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What is a Benchmark? (How to set up a Benchmark)

Updated over a week ago

Summary

Benchmarks are indicators of engagement score achievement.

If you are an owner, you can change the benchmark from the "Benchmark" menu on the left side of the operation settings screen.

There are two main ways to set the benchmark: "See Data", which refers to data from various industries and sizes, or "Edit", which allows you to set all the numbers yourself.


Deviation between score and Benchmark

In the "Overview" and "Comparison" screens, you can check the difference between the benchmark and the current score from "Deviation between score and benchmark".

▼ Overview screen

In the "Overview" screen, you can see the current score and "Deviation from Benchmark."

▼ Comparison screen

In the "Comparison" screen, you can select "Deviation from Benchmark" in the top right corner of the screen. The deviation between score and benchmark will be displayed.


Benchmark Setting Type

Benchmark setting by "See Data”

There are three benchmarks that are calculated based on the scores of Wevox users in each industry and size.

  • Standard: Average score of Wevox users (default setting)

  • High-Performance: Score calculated based on the average score of the top 20% of companies

  • Leading: Score calculated based on the average score of the top 5% of companies

If you select "Industry" or "Size (number of employees)" at the top, the score for the specified condition will be shown.

Selecting ▶︎ will allow you to check the scores of sub-items associated with key drivers.

▼ How data is calculated

Please refer to this article.

▼ Data update frequency

The source data is updated on the first day of every month.

Please refer to this article.

How to do it

When using the "See Data" function

1. Go to [Benchmark] in the Operation Settings menu.

2. Select the [See Data] button, and select the "Industry" and "Company size" you want to browse.

3. Select your desired level from the three levels and click "Reflect Changes".


Benchmark settings in the "Edit" menu

You can set your own values for each key driver and the sub-items associated with them.

How to do it

When using the "Edit" function

1. Go to "Benchmark" from the menu of the operation settings.

2. Select the “Edit” button, select the desired level for each item, and click “Reflect Changes”.

*Changes will be reflected immediately after selecting “Reflect Changes”.


Note

  • The default setting is Standard, which reflects the average values of all companies using Wevox.

  • In the Edit section, benchmark values for both key driver subcategories and main categories are not automatically calculated and can be set freely.

  • The gauge color changes based on the difference from the current score (all members):

    • +1 or higher: Blue

    • 0 to -9: Gray

    • -10 or lower: Red

  • The top 20% and top 5% are extracted separately for key drivers and engagement. That is, the top 20% and 5% for key drivers and the top 20% and 5% for engagement are calculated independently.

  • If the “Check Latest Status” button is visible, the data is not up to date. If the data is up to date, this button will not appear.

  • When a benchmark change is reflected, the benchmarks of past scores and analysis results are also immediately reflected in the latest values. If you wish to preserve data for comparison and deviation from past benchmark values, please consider exporting the scores before applying the changes.

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