Job benchmarking is a tool used to establish a barometer for the behaviors, motivators and competencies needed for success in a given position. 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 installment of this series, we will discuss comparing talent to the new job benchmark criteria. Now that the groundwork of combing through the current job’s key accountabilities, polling stakeholders and subject matter experts and evaluating the findings is over, it’s time to apply the new benchmark to the position. Senior management will discover that job benchmarking improves the talent selection process for both internal and external candidates.
The final candidates being considered for a key role then take an 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 areas the candidate is a match to the profile as well as areas where they are not a match. As a selection tool, the interviewing manager is able to use the benchmark comparison report along with all the other data they have gathered through the interview process to make their hiring decision.
Job Benchmarking Helps External Candidate Search
It is no secret that the job market is extremely competitive, for both candidates and organizations. Candidates, especially ones that are highly talented, are choosing to climb the career ladder in a zig zag rather than a straight route, going from company to company or position to position in order to reach their career goals. These transitions can leave huge voids in departments, which reduces productivity. If the position is not filled quickly, this can have a significant effect on company’s bottom line. By applying job benchmarking and using it while recruiting, senior management can easily recognize the talent that will be a fit for the position quickly and as a result, reducing position vacancy lag time and increase productivity.
Job Benchmarking Helps Develop Internal Talent
The job market is so competitive, keeping and retaining employees is imperative. The best way to keep and retain employees is to train and promote from within. Using the newly established benchmark helps senior management identify viable internal candidates that are either ready to transition into the new positions or who are coachable and can be trained for success in the new position.
Going back to our customer service agent example that we’ve used in previous posts, if senior management has found that turnover is high and retaining quality customer service agents has been difficult, using the new job benchmarking criteria to screen external candidates can help them pinpoint viable candidates quickly and the new employees can be onboarded swiftly, reducing the time that the job is vacant and allowing the department to maintain its productivity by having the phones answered and customers served. Additionally, if there are current employees that aspire to be customer service agents, management can quickly assess these employee’s skillsets using benchmarking and fill positions from the inside. Again, this reduces job vacancy lag but also decreases, if not eliminates, the amount of money spent on recruiting.
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 resources.