No element is more crucial to successful recruiting than the job benchmarking process. A strong job benchmark can mean the difference between hiring the perfect employee and making a costly hiring mistake.
But how can you create a job benchmark that will identify the best talent possible for a given position? How can you be certain that the metrics you are weighing potential applicants against are the most correct and reliable?
Read on to discover the one mistake you may be making in your job benchmarking process, and how a better job benchmark can help you set the ideal standard for hiring for any position.
How Do You Set Your Job Benchmark?
Many companies set a job benchmark based on the performance of top employees currently working in a given position.
This is a surefire path to mediocre hiring results.
By benchmarking based on your top performers, you are limiting the quality of new hires to your current highest level of performance. As a result, you are limiting your potential for growth and improvement through your hiring process.
Instead, candidates should be measured against the ideal employee for the position. By creating an ideal candidate profile, candidates can be filtered quickly to find the people that will best serve the needs of your organization.
So what is the job benchmarking process that can allow you to set this more accurate standard for hiring?
A Better Job Benchmarking Process
The best job benchmark is only possible when you have developed a deeper understanding of the position to be benchmarked. Read below to learn the steps that will take your job benchmark to the next level.
1) Identify the Job You Will Be Benchmarking
This critical first step in the job benchmarking process allows you to answer fundamental questions about the purpose of your talent search, including:
- Why does this position exist?
- How do we measure success for this position?
- What role has this position historically played in the company? What role should it play in the future?
- How does this position fit in with our overall company strategy?
Knowing the answers to these questions sets you up to accurately assess the core competencies you will be looking for in candidates.
2) Identify Your In-House Experts For The Subject Matter
Find people in your organization who are directly connected to the position, whether they are immediately affected by it or currently fill that role themselves. Leverage the insight these people possess to develop a perfect job benchmark.
3) Define and Weigh Key Accountabilities
Key accountabilities are the objectives your new hire will strive to meet in their job. How will employee progress and success be measured by your organization? Understanding this is crucial to finding candidates whose skillset and motivators align with the purpose of the job.
Once your subject matter experts identify these accountabilities, they must prioritize and rank them by importance to your organization and the amount of time that should be allotted towards each.
4) Collect and Review Job Assessment Data
Have each subject matter expert individually complete an assessment of the requirements for top performance in the position. This information will allow you better understand the specific company needs your new hire should be equipped to meet.
Once you have collected data from all participants, create a composite of all your data to complete your initial job benchmarking process. The result will be a complete profile of the job requirements for an ideal candidate for the position.
Implementing Your Job Benchmark
Once you have developed your optimized job benchmark, filter your list of candidates based on their match with your ranked performance indicators. This will allow you to quickly identify the most qualified candidates to move forward in the hiring process.
With the key motivators you identified in your job benchmarking process, you can quickly identify through the interview process which candidates will have the best job fit for both the position itself and your company culture, ensuring long-term hiring success.
Getting Help With The Job Benchmarking Process
Creating an effective job benchmark requires extensive data collection and an objective eye to help create an honest and accurate assessment of overall job position requirements.
Due to the extensive nature of this process, it is highly recommended that you hire an executive recruiting consultant who deeply understands the job benchmarking process.
The best executive recruiting firms also possess tools and software to facilitate the data-gathering process. This ensures that you will receive a job benchmark based on sound, reliable metrics delivered by your subject matter experts.
Furthermore, the objectivity provided by a third-party facilitator can help you create the most accurate, unbiased ideal candidate profile. During the hiring process, a consultant can advise you on how to keep your hiring practices legally compliant.