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WRITTEN ASSIGNMENT        3
WRITTEN ASSIGNMENT
Table of contents
Discussion    3
References    6
Discussion
    Benchmarking is a useful technique for assessing human resource data and figuring out how competitive a company is in its sector. Below in this discussion, we examine how benchmarking may be used for many elements of HR, including as pay, benefits, turnover rates, diversity, and inclusion, to better understand how it can be utilized in HR decision making.
Salaries and Benefits –
    Compensation is a crucial component of human resources management. HR executives must make sure that their company's benefit plans and pay scales are competitive in their sector. This is necessary to draw in and keep top talent. HR experts frequently use benchmarking to achieve this. Benchmarking is contrasting a company's compensation and benefit packages with those of other companies in a related field or region (Lopaze, 2018). The objective is to assess if a company's pay plans adhere to industry norms. If a firm pays much less than the industry average, it could find it difficult to recruit and keep talented workers. On the other hand, if the benefits package goes above standard for the sector, it could result in increased operational expenses. HR executives must acquire information from a variety of sources, including competitor wage information, government labor statistics, and industry salary surveys, in order to make educated judgments about compensation. They may then adjust their organization's pay strategy using this information to make sure they stay fair and...