Clearwater Electronics is planning to open an office in Shanghai , China , and the HR department has been asked to benchmark the compensation practices of other multinational organizations in the region . Why is benchmarking a first good step to developing a compensation and benefits plan to attract and retain nes employees who will contribute to the organization ?

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08-06-2021
Business

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Clearwater Electronics is planning to open an office in Shanghai , China , and the HR department has been asked to benchmark the compensation practices of other multinational organizations in the region . Why is benchmarking a first good step to developing a compensation and benefits plan to attract and retain nes employees who will contribute to the organization ?

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topeadeniran2 topeadeniran2 · Answer 1 · 2021-06-13T04:20:36+02:00

Answer: Benchmarking will ensure that salary and benefit decisions are made on solid data. This information will aid and influence the cost management of the organization.

Explanation:

Benchmarking simply refers to how companies compare their performance metrics and processes to that of other companies in the industry .

Through benchmarking, the organization can collect information of other companies, which will be important in developing a good compensation and benefits plan for the employees.