Workforce Benchmarking: The Best Alternatives to PwC Saratoga in 2024

Introduction

Data-driven insights are crucial to making informed decisions, especially when it comes to workforce management. Benchmarking, which involves comparing your company’s metrics against industry standards or a specific sub-group of comparators, is one of the most effective ways to gain actionable insights into workforce performance. Among the most well-known providers of workforce benchmarking data is PwC Saratoga, a leader in the field with its comprehensive analytics and benchmarking solutions.

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However, as organizations seek solutions that fit their unique needs, exploring alternatives to PwC Saratoga is becoming increasingly important. Whether you're looking for cost-effective options, a focus on specific industries, or innovative benchmarking approaches, this blog will guide you through the best alternatives for accessing relevant workforce benchmarking data. We’ll discuss what makes a good workforce benchmarking data provider, how to compare them, and introduce you to three alternatives: CompanySights, Gartner, and APQC.

What Makes a Good Workforce Benchmarking Data Provider

Choosing the right workforce benchmarking data provider involves understanding what elements contribute to high-quality data and actionable insights. Here are some of the essential factors that make a benchmarking data provider stand out:

1. Comprehensive Data Coverage

A top-tier benchmarking provider should offer comprehensive coverage of workforce metrics across various industries and geographies. This allows organizations to compare themselves against relevant industry peers and ensure that the data is robust and applicable.

2. Data Accuracy and Quality

Data is only as useful as it is accurate. High-quality benchmarking data should be verified, reliable, and based on clear methodologies to ensure that your comparisons yield meaningful insights.

PwC Saratoga is renowned by many for having reliable benchmarking data, especially as they have been operating in the industry for many years now. Other providers often have similar levels of data quality, but it is an important consideration to check early on.

3. Industry-Specific Benchmarks

Different industries have varying standards when it comes to workforce management. A good benchmarking provider should offer industry-specific benchmarks that account for the nuances in performance metrics across sectors like technology, healthcare, or finance.

Many workforce data providers only have benchmarking data for support functions. This is where CompanySights really stands out, as they have a full suite of functional benchmarks for companies in most industries. This includes industry-specific operational and commercial functions (e.g. think of Engineering in a Software company, or Supply Chain and Operations in a Consumers Products business).

4. Ease of Use and Access

Accessing benchmarking data should be a straightforward process, with intuitive platforms or dashboards that allow users to customize reports and explore metrics efficiently. Some providers offer detailed reports, while others provide real-time access to data for ongoing monitoring.

For example, Gartner and APQC typically provide users with a detailed PDF report, while CompanySights provides users with an interactive dashboard that allows users to build custom benchmarking sample sets for their company.

5. Customization and Flexibility

Each organization has unique workforce dynamics. Providers that offer customizable benchmarking solutions are ideal, allowing businesses to compare themselves against peer groups or specific competitors that match their strategic goals.

6. Customer Support and Expertise

The right provider should offer excellent customer support to help interpret data, apply it strategically, and ensure that the insights drive tangible results. Expert consultation can add significant value to understanding and implementing the data effectively.

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How to Compare Workforce Benchmarking Data Providers

With numerous benchmarking providers in the market, evaluating them effectively is key to finding the right fit for your organization. When comparing alternatives to PwC Saratoga, consider the following criteria:

1. Metrics Offered

Workforce benchmarking can include a variety of metrics, such as employee turnover rates, time to hire, training effectiveness, or engagement levels. Ensure the provider offers the specific data that is relevant to your workforce challenges and goals.

2. Data Sources and Methodologies

The quality and reliability of benchmarking data depend on how it is collected and processed. Investigate each provider’s methodology—whether they pull data from surveys, publicly available information, or proprietary research—and ensure that it aligns with your accuracy expectations.

3. Price vs. Value

Cost is always a factor, but the key consideration is whether the price matches the value the provider delivers. While PwC Saratoga is known for its comprehensive reports, some alternatives may offer similar insights at a more accessible price point or with different pricing structures based on usage or company size.

4. Reputation and Industry Recognition

Providers like PwC Saratoga have a formidable reputation for their legacy in workforce benchmarking, but it's important to evaluate whether alternatives have similar recognition and credibility in the industry. Look for case studies, client testimonials, and independent reviews.

5. Additional Features

Some providers offer more than just data; they may include analytics tools, workforce planning models, or industry reports that can be valuable for broader strategic decision-making. These features can be differentiators when evaluating options.

6. Reporting and Dashboards

Look at the user experience in terms of reporting. Some providers offer highly visual, easy-to-understand dashboards that allow HR professionals to access real-time data and share insights with leadership teams, while others may focus more on static reports. Your choice depends on your team’s needs.

Top Alternatives to PwC Saratoga

Now, let’s explore three of the best alternatives to PwC Saratoga for workforce benchmarking in 2024: CompanySights, Gartner, and APQC.

1. CompanySights

Overview

CompanySights is an emerging player in the workforce benchmarking field, known for its real-time data capabilities and advanced analytics in functional benchmarking. What sets CompanySights apart is its focus on delivering real-time benchmarking metrics across most industries. With CompanySights, users get a comprehensive view of the efficiency of their organization by function, often for the very first time.

Key Features

• Comprehensive Workforce Data: Unlike many traditional benchmarking providers, CompanySights offers a large amount of workforce data access through an online platform, allowing users to assess their whole organization. The data is especially relevant for those looking to assess headcount by function.
• Advanced Analytics Tools: With advanced analytics, CompanySights helps organizations predict workforce trends, allowing them to act proactively rather than reactively when it comes to workforce planning. Users can build interactive graphs and see how their organization stacks up to the benchmarks within just a few clicks.
• Customizable Reports: The platform is highly flexible, allowing users to customize benchmarks based on industry, geography, company size, and other factors. This feature is truly powerful, as it allows users to build highly relevant benchmarking sample sets specifically for their organization.

Pros

• Large amounts of workforce data with full coverage across any organization, including data for industry-specific commercial and operational functions.
• Lots of filtering options that allow users to build custom benchmarking sample sets.
• Pricing is by metric or industry, providing flexibility for companies looking for benchmarking metrics for a one-off exercise.

Cons

• May not offer as much granular data as established providers like PwC Saratoga.
• While the dashboard is user-friendly for many, it may take a little bit of time to get used to.

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Best For

Companies that need the latest functional benchmarking data to assess some or all functions in their business.

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2. Gartner

Overview

Gartner is a global leader in research and advisory services, offering a wide range of benchmarking data across numerous business functions, including workforce management. Gartner’s HR-focused solutions provide deep insights into talent management, leadership, and organizational performance, making it a strong alternative to PwC Saratoga.

Key Features

• Large Data Set: Gartner’s data spans a wide array of metrics, including employee retention, talent acquisition, and leadership development, making it ideal for organizations seeking comprehensive workforce insights.
• Global Reach: Gartner provides benchmarking data from across the globe, ensuring organizations can compare themselves against peers in various regions.
• Expert Advisory Services: In addition to data, Gartner offers advisory services from industry experts, helping organizations apply benchmarking insights to their HR strategy.

Pros

• Trusted name with a vast range of data and research capabilities.
• Advisory services provide extra value in interpreting and applying benchmarking data.
• Global and industry-specific benchmarks.

Cons

• Pricing can be steep, especially for smaller to mid-sized organizations.
• More focused on enterprise-level clients, which might not suit all companies.

Best For

Large organizations or enterprises that require comprehensive benchmarking across multiple regions and industries, along with expert advisory services.

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3. APQC

Overview

APQC (American Productivity & Quality Center) is a renowned provider of benchmarking data across various industries and business functions, including HR and workforce management. APQC is known for its focus on improving productivity and quality through standardized processes and benchmarking.

Key Features

• Process-Oriented Benchmarks: APQC’s workforce benchmarking focuses on improving productivity and efficiency, with data that highlights best practices for HR processes.
• Industry-Specific Reports: APQC provides detailed industry-specific benchmarking data, helping organizations compare their HR functions against similar companies.
• Collaborative Benchmarking Communities: APQC fosters a collaborative community of professionals who share insights, case studies, and best practices.

Pros

• Emphasis on process improvement and quality metrics.
• Access to a community of professionals for shared learning.
• More affordable for mid-sized organizations compared to larger providers like Gartner.

Cons

• Limited available data, especially outside of the Finance and HR functions.
• Focus is more on process improvement rather than comprehensive workforce metrics.

Best For

Mid-sized organizations looking for basic benchmarking data that emphasizes process efficiency and quality improvement.

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Why Choosing the Right Benchmarking Data Provider Matters

Selecting the right workforce benchmarking data provider can have a profound impact on your organization’s ability to manage talent, improve performance, and remain competitive in the industry. Here’s why:

1. Strategic Workforce Planning

Workforce benchmarking data provides valuable insights into functional efficiency, turnover rates, time to hire, training effectiveness, and more. The right provider will offer data that aligns with your company’s goals, enabling strategic planning to enhance productivity, engagement, and retention.

2. Competitive Advantage

Benchmarking against industry standards helps identify areas of improvement and allows organizations to outperform their competitors. Providers that offer accurate and up-to-date data ensure that your comparisons are meaningful and timely.

3. Informed Decision-Making

Accurate workforce data enables HR leaders to make informed decisions about hiring, training, and retention strategies. Choosing a provider that offers detailed insights helps ensure that these decisions are data-driven and aligned with industry trends.

4. Cost Efficiency

Using the wrong benchmarking provider can lead to poor decisions and wasted resources. Investing in a provider that offers tailored, relevant, and accurate data will help optimize your workforce and ensure a better ROI.

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Conclusion

Workforce benchmarking is essential for organizations seeking to optimize their HR processes, improve employee retention, and stay ahead of industry trends. While PwC Saratoga is a well-established leader in this field, exploring alternatives like CompanySights, Gartner, and APQC can offer more tailored solutions depending on your company’s specific needs.

Whether you need real-time data and advanced analytics (CompanySights), a global reach with expert advisory services (Gartner), or a focus on process improvement and community collaboration (APQC), each alternative provides distinct benefits that could better align with your goals. Choosing the right benchmarking provider is crucial to ensuring that your workforce strategy is not just informed but empowered by the best available data.