What is the Best Performance Management Software?

What is Performance Management Software?

Do You Need Performance Management Software?

  1. Employees complain about your current performance system or process
  2. Your HR team spends a lot of time organizing performance paperwork and knocking on doors to track down completed reviews
  3. You have a manual process that involves printed documents and Excel spreadsheets
  4. You’re experiencing low employee engagement or high turnover rates
  5. Too many employees miss goals and deadlines or cannot consistently meet KPIs
  6. You’re concerned that your current process leaves room for risk when deciding on promotions, compensation plans, or terminations

Why Implement Performance Management Software?

What Does the Best Performance Management Software Have In Common?

  • User-Friendly Dashboard — The top benefit of great talent management software is its ability to bring all critical data and performance metrics into one organized location. A central dashboard makes it easy to navigate employee performance data and helps leaders make better decisions for their workforce. Meanwhile, employees can receive real-time feedback from their own dashboard.
  • Performance Review Cycles — Regardless of your company’s review cycle, performance management software can help coordinate, organize, schedule, and store all performance-related information. The software can send reminders to leaders, manage permissions as leadership changes, and provide structure to the entire review process, including templates based on company values and the employee’s role.
  • 360 Degree and Peer Reviews — Peer feedback and 360-degree reviews can be rewarding if performed correctly. Performance management software can help ensure the process goes smoothly by providing structured, anonymous assessments. In some cases, more than a few people are involved in the performance review of one employee, so the software can track feedback progress to ensure each participant gives their input promptly.
  • Customizable Review and Assessment Templates — The most effective way to evaluate performance is to structure reviews around your organization’s unique values and goals. That means the annual review script should be different for a manager than it is for an executive, and nothing like the script of another organization. One size doesn’t fit all, so the ideal software solution includes customizable scripts, scales, and sections so that your performance management process fits the needs of your workforce.
  • Goal and Performance Tracking — Continuous performance and goal tracking allow leadership to follow the progress of projects while noticing which employees are hitting the mark and which need more guidance. And because it’s available to the employee, everyone is on the same page with goals and project progress, even between departments, in real-time.
  • Development and Succession Planning — Employees need continuous support to become effective contributors to the organization, especially in the long run. With performance management tools, you can track development progress, assign long-term goals, and increase your understanding of how employee performance relates to business progress. Performance management software with 9-box reporting capabilities strengthens that understanding and enables executives to align their grid to the overarching succession goals of the organization.

Use Performance Data to Inform Hiring and Predict Performance.

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Meredith Wholley

Meredith Wholley

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As a Digital Marketing and Events Manager for ClearCompany, Meredith coordinates best-practice content and brand-awareness events with HR practitioners.