Benchmarking is a process of comparing how an individual or entity performs against others in the same category. Benchmarking can be used to measure progress, identify areas for improvement, and determine if a program is meeting its goals. If you are looking for early talent program benchmarking then check LDP Connect.
Image Source: Google
Benchmarking is a critical part of any talent program. By comparing your program to others in your industry, you can identify areas where you need to improve and make your program more effective. There are a few different ways to benchmark your program, but the most common is through employee retention rates.
To calculate employee retention rates, divide the number of employees who left your company in the past year by the number of employees who started at the same time as that year. If you have a promotion or transfer policy in place, be sure to include those numbers as well. This will give you an accurate picture of how successful your recruitment efforts have been and where you can make improvements.
Another way to measure program effectiveness is through salary surveys. Conducting salary surveys once per year with a selection of new hires will give you an idea of what salaries are being offered in your industry and where you might be able to increase salaries for new hires. Additionally, this data can help you determine which positions are becoming harder to fill and whether there are any areas that need improvement in terms of pay and benefits.