Benchmarking allows you to compare important data to find the most effective way to manage your talent, increasing productivity and efficiencies and giving you a competitive edge. The UKG Ready® People Insights module includes three new benchmarking features that have been released over the last six months—the Compensation, Staffing Summary, and Time Summary Benchmarks. These Benchmarks break down into the following processes to provide you with data insights into your workforce that can help you consider next steps:
Classify. All jobs within the UKG Ready solution are automatically classified into predefined Job Classifications to allow for simple comparisons.
Calculate. The benchmark then calculates the metric, whether that is compensation, turnover and hiring rates, or overtime and training totals, and assigns it to the Job Classification.
Aggregate. This Job Classification logic runs across the entire UKG proprietary dataset to build national averages broken down by general region, size bands, verticals, and Equal Employment Opportunity (EEO) classifications.
Retrieve. UKG Ready People Insights then requests this aggregated data to return to the Benchmark, matching it against your job’s automatic Job Classification.
Benchmark. Now that the calculated metrics from the aggregated dataset are matched, you can benchmark the job compensation, turnover and hiring rates, or overtime and training totals against the UKG proprietary dataset.
Not only can you compare the data to the national averages, but as you continue to have your own organization data recorded in your UKG Ready solution, you can compare data against your organization averages. This helps provide better insight into compensation, staffing, and extra pay trends for your organization.
Let’s take a deeper dive into the three benchmark features available today.
Compensation Benchmark
The Compensation Benchmark helps automate the compensation analysis process by using intelligent job tagging. But what does that mean? Let’s take a look at Sean, an employee at ABC Co., as an example. Sean’s manager, Tim, would like to understand the compensation being paid to his operations specialists because Sean shared feedback about the compensation being unfair and Tim wants to validate this.
Tim can pull up Sean’s assigned job, click a button to quickly see the average compensation of all operations specialists in his organization, and then view a comparison to real national payroll data all without any configuration to tie the two together. Job tagging automatically matches the jobs within this organization to overall classifications, allowing for simple comparison and securely hiding the job name from anyone outside of the organization.
When it was released: February R86 Release
Staffing Summary Benchmark
The Staffing Summary Benchmark makes turnover and staffing analysis easy by providing intelligent job tagging while comparing the 12-month turnover and staffing rates to national averages. How does this work? Let’s return to Sean’s organization as the HR Director, Susan.
Susan is looking at dashboards and seeing that turnover rates are increasing on a subset of jobs within the Operations department. They’d like to investigate further and begin with a comparison against other similar organizations. Susan navigates to the Staffing Summary report and filters the jobs to those related to the Operations department. Immediately, the current month’s 12-month turnover and staffing rates for these jobs are shown in the report, as well as columns for the national averages. Susan sees the turnover rates are higher than other similar organizations and decides to run the Time Summary Benchmark to validate the working hours of these jobs.
When it was released: April R87 Release
Time Summary Benchmark
Susan navigates to the Time Summary Benchmark and opens a pop-up window that shows the Operations Specialists are working less overtime than the national average. Susan notes that this most likely indicates that overtime is not the problem, but then sets the comparison to look at larger organizations. She determines that the overtime with the larger organizations is significantly lower than the overtime with her organization and considers taking action to ensure Operation Specialists work less overtime to avoid potential burnout.
Susan then navigates to the Training tab to compare her organization’s training hours and sees no data is available. She uses this as a conversation starter about tracking training in the system. After her team updates the UKG Ready system, Susan circles back after the next benchmark run and can now compare the training hours for these employees as well.
When it was released: August R88 Release
Dive deeper into Benchmarks
Note: People Insights is an additional UKG Ready module, and you must own the module to take advantage of these features.