Question

in an effort to combat the high costs and losses associated with turnover, managers at an analytics firm are studying the recruitment and training policies at a similar firm that has very low turnover. this is an example of .

Answer 1

In an effort to combat the high costs and losses associated with turnover, managers at an analytics firm are studying the recruitment and training policies at a similar firm that has very low turnover. this is an example of benchmarking.

What is Benchmarking?

Benchmarking is the process of comparing the performance of a company's products, services, or processes to those of other businesses that are thought to be the best in the industry. The goal of benchmarking is to identify internal areas for improvement.

It is the practice of comparing a company's business processes and performance metrics to industry bests and best practices. Quality, time, and cost are the most commonly measured dimensions. It is a technique used to evaluate and compare performance in order to achieve continuous improvement. It is part of a comprehensive quality management process that includes the key components to move business forward.

In conclusion, the correct option is Benchmarking.

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