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Management & Leadership vocabulary · Performance Management

Benchmark

Meaning in management & leadership, with examples

/ˈbentʃmɑːrk/nounCommon term

In management & leadership, benchmark means: A standard or reference point used to compare performance, such as a competitor's results or an industry average; as a verb, to make that comparison.

In Turkish: kıyas ölçütü, referans değer, karşılaştırma noktası

How it is used

Used in performance management, finance and operations. You set a benchmark, use something as a benchmark or benchmark yourself against competitors. Benchmarking is the regular practice of making such comparisons.

Example sentences

  1. We benchmark our salaries against other banks every year.

  2. We're using last year's results as a benchmark for the new team.

Common collocations

  • industry benchmark
  • set a benchmark
  • benchmark against competitors
  • use as a benchmark
  • KPIShort for key performance indicator: a number that shows how well a person, team or company is doing against an important goal, such as monthly sales or customer satisfaction.
  • targetA specific number, level or result that a person or team is expected to reach within a set time, such as a sales figure or a cost limit.
  • performance reviewA regular formal meeting in which a manager and an employee discuss how well the employee has done their job, agree on a rating and set goals for the next period.
  • competitive advantageSomething that allows a company to do better than its competitors, such as lower costs, a stronger brand, better technology or more skilled people.

This word in other fields

The same English word can have a different meaning in another field:

More terms: Performance Management

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