Planning and measurement
Benchmarking
Comparing your numbers or ways of working against other companies, competitors or industry averages to see where you stand.
You'll hear it as
We benchmarked our salaries against the market and we're 10 per cent behind.
Why it matters to you.
Benchmarks are handy in negotiations. Ask what's being compared with what, because a benchmark can be chosen to say anything.
Related terms.
Videos.
No video mentions Benchmarking by name yet. These are on the same topic, Business & startups.