Question

Lesson 10 Job Benchmarking: Cut Costs and Increase ROI Discussion Read Job Benchmarking: Cut Costs and Increase ROle by Marcus Straub in The Business Times. Discuss the following questions in your group: What is the relationship of job benchmarking to the overall benchmarking of an organization? How can job benchmarking help an organization's sales force? Do you agree with Marcus Straub, who claims that the highest levels of success can be obtained by the reter of talent in an organization? Why or why not? You must reply to at least two of your fellow classmates' posts. Be sure to submit your initial post by Thursday, a then comment on other posts by 11:59 p.m. (ET) Sunday. Search entries or author UnreadD Subsci

Answer 1

Answer 1.  So here, the term 'overall benchmarking of an organisation' is meant for a tool of strategic management that allows the organisation to set their goals and measure productivity on the basis of the best industry practices. In other words, organisation's benchmarking means measuring and comparing of key operations with the competitors. It is related with the analysis of three major dimensions i.e., Quality, Time and Cost. This process involves repeatedly evaluating the aspects of performance in the organization.

Now, if we talk about job benchmarking, according to Marcus Straub, it is the sophisticated approach through which companies dramatically reduce errors in the hiring process by eliminating biases and producing the needed information and clarity to hire effectively. In the first phase of the Job Benchmarking process, subject matter experts clearly define the position and identify its key accountabilities. During the second phase of this process, subject matter experts to rank individual key accountabilities in which they indicate the competencies, motivators, values and behaviors the person needs to perform the job at the highest level.  The next step in the process is to identify the most qualified candidates and have each one complete a simple online candidate assessment. In the final step of the process, the top candidates interviewed using behavioral-based methods and explain the key accountabilities of the position.

Relationship of job benchmarking to the overall benchmarking of an organization

Job Benchmarking helps in increasing retention by 30 percent because personal motivators match the required motivators for the position and  productivity improves 50 percent as behaviors and competencies match with the requirements of the job. So overall, if we see job benchmarking helps in reducing the expenses or  high cost of turnover of the organisation and helps in increasing the return on investment (ROI). Therefore, job benchmarking helps in setting the hire benchmarking of the organisation in comparison to the competitors. Hence, further results in increasing productivity and profits of an organization.