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Performance management is a process used to define a job on the basis of the requirement until an employee quits that job role.
The entire process of performance management involves developing precise job descriptions, selecting employees, recruiting skilled personnel, compensation, training new employees, and many more things.
Initially, companies reviewed an employee’s performance using a clear-cut rating system. Typically, the companies rated their employees for their performance out of five.
However, with time, many companies, especially large organizations, decided to remove this system. They emphasized the importance of having a face to face conversation between the managers and employees to review the latter’s performance.
Performance Management: An Overview
According to a study conducted by Harvard Business Review, this no-ratings performance system was first started by 51 large companies in 2015. The research also stated that almost 70% of the companies began re-thinking and restructuring their performance management strategy in 2015.
By incorporating the performance management process, organizations can fully eliminate the traditional performance appraisal processes, evaluations, and employee reviews. By using a performance management system, organizations aim to give employees complete recognition and transparency along with feedback, which would help them improve their business engagement.
Benefits of a Performance Management System
A performance management program can help the upper management focus on evaluating performance, deciding company goals, and measuring organizational results. The software helps in continuously tracking all the activities that are essential for company goals. And this tool is equally useful for employees, managers, and leaders.
With this system, employees can easily understand their performance development and measure their contribution to the company’s growth. You can effortlessly implement a performance review software as a standalone system or integrate it with the HR management suite (HRMS) or some other compensation management program.
Top 6 Performance Management Software of 2020
By using performance management software, you can seamlessly track thousands of HRTech solutions. After extensive research, we’ve come up with these best performance management solutions that can fit your company’s requirements.
1. Eloomi
By using Eloomi, your HR team can easily access the performance management data across the organization from a single central dashboard. You can seamlessly start important coaching sessions for your employees with this program. You can also use their inbuilt templates to make impactful sessions.
Eloomi also allows employees to keep a check of their growth and KRMs on their dashboard. Leading organizations such as Copenhagen Airport and Domino’s make use of Eloomi for their employees. If you are a mid-sized enterprise, then this solution is perfect for you.
Why should you invest in this software?
The best part about eloomi is that it offers a top-notch class learning management system that helps to bridge gaps in an employee’s performance management report. Visit their website to know more.
2. 7Geese
7Geese is one of its kind employee first performance management system, which focuses on all the under-resourced HR teams in small and mid-sized firms. Their programs can help you seamlessly track OKR (objectives and key results). The dashboard also allows the employees to see ways in which their actions can contribute to the overall growth and development of the organization.
Why should you invest in this software?
7Geese offers its users a dedicated team of talent advisors to help companies get started with performance management. All their advisors have backgrounds in both change management and human resources.
3. Reflektive
Reflektive’s program helps you cover all the strategies for performance management and employee engagement on a single platform. By using this product, companies can efficiently measure and track OKRs, as well as 1:1’s real-time employee eng agement from a single unified platform. Having raised over $100 million, Reflektive boasts customer bases like Comcast and Dollar Shave Club.
Why should you invest in this software?
Reflektive allows companies to effortlessly interact with their program via Gmail, Outlook, and Slack, making it very simple to engage employees regularly. Visit their website to know more.
4. Small Improvements
Using this performance management platform, companies can efficiently conduct 1:1s, relate employee efforts to goals, and pass on feedback. Some of its renowned customers include Strava and Duolingo. The best part about Small Improvements is that they provide free solutions to companies that have less than 10 employees.
Why should you invest in this software?
By combining employee engagement with performance management, Small Improvements offers more insights to the organizations. For instance, it can indicate that while being high performers, the sales team members may be burned out!
5. Lattice
Lattice’s people analytics software can help managers and HR access a holistic view of everything that is going in the organization. This will help them make data-driven decisions for the company. As an expansive product, Lattice covers goal setting, employee engagement, 1:1s, and recognition. Some of their renowned customers are Slack, Asana, and WeWork.
6. BetterWorks
Betterworks is an exclusive performance management platform that can help you measure your organization’s most important aspect – your people. By using this, companies can initiate OKRs, conversations, feedback, and recognition all on one dashboard.
The software allows both the employees and managers to gauge where the organization is proceeding and how they are contributing to the company’s overall goals.
Why should you invest in this software?
Using BetterWorks, companies easily interact with their employees on a single unified dashboard. Visit their website to know more.
Ask the Following Questions During Performance Management Demos
We recommend you ask the following questions on demos whenever you get on the phone with a performance management program sales rep:
- How to export the performance management data to cross-reference with different KPIs that are kept in other systems?
- How to integrate your solution with our existing HRIS?
- What is your change management playbook all about? How can it help our employees and managers get on board with this new solution?
- What is your product roadmap? What are your thoughts on HRTech, such as recognition, rewards, and employee engagement?
- How do we roll out this platform? Which modules should we go with first? Why and on what timeline?
- Is this solution designed for specific types of organizations such as small businesses, enterprise, knowledge workers, or retail?
- How does the entire annual performance review process work on the software?
- If our HR team is already conducting OKRs and 1:1s, how much time will the software save our team?
- What does the software offer on more frequent review processes and check-ins?
Conclusion
With this, we end our list of best performance management systems available in the market. We hope this blog has helped you understand the essentials about performance software management, and you have better clarity on which platform to invest in.
