Benchmarking refers to:
A) identifying employees with promotion potential
B) identifying performance differences with competing firms
C) the process of identifying the best practice of a firm in a given area and comparing your practices to theirs
D) the process of establishing performance standards through HRP

Question

Quizplus · Accepted Answer

Benchmarking involves identifying the best practices of a company in a particular area and comparing them to one's own practices. This helps a company identify areas where they are lagging behind and allows them to adopt new, improved practices to improve their performance. Option A refers to identifying high-potential employees, option B refers to comparing performance with other companies, and option D refers to establishing performance standards through human resource planning (HRP).

Benchmarking Refers To