Benchmarking is a procedure in which a company compares its different practices with the standard set by the management.

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To compete for talent, organizations use benchmarking, a procedure in which an organization compares its own practices against those of the competition. In compensation management, benchmarking against product market and labor market competitors is typically accomplished through the use of one or more pay surveys, which provide information on going rates of pay among competing organizations.

Benchmarking Is a Procedure in Which a Company Compares Its