Introduction
The companies used to benchmark are not necessarily in the same industry. What the team will measure is problems faced that are similar and how the companies solved them. Focus on job worth; analysis, evaluation and pricing all have common themes. They are techniques to identify the value a firm places on jobs. (Milkovitch & Newman, 2004)
Benchmarking; (also "best practice benchmarking" or "process benchmarking") is a process used in management and particularly strategic management, in which organizations evaluate various aspects of their processes in relation to best practice, usually within their own sector. This then allows organizations to develop plans on how to adopt such best practice, usually with the aim of increasing some aspect of performance. Benchmarking may be a one-off event but is often treated as a continuous process in which organizations continually seek to challenge their practices. (Wikipedia, 2007)
The type of benchmarking used in the case our......
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