What is a Performance Benchmark?
A performance benchmark is a set of standards or behavioral ranges for outstanding achievement within a given environment. These ranges are set based on the needs of workplace environment and behavioral requirements of the position, taking into account both daily tasks and long-term goals. Benchmarks can additionally be based on skills, experience, education, trends in the workplace, and one’s thinking style and workplace values. When hiring, this is the “bar” candidates are measured against.
How are Benchmarks Created?
There are three ways to set a benchmark.
PeopleKeys has been collecting industry data for over 20 years and working with job profiles, behavioral requirements, and corporate consulting for over 30 years. Based on this information, experience, and using several industry databases which meet EEOC guidelines for additional research, categorization, and job descriptions, we have predefined a number of standard industry benchmarks. These benchmarks can be purchased through your PeopleKeys account and applied to PeopleKeys hiring reports within your account.
OccupationalKeys is a proprietary PeopleKeys hiring survey available through your PeopleKeys account. A hiring manager can answer a series of questions about the requirements of the position specific to the office environment, short-term tasks and long-term goals, and past or present employee performance, which they’d like to duplicate. This allows the hiring party to set their own “ideals” for job success. These can be applied to PeopleKeys reports within your account.
Custom Benchmarking Studies
Top performers within a given company are assessed and correlations are made between skills and behaviors common to all the top performers in conjunction with the requirements of the workplace environment. This method is the most reliable overall and leads to the highest success rate in retention, performance, and replication. PeopleKeys pairs custom benchmarking studies with consulting practices to best meet the needs of your company and truly create a benchmark that will allow you to replicate the performers which were most successful within this particular environment.
For custom benchmarking studies, all three techniques are often used, combining historical information from industry databases, hiring manager OccupationalKeys surveys, paired with top performer assessments, and PeopleKeys’ consultant expertise. These can be used for hiring and for targeted training; taking each employee up “one level” in performance.
How would I use a benchmark for hiring?
Once your benchmark is created and available within your PeopleKeys account, it’s time to make your hire. Have your applicants take a behavioral assessment and they will appear in your account with a red, yellow, or green behavioral match. Once you find the best applicants based on qualifications and personality style, thinking style, and value, it’s time to interview and pick the right person for the job.
What are the benefits of using benchmarks for hiring?
- People hired through behavioral benchmarks have the right set of strengths to match the position. When someone is able to play to their strengths in the day to day, they tend to have better morale and be more productive workers.
- When a company understands DISC culture, the communication within the company is enhanced, leading to better working relationships and less conflict. This leads to a happier workplace environment and increased employee retention overall.
- Increased employee retention and decreased turnover saves the company a lot of money in hiring and training costs.
- Human Resource employees can save time by using PeopleKeys benchmarking as a filtering process for hiring. Sometimes HR professionals have to read through hundreds of applications before finding the few matches they’d like to interview or consider for hire. In this case, they can narrow it down to the green personality matches first, then filter through those for the most qualified workers for interview.