Understanding Critical Dates in Benchmarking

When benchmarking, it is crucial to have clearly defined dates and periods set in advance to provide clarity on expectations. Here's a brief explanation of the key dates:

Survey Opening Date

Make it clear when the survey opens to promote participation well in advance.

Survey Closing Date

Establish a closing date to create a mental timeframe for participants.

Results Date

Communicate when the results are expected to be posted.

Buffer Period

The buffer period acts like an assignment extension. Although a closing date is advertised, it's common for participants to submit at the last minute, with some requesting extensions. To manage this, factor in a buffer period before finalizing the closing date so that result expectations are not impacted. It is advisable not to disclose the buffer period to members for practical reasons.