Simply stated, Benchmarking is the practice of comparing one's business processes to the highest standards and best practices from other companies.
Although it can be difficult to compare yourself to others, you need to know where your company and team stand before you can map out your strategy for future growth. To help you with that, we've developed the Officevibe Benchmark Report.
Our Benchmark Report is a potent tool that allows you:
(1) to determine what and where improvements are needed
(2) to analyze how other organizations achieve their high performance levels
(3) to see how your company compares against others in the same industry
(3) to use this information to improve performance.
This Report offers you two types of benchmarking. The first is knowns as a strategic benchmark and it allows you to compare your organization to all other Officevibe customers in over 90 countries. This type of benchmarking is useful when identifying and analyzing performance on a world-class scale as employee motivation and engagement are driven by similar measures, regardless of the industry.
The second is a competitive benchmark that allows you to evaluate your position in your industry as well as identify industry-leadership targets you may want to aim for. You can also choose to compare your position with other industries as well. The choice is yours!
Ok, enough teasing, let's jump in! To get started, click into Reports - Benchmark on the left hand menu.
First Look at the Benchmark Report
As you probably know by now, we like to keep things simple and if possible, colour-coordinated. For this Report, we've essentially created a grid that allows you to Benchmark your organization's Metric scores against all Officevibe customers or only against Officevibe customers in one specific industry.
Here's a look at what we're taking about:
To make the Report easy to understand at first glance, we used semantic colours, ranging from orange for the lowest values, to green for the strongest values.
If you'd like to consult the Report with a focus on a specific industry, you will be able to select it in the dropdown menu at the top of the screen.
Note: To be able to use the Industry filter in the Benchmark Report, your organization's industry will need to be set in the account's Company Settings. Check-out this article for more on how to do this: Company Settings.
Understanding the Report
All scores appear as percentiles, which shows you the relative standing of your score in relation to the scores of either all other companies using Officevibe or of those in a specific industry. Not only do you get to see how you compare in terms of overall Engagement, but you can also see a break down of how you rank across all of the 10 Key Metrics listed across the top. Your aim is to be in the highest percentile as it means you are part of the top scorers (highest: 100th, lowest: 1st).
You've also got the possibility of comparing a specific group's data to the whole organization or other groups, depending on your access level of course!
There are several ranks that attainable in the Officevibe Benchmark scale. We've created a handy tool for you to get to know the different Benchmark ranks:
When hovering your cursor over the percentile for a Metric, a pop-up will appear with:
- your current rank for this Metric
- the actual Metric score for the team you're viewing
- the average Metric score you are being compared to, depending on the type of benchmarking you've chosen (strategic or competitive).
In a nutshell, the Benchmark Report allows you to see how your organization compares to others using Officevibe, but also how each group within your organization measures up. The goal is to get an idea of where you are, determine where you want to go and start planning how you'll get there.
We like to think that success is a journey, not simply a destination and we believe this Report will help you choose the right path for your organization!