Job benchmarking is a tool used to measure the behaviors, motivators and competencies needed for success for a given job. In our previous posts in this series, we’ve discussed the four building blocks of job benchmarking. The three that we’ve explored thus far are:
Identify the job and gather stakeholders and subject matter experts
Define and Prioritize key accountabilities
Assessing the JOB
In our fourth and last blog of this series, we will discuss comparing talent to the new job benchmark criteria. In last week’s blog, the job was defined by the subject matter experts. They then completed the TriMetrix DNA assessment for the JOB which produced a JOB report that is now ready to be used for final candidates being considered by the company.
Final candidates being considered for a key role take the online assessment to determine competencies, behaviors and motivators they possess. Their report is then compared to the job benchmark profile created by the subject matter experts. This comparison report identifies the gaps or areas the candidate is a compatible to the profile as well as areas where they aren’t compatible. The interviewing manager can use the benchmark comparison report along with the other data they have gathered through the interview process to make their final hiring decision.
Job Benchmarking Helps External Candidate Search
It is no secret that the job market is extremely competitive right now for qualified candidates. The demand outnumbers the qualified applicants available creating a true “war for talent”. By applying job benchmarking and using it as a selection tool, hiring managers can more easily recognize the talent that will be a compatible fit for the position quickly therefore, reducing position vacancy lag time.
Job Benchmarking Helps Develop Internal Talent
With this competitive landscape, keeping and retaining employees is critical for your business. The best way to keep and retain employees is to train and promote them from within. Using the newly established benchmark helps leaders identify viable internal candidates that are either ready to transition into the new positions or who are coachable and can be trained for success for a new position.
Job benchmarking should not be a one-time endeavor. As new careers emerge, technology changes and new people of all ages enter the job market, job benchmarking is the one way that companies will see a continual return on their human capital investment. Contact me to help you get started with job benchmarking at your company.