The process of identifying the most successful practices in similar businesses/ across industries and assimilating them to improve your own organisational functioning.
Also referred to as “Policy Benchmarking”, since you create a goal/aim for your company’s policies, benchmarking is a growth and development process. By following business trends and latest practices by leading tech giants such as Google, Facebook, Twitter, Tesla and others (alongside more industry-specific and business-relevant competitors) you can have an edge in developing a work culture and workforce that can deliver over and beyond your expected results. The four phases in the benchmarking process are planning, analysis, integration, and action. With proper collection of data & its analysis, HR professionals can determine the benchmarks (or the targets) they wish to aim for.