You’ve heard of benchmarking–the process of comparing one’s business processes and performance metrics to industry bests or best practices from other companies. But have you heard of job benchmarking? It’s a patented process from TTI Success Insights® that we use at The Alternative Board-Denver West to assess a specific job in order to secure the talent necessary for success in that role.
Why you need job benchmarking
When properly implemented, job benchmarking will have a direct effect on your business’ bottom line. You’re making an investment in adding a new hire to your company, so you obviously want to attract the best candidates. Job benchmarking helps you do so, while also saving time and money by hiring the right person the first time and reducing the learning curve necessary for onboarding the new employee. For most hiring managers, this is music to their ears.
How does the process work?
There are four key phases in the job benchmarking process. Each phase is contingent on the one before.
- Setup: Identify the job and “subject matter experts (SMEs)”. This step is critical to understanding why the job exists, how success is measured, the history of the position and how it fits the overall company strategy. Subject matter experts (SMEs) are people directly connected to the role.
- Key Accountabilities: Define, prioritize and weigh key accountabilities. The SMEs will define a group of 3-5 key accountabilities for the position.
- Assessment: Respond to the job assessment and review the multiple respondent report. This is where the magic happens: The multiple respondent report combines the input of all SMEs to create a benchmark for the job, a baseline so to speak.
- Results: Compare talent to the job benchmark using a gap report. A talent assessment similar in structure to that of the job will identify characteristics the candidate brings to the job, simplifying the hiring process. Then use a gap report to see where the candidate is a good fit and more importantly where they don’t fit well with the position.
Want to know more about job benchmarking? Drop me a line. I can provide more details about each phase, give you sample reports and help you get started on this valuable exercise.
By Blair Koch
