Which term refers to a selection of organizations that are benchmarks in the labor and product/service markets?

The term that accurately describes a selection of organizations used as benchmarks in the labor and product/service markets is benchmark competitors. This concept refers to companies considered leaders or highly influential within their respective industries, providing a standard against which an organization's practices can be measured. Benchmark competitors help to assess pay structures, competitive advantage, and best practices within the industry, allowing organizations to align their compensation strategies effectively. By studying these competitors, companies can identify what works well in terms of attracting and retaining talent, as well as how to position themselves in the market to remain competitive. This benchmarking process is essential for developing effective compensation and benefits programs that are both appealing to employees and sustainable for the organization.