Performance Benchmarking: Definition & Meaning

Performance Benchmarking

Definition: In performance benchmarking, businesses examine their competitors’ performance measurements and procedures and make improvements to their own operations at the ground level to increase efficiency and obtain competitive advantages. Businesses can evaluate industry leaders’ functional performance parameters and apply best practices to improve their processes. They can compare functional units such as human resources, …

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Benchmarking: Definition, Process, Types of Benchmarking

Benchmarking

Definition: Benchmarking is the process of comparing a company’s operations and performance to industry best practices. Benchmarking is a method of evaluating several areas of a company’s processes and comparing them to industry leaders or competitors. This helps businesses find weak spots or gaps in their process so they can take steps to improve efficiency …

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Training Process: Definition & Training Process Steps

Training Process

The training process includes five steps that should be followed for an efficient training program. The training program helps employees upgrade their skills and attitude to perform a job more efficiently. Training is not a one-off event; it is a process that starts before the beginning of training and continues after it is completed. Training …

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Polycentric Approach: Definition, Pros & Cons

Polycentric Approach

Definition: A polycentric approach entails international recruitment where an organization hires local personnel for operation in the host country. This allows firms to market themselves as local and expand their operations. Local managers can help run the firm more smoothly and efficiently than expatriates since they are familiar with local cultures, norms, and regulations. Reasons …

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