Specific

Question 1

Indicators

Answer 1

-corporate culture
– benchmarking key variables
– changes in staff turnover
– absenteeism
– accidents
– levels of disputation
– worker satisfaction

Question 2

Benchmarking key variables

Answer 2

Ways to conduct benchmarking:

1.) Informal benchmarking includes any strategies such as networking through informal discussions with colleagues in other businesses, undertaking visits to other businesses, researching best practice online and attending conferences.

2.) Performance benchmarking involves comparing the performance levels of a
process/activity with other businesses.

3.) Best practice benchmarking involves comparing performance levels with those of another best practice business in specific areas using a structured process to gain skills and knowledge, and to modify organisational processes.

4.)Balanced scorecard benchmarking is used for measuring whether the activities of a business are meeting its objectives established in the strategic plan. It benchmarks key performance variables with targets aligned with the strategic plan.