The term “benchmarking” was first used in the context of surveying and engineering, long before it became popular in the business world. In this context, a benchmark was a point of reference that was used to measure elevations and distances.
The first known use of the term “benchmarking” in the context of business is attributed to the Xerox Corporation in the late 1970s. Xerox was facing intense competition in the copier market and was struggling to improve its manufacturing processes. To address this challenge, Xerox began a program of comparing its processes and practices to those of other companies in the industry, with the goal of identifying areas for improvement.
According to some sources, Xerox coined the term “benchmarking” to describe this practice. The company’s benchmarking program was highly successful and was credited with helping Xerox to improve its manufacturing processes and regain its competitive edge in the copier market.
Since then, benchmarking has become a widely used practice in the business world, with many different methodologies and techniques being developed over the years. The basic idea of benchmarking, however, remains the same: to compare one’s own performance and practices to those of others in the same industry or sector, with the goal of identifying areas for improvement and achieving better results.
Why it is important, specifically in Social Housing.
The social housing job market is unique in that, due to entirety of the sector sharing the same common goal, to improve homes and quality of people’s lives in the UK, the skills, experience and qualifications needed for a position in one Housing Association, will also often be exactly the same or incredibly similar to that in another.
A Housing officer Job Description, for example, is pretty similar across the board.
However, whilst the sector has a shared vision for itself, competition is incredibly rife when it comes to attracting specialist candidates for individual teams.
So, In order to attract the talent you need for your individual teams, it is essential to determine what other organisations operating in the same field are offering their employees. This means conducting research into competitors, such as wages and salaries, types of benefits and required qualifications for the role.
Benefits: Look beyond just salary and consider other forms of compensation, such as health insurance, retirement benefits, paid time off, and bonuses. These benefits can significantly impact the overall value of a job package.
Work-life balance: Consider the amount of time you will be expected to work, whether there is flexibility in your schedule, and the potential for remote work. A job that pays well but requires long hours and offers little flexibility may not be the best choice if work-life balance is important to you.
Career development opportunities: Look for jobs that offer opportunities for professional growth and development. This could include access to training and development programs, mentorship opportunities, and the potential for advancement within the company.
Company culture: Evaluate the company’s culture and values to determine whether it aligns with your own. A positive work environment with supportive colleagues can make a significant difference in your overall job satisfaction.
Commute and location: Consider the location of the job and the potential commute time. If the job is located far from your home, it may not be worth the higher salary if the commute is long and stressful.
Job security: Consider the stability of the company and the potential for job security in the long term. A higher salary may not be worth it if the company is experiencing financial difficulties or has a history of layoffs.
In summary, when benchmarking a job package, it’s important to consider factors beyond just salary, such as benefits, work-life balance, career development opportunities, company culture, commute and location, and job security. By considering these factors, you can make your positions as attractive as possible.
Did you know – Liquid offers a free benchmarking service to our clients?
With access to all of the right data and ability to compare real-time salaries, offers accepted/declined, benefits on offer and hiring processes across the market, we can help you customise your roles in order to make them as attractive as possible to candidates.
Speaking of which…
To highlight some features of our service that our clients can benefit from if they needed help securing specialist housing candidates:
- A database of over 30,000 specialist Social Housing candidates
- All consultants trained in Social Housing in order to match the correct applicant to you positions
- Specialist recruitment systems that engage the entire social housing market with your positions instantly
- Over 15,000 Social Housing Connections on LinkedIn
- Recruitment Partner to the National Leasehold Group giving access to candidates not on the market
- Separate VMS department that work with all of the managed service clients such as Matrix & Comensura & Cohesion.
- Bespoke Retainer solutions available
- The Genesis Academy (Social Housing Apprentice Scheme)
- Consultants that you can call directly at any time
- Over 17 years of experience within Social Housing so have a deep understanding of our clients requirements and our candidate’s motivations when looking for work.
With regards to the specific departments that we can help you with, they are as follows:
Development & New Home Sales
Asset Management & building Safety
Housing management & Customer Services
Leasehold management & Homeownership
Executive Search & Senior Appointments
For a more detailed look at the areas we supply, and to get more of a feel for who Liquid are, please take a look at our website at http://www.liquid-rs.co.uk
Tel: 01923 819 819