Obtaining information about remuneration practices in order to understand the reality of the market for talent is an example of:
A) benchmarking
B) competitor analysis
C) SWOT analysis
D) Filing gaps in the HRM practice

Question

Quizplus · Accepted Answer

Benchmarking refers to the process of comparing an organization's practices with those of industry leaders to identify areas where improvements can be made. In this case, obtaining information about remuneration practices would involve comparing the organization's pay practices to those of other companies in the same industry in order to gain a sense of the prevailing talent market. This information could be used to adjust the organization's pay practices to be more competitive and attract and retain top talent.

Obtaining Information About Remuneration Practices in Order to Understand the Reality