Learn about Benchmarking in Risk Map
Benchmarking in Risk Map
Risk Map offers several key benchmarking methods that help companies assess performance both internally and against industry standards. These methods enable organizations to create a comprehensive view of how departments and the company as a whole are performing.
Types of Benchmarking
Internal Benchmarking - Departments vs total score
This method compares departmental results with the organization's overall performance. It provides an internal baseline for how a given department is doing relative to the company's average.
Best Practice: Start with internal benchmarking to assess where a department stands in relation to the overall picture. This can be critical in identifying departments that need more focused attention.
Historical Benchmarking - Compare groups
Compare data from previous surveys to identify trends and developments over time. This can show whether there has been an improvement or decline in well-being and performance.
Best Practice: Use historical benchmarking to track the results of previous initiatives and adjust action plans accordingly.
Industry Benchmarking - Locked questions
This feature allows comparisons of departmental results with industry standards, based on similar types of surveys from companies within the same sector. We recommend that you use our Locked questions to increase your odds of being able to use Industry Benchmarking.
Best Practice: Industry benchmarking is especially useful when evaluating how departments perform in relation to external standards. If a department is underperforming compared to industry averages, it may indicate the need to introduce new best practices.
How to Use Benchmarking
To activate benchmarking, users must select the desired parameters in the filter tool. This allows for comparisons across different departments, time periods, and external data, making it easier to identify both weaknesses and strengths in the organization.
- Internal Benchmarking: Use the comparison filter to analyze departmental results against the company's overall performance or other departments.
- Previous Surveys: By comparing with historical data, organizations can assess the impact of strategic initiatives that have been implemented in the past.
- Industry: If available, companies can compare their results with others in the same sector to ensure they meet or exceed industry averages.
With these benchmarking features, management can gain a clear overview of how departments are performing, allowing for more targeted efforts to improve both well-being and performance.