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What Is Benchmarking?

January 21, 2021, by New City Insurance

employees trade documents on the benchmarking of the company to gain new insightsEvery company, regardless of the industry it belongs to, should always be seeking different ways to quantify or qualify its accomplishments. Today, there is one particular process organizations rely on to achieve this, and it is called benchmarking.

Benchmarking is the process of measuring products, services, and procedures and comparing them to those of other similar businesses, especially ones that are considered industry leaders. The objective of benchmarking is to identify gaps in an organization’s performance and, based on these gaps, to ultimately improve its business operations.

How Does Benchmarking Work?

The first phase of benchmarking consists of planning what you wish for your business to improve upon and which other industry players you will compare your organization against. A key aspect of this stage also involves defining your idea of “success” and how to achieve this.

The second stage of benchmarking involves gathering information on your business processes and comparing these to those of industry-leading competitors. If you are a human resources manager or executive at your company, you may wish to conduct research on the types of benefits other companies offer (e.g. dental, vision, life, and disability insurance, commuter benefits, etc.) in addition to the federally mandated ones (health insurance for companies with more than 50 full-time employees). Do they provide 401k and retirement accounts and wellness plans? One effective way to do this is by speaking directly with another organization’s leaders or employees. Once you have collected all relevant data, you may begin to analyze it and ultimately compile this information in a report.

After analyzing all of this data, you should decide what concrete actions to take and which changes to make in order to reach your organization’s objectives. After establishing a rough timeline for when to implement these changes, the final phase of benchmarking can begin. This stage involves monitoring results to evaluate the success of your strategy. Depending on what you specifically wish to achieve, the monitoring period may be short (a few weeks) or long (several months to a year).

Examples Of Benchmarking

There are three primary types of benchmarking that organizations can perform:

  • Process benchmarking: How do your company’s processes compare to those of your competitors? Are they cost-effective and otherwise efficient?
  • Strategic benchmarking: Are your business strategies helping your organization grow and become more competitive in your field?
  • Performance benchmarking: Is there any hard, quantifiable data (i.e., metrics) that serves as an indication that your organization has improved in some way?

employee shows colleague an information document on the companys benchmarking effortsAs an HR manager or executive, it may be possible for you to attempt to perform benchmarking from each of these three standpoints. For example, you may evaluate the process by which your organization provides health insurance and other employee benefits and determine how efficient it is. You may also assess your strategies for providing 401k and retirement plans (e.g., timeline and structure for disbursing funds).

Finally, you may also set key performance indicators (KPIs) to evaluate your company’s success. Performance benchmarking is often extremely difficult to conduct because it involves implementing changes to your business processes on virtually all levels.

Benefits Of Benchmarking

There are many benefits to conducting benchmarking. However, here are three advantages that are especially noteworthy:

Continuous Improvement

The primary purpose of benchmarking is to improve at least one aspect of an organization. Ultimately, your goal should be to ensure that this improvement is continuous.

Competitive analysis

Many companies are constantly seeking ways to acquire strategic advantages over other businesses in their industry. Benchmarking is an excellent way to accomplish this.

Monitor Performance

A key aspect of benchmarking consists of researching and analyzing current data trends and using these to make projections. Thus, monitoring performance is essential.

Speak To Professional Benefits Consultants

employee shows his colleagues the data on the benchmarking of the companys revenueReach out to the professional benefits consultants at New City Insurance for more information on benchmarking and the benefits of this process. Since our founding in 2008, we have been dedicated to providing our clients with top-quality insurance solutions that are designed to meet their unique needs.

Our insurance agents routinely perform comprehensive surveys of the market for data and analyze how your organization’s processes compare to those of your competitors. We offer customized and competitive plans and benefit packages that are significantly more attractive than your average offerings. The benefits we offer include group health insurance, 401k and retirement plans, wellness plans and executive benefits (deferred compensation, asset allocation, wealth planning, etc.).

Benchmarking can help your organization grow in ways that previously seemed unattainable. It also allows you to measure success based on several factors and concepts. However, it is important for your business to define “success” before launching any type of benchmarking initiative. Contact New City Insurance today at (888) 210-2759 to learn more about our insurance and employee benefits offerings, or visit us online to request a consultation.

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Filed Under: Benchmarking,  Benefits

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Carol Zhang
Carol Zhang
04:29 06 Mar 22
As a rapidly expanding national media organization, the employee benefits strategy and administration that New City has provided us during our growth has been invaluable. They have been proactive about informing us of the different benefit strategies available to us as we grow as well as managing the additional compliance laws and reporting requirements at each stage of our growth.
Claudia Villalobos
Claudia Villalobos
20:14 03 Mar 22
New City Insurance made navigating through all the health insurances super EASY. Their documents are highly informative, professional, and easy to work with. Thank you for making the process of choosing a health plan so simple. You guys are THE BEST!
Philippe Salas
Philippe Salas
17:02 22 Feb 22
I never expected to have a good time talking to an insurance salesman, but let me tell you Brendan was quite the treat. He was very helpful explaining the options and has a wonderful sense of humor. I hope to speak with him every time I call.
Jennifer Polito
Jennifer Polito
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Super easy enrollment process. Fast and friendly customer service. If you are looking for an insurance company that is there for you every step of the way I highly recommend New City Insurance.
Rocky Salas
Rocky Salas
23:46 07 Jan 22
So friendly, I hope to speak to him again in all my future insurance needs.
Rocky Salas
Rocky Salas
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So friendly and soft spoken. I hope to speak to him again in all my future insurance needs.
Jose Brena
Jose Brena
13:20 06 Jan 22
Eric Calciano has been extremely helpful in finding and selecting the right insurance coverage for our company. With many options out there Eric assisted us on getting a low cost provider saving more than 20% than from our competitors and providing excellent coverage for our employees.
Anastasia Beaverhousen
Anastasia Beaverhousen
17:05 28 Dec 21
Signing up for insurance was quick and easy. Felicity Sundsboe
SFCC
SFCC
22:08 29 Nov 21
Jeff Stoltey and his team provide excellent customer service. Jeff has always provided my company SFCC with straightforward options. I went to a larger insurance company only to RUN BACK to Jeff at New City Insurance. I recommend them to anyone needing insurance without hesitation.
Kevin Luby
Kevin Luby
19:13 22 Oct 21
Quick, easy & informative. We were able to secure quality insurance for our small business on a tight deadline. Thanks for the help New City.
Theresa Ruybol
Theresa Ruybol
19:30 01 Jul 21
Eric was so great with us. He was very patient and kind as we are a newer smaller organization who is growing rapidly. With that said, we had made our inquiry, he had great rapid response and mostly had to wait on me. Any request that we made and/or questions we had, he was great answering and helping us understand. Then when we were ready for all documents and to move forward, Brendan helped with getting that together and the two of them worked their magic on New City's end to notify me of what was needed, assist me in that process and confirming that all was complete and approved for the coverage. I just want to say thank you all again so much, as insurance has always been confusing to me, and you all made that process go a lot smoother.Thank you
Andrea Ordendorff
Andrea Ordendorff
21:06 07 May 21
I've been working with both Clayton and Brendan for well over a year. As the purchase of our dental practice was delayed well over 14 months they both patiently supported me and continued to make themselves available. When we were officially ready to sign up they made the whole process seamless and super easy. This team is highly knowledgeable, professional, supportive, and efficient! I can't thank them enough for everything they've done.
T W
T W
22:32 30 Aug 20
I love New City Insurance. I never had a good experience dealing with insurance brokers until I started working with Brendan. He’s awesome! He is patient with me and takes the time to answer all my questions. I’m very grateful for all his help and hard work!
Mary Jane Deyette
Mary Jane Deyette
00:57 11 May 20
Jeff Stoltey is so awesome...even thru my company had only two employees, he took the time each year to research and find the best plan for us. The only reason I am leaving New City Insurance is because we no longer have any employees. Thank you Jeff
Alma Ortiz
Alma Ortiz
22:25 23 Feb 20
Brendan was awesome! I couldn't figure out how to pick my plan and he returned my call on a weekend to help me. Outstansing service!
jessica kavanagh
jessica kavanagh
19:53 13 Feb 20
Brendan was so helpful I definitely recommend him if you’re in need of good help and getting it done promptly. Thankyou so much again.
Tricia DeYoung
Tricia DeYoung
19:49 13 Feb 20
I was very thankful I inquired about this info. with Brendan. He was very helpful so I understand the benefits available much better now. Thank you Brendan.
B Bayer
B Bayer
17:43 24 Sep 19
NCI handled almost everything from start to finish. Clayton and Brendan made the plans easy to understand and walked me through the application process. They got me my ID numbers before my cards arrived so that I could keep an appointment I had already scheduled. My last broker wouldn't have done that. 5 stars!
Jessica Lehr
Jessica Lehr
03:36 07 Jun 19
Our staff was interested in a health plan, but we didn't know how beneficial a solid employee benefits package would be for our business to expand. We'd lose prospective employees because they had more options for their medical insurance which was sometimes more valuable than more pay. The New City team was amazing and gave us as many affordable options as possible so that everyone had their needs met.
Mike McClay
Mike McClay
19:36 03 May 19
My employer uses New City as their insurance broker, and I'm always amazed when I call in for assistance by how knowledgeable and attentive their staff is with my requests. Their online benefits platform makes selecting insurance plans pretty darn easy. I would highly recommend their services.
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