The Value of Benchmarking Against a Global Standard
This is why benchmarking HR best practices is such a key part of Top Employers Institute's purpose to accelerate the impact of people strategies in the world of work.
Our Value of Participation Report 2020 confirms the importance of benchmarking. The independently conducted research for the report shows that 85% of those surveyed agreed that the Global Certification Programme adds value for their organisation.
The research also revealed that while participants value all four pillars (Brand, Benchmark, Align and Connect) of the programme, the ability to benchmark HR practices is seen as one of the most beneficial aspects.
Why benchmarking matters
Benchmarking is fundamental to HR best practice for two good reasons.
Firstly, to be the best, Top Employers need first to know what the best looks like – how they compare with those they seek to match. To assess how an organisation measures up takes huge amounts of time, energy, expertise and objectivity. This is why benchmarking by Top Employers Institute is seen as so valuable – the research revealed that:
- 91% find the benchmarking data useful.
- 78% say it helps in keeping track of HR trends.
Secondly, the ability to benchmark is only as good as the action that follows. Through the Global Certification Programme, Top Employers are not only able to measure themselves against a global standard, but also receive feedback on key opportunities for improvement. In this respect, the research showed that:
- 75% used the feedback to improve strategic decisions.
- 77% adapted and improved HR strategies as a result.
- 86% said it helped them to improve their reputation as an employer of choice.
Numbers like these are impressive, but words can be just as powerful. The Value of Participation Report also shares insights from qualitative interviews with HR leaders, who indicated that that benchmarking is a valuable and educational tool across the board:
- Makes a strong business case: “It gives you an indication of trends and shifting standards. If investments are needed, these benchmarks can serve to underpin the necessity.”
- Creates key actions: “Benchmarks serve to put the organisation on edge. It shows which parts of your HR policy are not on point yet.”
- Sharpens the competitive edge: “It gives you the ability to keep up with other organisations in the market.”
Sophie Smith, HR Director, APAC at Experian, summed it up well in saying benchmarking for her organisation means that: “Now we know where we are leading the way, where we have work to do, and where we can take best practices into our organisation.” For Top Employers, the value of benchmarking is clear.
For more information on how Top Employers Institute can deliver value for your organisation, please use the download form on the left to access the report.
