“Benchmark” is an engagement score achievement indicator. You can check the difference between the benchmark and the current score from the “Deviation between score and benchmark” in the “Comparison” and “Overview” screens.

"Benchmark” can be changed from “Benchmark” in the menu on the left side of the operation setting screen by those who have been granted access permission.

There are two main ways to set the benchmark: “See data”, which allows you to set the benchmark by referring to data from various industries and scales, and “Edit”, which allows you to set all the numbers by yourself.

In this article, we will explain how to calculate the numbers used in “Browse Data”.

In order to provide a benchmarking function, Wevox estimates the “average score”, “top 20% score”, and “top 5% score” for a group of companies in each industry and company size, and stores them in a database for use.

Normally, one would think that it would be sufficient to filter the companies by industry or company size and calculate the average score of those companies, however there is a drawback with this method.

Depending on the industry and the company size, there may be only a few companies that apply. In such a situation, the average score will have a large bias and will not be of a quality that can be offered as a product.

In addition, if there is no corresponding company, the calculation is not possible.

Therefore, Wevox avoids this problem by applying Bayesian statistics.

The calculation is done in the following four steps.

The following is an example of calculating the average score for “Industry: Internet Service” and “Size: 51-100 people”.

Step 1: Calculate the average score for all companies using Wevox

Let’s assume that the average score for all Wevox companies is 70.

Step 2: Find the difference between the average score of all Wevox companies and the average score of Internet service companies

Let’s say that the average score for companies in the Internet Services industry is 75.

In this case, the difference in the average score is +5 points.

Step 3: Find the difference between the average score of all Wevox companies and companies with 51-100 employees

Let’s assume that the average score for companies with 51-100 employees is 60.

In this case, the difference between the average scores is -10 points.

Step 4: Summarize the above and calculate the benchmark.

Based on the above data, calculate that the benchmark for “Internet Service” and “51-100 employees” is 70 + 5 - 10 = 65 points.

The Bayesian statistical method is applied to the calculation of the various figures that appear here, and is designed to ensure that stable and reliable figures can be calculated even for industries with a small number of companies and a large number of people.

The disadvantage is that the benchmark calculated by this method is not the average score of the actual companies.

On the other hand, it has the advantage of providing a stable and reliable value even in industries with a small number of companies and people.

At Wevox, we believe that the most important thing in benchmarking is not the fact that it is an average of real companies, but that it provides a more reliable value for comparison.

For this reason, we have chosen to use the power of Bayesian statistics.