Each firm can then compare its performance with similar sized businesses and the top profit earners. This is achieved while maintaining total confidentiality of individual results. Managers can then evaluate key indicators against the benchmarks being achieved by the rest of their industry. Salary structure Comparisons generally collect profit and loss account and balance sheet information. The inclusion of staff numbers, or the amount of floor space, or hours worked by personnel allows much greater analysis of revenue generation, time utilisation and productivity levels.
Many firms are reluctant to divulge information concerning their profitability levels.
We respect this attitude and so have designed procedures which ensure that complete confidentiality is maintained. FMRC Benchmarking staff meet with industry representatives to establish the purpose of the comparison, ratios to be analysed, format of individual reports, and arrangements for any follow-up training. Questionnaire sheets and definition details are prepared by us and forwarded to an independent 'Coding Centre' for coding and distribution to participants. The Coding Centre is usually an industry association, professional body, or a trustee company, which maintains a record of the names, addresses and code numbers of participants. In this way, only the coding centre and individual participants can identify code numbers and names.