What is benchmarking?
Benchmarking is the process by which companies compare there performance against a recognized external standard ("a benchmark"). In "benchmarking clubs", like NextGeneration, companies can also compare their performance against their peers. Benchmarking is commonly used in all industries to enable companies to better understand their current performance, set improvement targets and share best practice for mutual advantage.
What does NextGeneration benchmark?
NextGeneration benchmarks UK home builders performance in managing and delivering sustainable development. Management of sustainable development is measured by examining the quality of a home builders strategy, governance structure and risk management procedures in relation to sustainability.
Delivery of sustainable development is measured by assessing the impact of the companys operations and the products it builds on the environment, society and the economy.
How are the benchmarking criteria decided?
Each year, a set of benchmarking criteria are created by Jones Lang LaSalle, as Secretariat of NextGeneration, in consultation with the Executive Committee and home builders who are participating in the benchmark. The benchmarking criteria are based on best practice standards and guidance, often produced or endorsed by central and local government or third party organisations, such as charities or research organisations. The criteria are designed to be challenging and go beyond statutory minima or standard practice.