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Tahlia is using a federal government pay survey to gain information about the current rates of pay at the three competitors of her company. she is comparing her findings with the current rates of pay for employees at her company. Tahlia is in the process of benchmarking
Generally, The technique of comparing various business processes and performance measures to the best in the industry as well as the best practices of other firms is known as benchmarking. Typically, quality, time, and money are the dimensions that are measured.
The term "benchmarking" refers to the practice of comparing the quality of a firm's goods, services, or operations to those of a competing company that is regarded as the "best in class" in its field. The purpose of benchmarking is to identify areas within an organization where there is room for development.
Tahlia is gathering information on the current pay rates at her company's three main rivals by consulting a study on wages administered by the federal government.
She is contrasting her results with the present pay scales that are in place at her company's various departments. The process of benchmarking is now being undertaken by Tahlia.
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