In today's world, employers must strive to do their work with greater excellence and greater equity. Younger job applicants judge potential employers by their work ethic, culture and the quest for equity. Benchmarking is a helpful technique that lets organizations compare how they doing in the areas that matter to stakeholders, customers, clients, funders, communities, employees, and future employees. Benchmarking templates make this process easier by giving a clear way to look at and improve. In this interactive blog post, we'll dig into what a Benchmarking template is, how to use it well, and even provide a template you can use.
You may believe you're delivering excellent services and equitable workplaces, but you may not if you have never benchmarked across your peers in your sector or industry.
Understanding Benchmarking Templates
What is a Benchmarking Template?
A Benchmarking Template is like a ready-made plan that makes it easy to compare how different organizations, agencies, businesses or departments do things. It helps gather and look at data in a structured way, so organizations can more easily identify areas for improvement.
Types of Benchmarking Templates:
Process Benchmarking: Compares how specific tasks are done in an organization to how industry leaders do them.
Financial Benchmarking: Compares money-related numbers like how much is earned, spent, and how profitable a company is.
Functional Benchmarking: Compares specific jobs or departments across organizations.
Strategic Benchmarking: Looks at the overall plans and ways organizations work.
How to Use a Benchmarking Template
Define Your Objectives: Clearly state what you want to achieve with benchmarking. Is it to make a certain task better, work faster, or something else?
Select Relevant Metrics: Identify the most important numbers (called KPIs) for your goals. This could include things like how long something takes, how much it costs, and how happy customers are.
Choose Comparison Organizations: Pick organizations or departments that are really good at what they do in the areas you're looking at. For example, if you're in social services, find cities that are similar in size and population.
Gather Data: Get information from your organization and the ones you're comparing to. This could involve surveys, talking to people, looking at reports, going to conferences, and other useful sources.
Analyze and Interpret Data: Use the Benchmarking Template to put together and compare the information you gathered. Figure out where your organization is doing well and where it can do better.
Develop Actionable Insights: Based on the best ways of doing things and what you found, make a list of practical suggestions and plans for improvement.
Benchmarking templates are super helpful in the quest to deliver products with greater excellence or serve customers, clients or communities with greater equity. They give a clear way to compare and analyze, so organizations can find the best ways to improve.
Download the free Benchmarking template now!
@2023 Six Sigma Racial Equity Institute