THE BEST PRACTICES TO SET PRODUCTIVITY BENCHMARKS FOR YOUR COMPANY
You may already know the importance of tracking KPIs and setting goals for your company. But have you ever thought of setting productivity benchmarks?
You will be surprised to see the wonders that productivity benchmarks can do for your business. Productivity is a significant factor of every business. If your employees are not productive, your business may suffer.
Benchmarking is a crucial tool to utilize the full potential of your assets and get at the top of your business industry.
It motivates your employees to be more productive and efficient.
By creating a standard for work and processes, you touch the most important area of your business that needs improvement.
In this article, we will discuss What productivity benchmarks are? Why are they important? How to choose benchmarks for your company? And how to implement it?
WHAT ARE PRODUCTIVITY BENCHMARKS?
Productivity benchmarking is an asset for any organization to continuous improvements and success. It can turn into the enhanced performance of employees and generate competitive advantages for your business. Using the performance metrics, you can get insights measured up to the mark efforts in your organization.
Business practice requires zeal and a high commitment to achieve success. To develop a benchmarking program, you need to review strategic business goals, collect data related to best methods and use data analysis to create performance metrics and plan improvements. This process works as the foundation for effective employee goal-setting.
WHY ARE PRODUCTIVITY BENCHMARKS IMPORTANT IN THE FIRST PLACE?
Employees are the most important assets that an organization has. The productivity and efficiency of the employees help an organization to become successful.
When employees are efficiently using their office hours to undertake significant and relevant tasks, it results in driving revenue and achieving long-term business goals.
The ratio of money spent on employee wages should be less than the employee earns. And to utilize the full potential of human resources, employee productivity is crucial.
To give you a better view on why productivity benchmarks are important? Here are some of the benefits!
- SET CLEAR BUSINESS GOALS:
Productivity benchmarking helps you to set defined business goals for your organization. These benchmarks will help you to understand and create achievable goals.
- INCREASE BUSINESS SALES PERFORMANCE
The appropriate insights help you to remove the barrier for your organization and increase sales performance. Benchmarking provides you the opportunity to evaluate your data and compare it with your competitors.
- GREATER SENSE OF SATISFACTION:
When employees are productive, they can add value to the organization’s success. It gives them a sense of satisfaction and inspires them to strive to be their best.
- BETTER CUSTOMER SERVICE:
Customer service requires public-facing communication and interaction. When employees are productive, they can engage better with customers and provide a fulfilling experience. And as a result, customers will become loyal to the brand.
- GREATER REVENUE GENERATION:
Employees are one of the many investments that companies make. Over time, employee productivity leads to better ROI and revenue generation.
- IMPROVED ENGAGEMENT:
Productivity creates a motivation to participate and get involved in all the business activities, which results in a positive engagement. If employees are not engaged, it can impact the work culture in the office and other employees.
- BETTER UNDERSTANDING OF THE COMPETITION:
Productivity benchmarking helps you to understand your competitors.
Understanding the strategy of your competitors will help you to increase the overall growth of your business.
- BUILDING A POSITIVE WORK CULTURE:
When employees are productive and working as a team, and in the long term helps create a healthy and positive work environment in the office. Productivity gives a greater sense of group morale, which improves employee well-being and overall job satisfaction.
Employee productivity is one of the most crucial factors in the success of an organization. Workforce productivity benchmarking helps employees to unleash their full potential.
HOW DO YOU CHOOSE BENCHMARKS FOR YOUR COMPANY’S SUCCESS?
Benchmarking is a process of measuring metrics and strategies comparing them within the organization or against your competitors. It is a competitive edge that enables you to see where you need improvements.
To choose benchmarks for the success of the organization, you can follow these steps!
- DISCOVER WHAT AREAS NEED IMPROVEMENT WITHIN YOUR ORGANIZATION:
Learning about the areas that need improvement helps you build a constructive strategy. And targeting a specific area is more effective than focusing on the organization as a whole. Try to focus on the parts of the organization that are not performing well and create appropriate benchmarks for them.
- FIND THE HIGHEST-PERFORMING ORGANIZATION:
Look for a successful organization within or outside of your niche. It will help you to understand how they assess and handle the situations. It will give you an idea of the need for improvement in your organization and help you set benchmarks.
- CREATE AND IMPLEMENT A PERFORMANCE IMPROVEMENT PLAN:
Once you have completed the research on your competitors and have an understanding of their working process, you can start to build your improvement plan and implement it in the organization.
THE TYPES OF PRODUCTIVITY BENCHMARKS:
Here are the types of benchmarks you can implement in your organization
- INTERNAL BENCHMARKING:
The internal benchmarking process requires comparing the work practices within the organization. It will help you track metrics for two similar systems or departments. With internal benchmarking, you can create and meet standards across the departments. It will help you ensure the consistency and efficiency of each department.
- EXTERNAL BENCHMARKING
External benchmarking is a practice of comparing the internal process with your competition in the industry. It helps you to understand your place in the industry and the need for improvements to get ahead. Sometimes it becomes tricky because the data you need may not be available. You will have to come up with ways to find the relevant data.
- COMPETITIVE BENCHMARKING:
It is a type of external benchmarking and involves comparing processes and metrics with the main competitors. It helps you to evaluate the success of your competitors and apply those practices in your business strategies.
- PERFORMANCE BENCHMARKING:
Performance benchmarking is related to the performance of your business. It helps you to track KPIs in your organization and involves comparing past data with the current standards. This type of benchmark helps you to improve your strategies and performance over time.
- PRACTICE BENCHMARKING:
It is a form of internal benchmarking and involves the evaluation of employee performances. It gives you a better perspective of the work process within your organization.
HOW TO ENSURE EMPLOYEES MEET THE BENCHMARKS?
You can implement any kind of practice in your organization, but the results are completely dependent on the execution by the employees. Workforce productivity benchmarking plays a vital role in the growth and success of an organization.
With the help of the EmpMonitor, you can monitor every activity of your employees during office hours. It will help you to measure and ensure that they meet the productivity benchmarks.
EmpMonitor empowers you with many tools that you can use to create a productivity benchmark report and ensure that employees are productive and efficient.
It is a cloud-based employee monitoring system, and you can monitor every activity of your employees from a single dashboard.
EmpMonitor offers many useful tools to ensure the productivity and efficiency of your employees:
- TIME TRACKING:
With the Help of EmpMonitor, you can track every minute of your employee’s working hours. It gives you a detailed report on how much time they have been active, idle, neutral, or offline from a single dashboard.
- PRODUCTIVITY TRACKING:
Empmonitor allows you to identify the productivity killers and provide a clear understanding of every process end to end. You can track and measure the productivity of your employees.
- REGULAR SCREENSHOTS:
EmpMonitor captures screenshots of your employee’s system. It keeps them in check that they are working on assigned tasks and not scrolling through cat videos.
- KEYSTROKE LOGGING:
Keystroke logging is one of the best ways to ensure data security. It lets you know about the words that employees type.
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There is no doubt that productivity benchmarking plays a significant role in the success of an organization. It creates a type of motivation for every individual that helps an organization to become top of their industry. This process may feel hard to implement, but it paves a path for greater success in the long term. And with the help of EmpMonitor, this path will become easier.
I hope it was helpful for you. What are your thoughts? Please, let me know in the comments below!
Originally Published On: EmpMonitor