CEDIA Tweaks Benchmarking Survey Process
The self-evaluation tool for custom electronics companies is now two small surveys instead of the previous singular, longer version.
The Custom Electronic Design & Installation Association (CEDIA) has changed the submission format of its annual Benchmarking Survey, a tool that companies can use to measure themselves against their competitors. The new format splits the research into two surveys and reports: The first survey covers staffing, compensation, and benefits, while the second survey covers finance, operations, and marketing. Electronic systems professional companies may participate in one or both surveys. Participants receive customized versions of the reports.
CEDIA says the changes are designed to make it easier for companies to participate by simplifying the process.
“We received a lot of feedback that it was difficult for business owners to find time to sit down and complete the entire survey. Splitting the survey into two parts will simplify and shorten the process,” said Erica Shonkwiler, senior director of research, in a statement from CEDIA. “We’ve also scheduled the first survey around the issuing of W2s so company owners don’t have to go digging for compensation information as they should have it readily available for tax purposes.”
According to CEDIA, participants in the Benchmarking Surveys receive a customized report that compares their company against companies of similar size, the industry median, and the most profitable industry companies. In addition, each customized report will include suggested action items for building business and increasing profitability. CEDIA is providing the custom report, valued at $2,500, complimentary to participants.
Companies have four participation options:
• An online survey
• Submit a hard copy survey
• A Microsoft Excel spreadsheet
• Submit financial statements
Additional participation benefits include: access to the CEDIA EXPO 2013 Benchmarking courses, and a 10 percent discount off 2014 CEDIA membership*.
The first survey covering staffing, compensation, and benefits is open February 21 - March 25, 2013.
The second survey covering finance, operations, and marketing is open April 2 - May 13, 2013.
The surveys are option to all electronic systems professional companies.
Profit Planning Group, an independent consulting services firm, will conduct all facets of the survey. CEDIA staff and leadership will not have access to individual company information at any time, and will receive only a summary of the findings. Survey findings will not include company names or any information that could be used to identify participants. Customized reports will be mailed directly from Profit Planning Group.
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