benchmarking can help you improve employee engagement rates and motivation levels. This is because focusing on improving <\/span><a href=\"https:\/\/factorialhr.com\/blog\/workforce-analytics\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">workforce analytics<\/span><\/a><span style=\"font-weight: 400;\"> has a knock-on effect on the workplace culture. It also helps you identify potential problem areas that could be impacting turnover and employee morale. For example, you might identify issues with management styles in certain departments that have a negative effect on engagement levels. You can then focus on addressing these issues and enhancing the employee experience.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Finally, benchmarking can have a positive impact on employee growth and development which is vital for the long-term growth and success of your company.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\"><a name=\"Practices\"><\/a>The Best HR Benchmarking Practices\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Here are a few HR benchmarking best practices to help you get the most from the process.<\/span><\/p>\n<h3>Identify which metrics you will focus on<\/h3>\n<p><span style=\"font-weight: 400;\">The first step is identifying what your objectives are. What do you hope to gain by focusing on HR metrics and benchmarking? Is there a key area where you would like to see an improvement? Make sure you involve all managers and senior executives to see what they believe the company should be prioritizing. You can then use this feedback to decide which metrics you should be tracking.<\/span><\/p>\n<h3>Establish how you will collect data<\/h3>\n<p><span style=\"font-weight: 400;\">Make sure you establish clear methods for collecting relevant data. For external benchmarking in HR, this will usually involve sourcing third-party benchmarking reports with publicly available data.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For internal benchmarking, you need to establish clear channels for HR reporting so that you have access to the right metrics in real-time. The best way to do this is by using the right tools and software to track all your HR metrics.\u00a0<\/span><\/p>\n<h3>Set goals for improvement<\/h3>\n<p><span style=\"font-weight: 400;\">Once you have established a regular schedule for collecting and analyzing your benchmarking metrics, you need to set goals for improvement so that you have something to measure your progress against. You also need to create an action plan to help you get there. Make sure your goals are realistic and achievable.\u00a0<\/span><\/p>\n<h3>Analyze long term results and monitor progress<\/h3>\n<p><span style=\"font-weight: 400;\">Regularly track your metrics to see how you are progressing. Create and share regular<\/span> <a href=\"https:\/\/factorialhr.com\/blog\/hr-report-management\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">HR reports<\/span><\/a> <span style=\"font-weight: 400;\">so that all managers are aware of how each metric is evolving. A good way to ensure the regular communication of reliable and relevant data is by using an<\/span> <a href=\"https:\/\/factorialhr.com\/blog\/hr-dashboard\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">HR dashboard<\/span><\/a> <span style=\"font-weight: 400;\">and software reporting features.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\"><a name=\"Software\"><\/a>Facilitate the HR Benchmarking Process<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The only way to gain true value from HR benchmarking is by having access to reliable and up-to-date data. HR metrics and benchmarking go hand in hand. Your data needs to be relevant and specific, and <strong>it should be available at the click of a button<\/strong> so that your metrics reflect the <strong>true state of the company in real-time.\u00a0<\/strong><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Factorial\u2019s HR software includes reports and analytics features so that <strong>all your HR metrics are located in one place.<\/strong> This means all your data is summarized and you can manage information at your fingertips, speeding up the process and refining data collection.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Factorial\u2019s human resources reporting and analytics features generate personalized HR reports from data stored on your Factorial account. Our HR and analytics panel creates a <strong>customized space to manage all the reports.\u00a0<\/strong><\/span><\/p>\n<p><span style=\"font-weight: 400;\">What\u2019s more, our \u2018all-in-one\u2019 centralized HR software platform includes a vast array of features to help you push your company to the next level. Our applications include time tracking, time-off management, applicant tracking systems, dashboards for <\/span><a href=\"https:\/\/factorialhr.com\/blog\/hiring-dashboard\/\"><span style=\"font-weight: 400;\">hiring<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/factorialhr.com\/blog\/training-dashboard\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">training<\/span><\/a><span style=\"font-weight: 400;\">, performance and diversity metrics, <\/span><a href=\"https:\/\/factorialhr.com\/blog\/kpis-human-resources-template\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">HR KPI templates<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/factorialhr.com\/blog\/hr-goals-kpi-free-okr-template\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">OKR templates<\/span><\/a><span style=\"font-weight: 400;\">, and document management solutions.<\/span><\/p>\n<p><a href=\"https:\/\/factorialhr.com\/get-started\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Sign up now<\/span><\/a><span style=\"font-weight: 400;\"> and start improving your HR management with Factorial! If you\u2019re still not convinced, why not try our 14-day free trial?<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>HR Benchmarking is the process of measuring key processes and performance metrics to encourage growth and advancement in an organization. Much like the annual reports published by the CIPD, the regular analysis of people analytics can help companies drive effective decision-making and understand their performance in the context of the wider market.\u00a0 The process of<a href=\"https:\/\/preproduction.factorialhr.com\/blog\/hr-benchmarking\/\" class=\"read-more\"> [&#8230;]<\/a><\/p>\n","protected":false},"author":80,"featured_media":58274,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-58266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-human-resources"],"acf":{"topics":false},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.5 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Reach Your Targets with These HR Benchmarking Practices | Factorial<\/title>\n<meta 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