What is a Performance Management platform?
In Recently times, Employee performance evaluation and management becomes a smooth process with the effective use of Performance management software. They are designed in such a way to promote employee productivity. It also aligns the employees towards organizational goals and results in real-time performance tracking. Performance management platforms set the stage for effective goal setting and feedback systems.
Performance management software is a perfect replacement for the conventional annual appraisal system that allows the organizations to tune the employee goals and objectives as per the prevailing changes in the business. Performance review platforms are tuned to peak at future needs than evaluating past actions.
A competitive performance management platform consists of modules that promote continuous feedback, effective goal and objective setting, intercommunication, training, and development.
Who needs a performance Management Tool?
The foremost need of having a performance management platform is to monitor and evaluate employees’ performance with the help of technology. For a structured performance management process, technology plays a vital role in simplifying the procedure.
- The performance management platform facilitates the evaluation process for the managers, to monitor the team members’ performance and keep track of the progress. With the help of technology, managers save time in gathering information from different sources like surveys, individual achievements and provide frequent feedback to their team members.
- With the use of network and mobile technology, managers can monitor their fellow members even from the remote workplace. They can connect and communicate with the team members anytime. Managers and employees connect with each other through periodic check-ins either in person or through virtual meetings.
- Performance management platforms to devise appraisal policies for all the departments at once. By continuous monitoring of the employee progress, they could figure out the training gaps and plan for training and development programs. It is the responsibility of the HR team to train the employees and managers for the hassle-free use of the software. Performance management platforms reduce the paperwork and the risk of document loss.
- Automated reminders and notifications help HR to conduct the performance reviews on time. The past records and feedbacks are readily available in the software. The performance management platform facilitates 360-degree feedback where managers, peers, and stakeholders are encouraged to provide feedback that is unbiased and given in time.
- Employees and managers work in collaboration with each other with periodic check-ins, which results in better feedback, training, and improved performance.
- Employees set ambitious goals which are aligned with the company’s goals. This makes them responsible and engaged towards their goal achievement.
- Employees are self-motivated and keep their morale high in achieving the organization’s goal. Employees feel belonged to the organization and the attrition rate is kept below the bar.
Benefits of a Performance Management platform
Every organization invests in new technologies to systematize the performance management process and make their employees engaged, which results in better performance. A performance management software does a phenomenal job to manage its employees and helps the business to move towards the organizational goal.
Companies adopt recent technologies to keep them on track in the growing market and satisfy customer demands. Performance management software do wonders to keep the employees engaged and let’s have a look at the benefits of using a performance management platform:
1. Effective Goal Management:
Goal setting is the initial and key task for a successful performance management system. With the help of Performance management software, companies set goals for their employees and track their progress. Setting goals that align with the organization’s goal is an important feature of the software. Managers set goals on priority according to the employee’s competence. It also enables employees to set ambitious goals and make them accountable for accomplishing the goals.
2. Continuous Feedback:
Performance management software sets a platform for an effective feedback system. Real-time and round-the-clock feedback is possible irrespective of the workplace. This enables the employees to keep them engaged and motivated. A continuous feedback system improves job satisfaction and teamwork. A positive feedback culture is inculcated among the employees and they are trained to provide unbiased and real-time feedback.
Performance management software facilitates the organization to conduct 360-degree feedback, which includes self-feedback, peer feedback, and ratings from customers, vendors, and other external stakeholders. In this way, employees figure out the gap between self-evaluation and rating from others.
3. Dynamic employee analytics:
Managers get multiple reports and data from various sources with a click of a button. With the available figures and analytics, managers develop resource management strategies for their employees. These analytics not only shows the performance trend but also unveil the strength and weakness of the employee.
4. Liberty for employees:
In the performance management process, employees are involved to set their ambitious and measurable goals in line with the organization’s goal. Employees can view their progress, which motivates them to achieve the objectives set. Performance management platforms are agile and self-explanatory tools. Employees feel involved and participative in the decision-making process.
Essential Features to Consider in performance management platform?
While understanding the key features which are required to analyze the tool, let us review this quickly to understand.
1. Goal Module
Performance management serves its purpose only if it has an alignment to the goal of an organization. Setting goals and aligning them to OKRs makes it more effective. This helps individuals be more focused and collaborative. In this absence, the performance management will become siloed.
2. Continuous Performance Reviews.
The conversation and reviews can be planned quarterly or half-yearly. The tool should be able to provide reviews throughout the year.
To enable decisions that are data-driven can bring value to the decisions made towards talent management. Gap analysis and feedback insights shall eliminate bias.
4. Feedback and Recognition
The feedback is real-time and multi-directional. Enabling conversations to provide a sense of psychological safety. Facilitate feedback that is 180 & 360 that help agile and dynamic businesses.
How to select the right performance Management platform
Selecting the right performance management platform reduces the time and energy spent on the annual appraisal process. There are ample software tools available in the market, choosing the right one that fits the organization is an important task.
Here are some top 5 steps to be considered in selecting a performance management platform for your organization:
1. User-friendly tool:
The performance management software should ease out the workload of the managers, so they concentrate on their core administrative jobs than spending time assessing the team members’ performance. The new performance management tool should be user-friendly and a quick learning one with the necessary training given. A free demo followed by a test run will ensure that the software will solve the organization’s purpose.
2. Business demands:
Every organization wishes to choose a performance management platform that aligns with the listed requirements of the business. Identify and list down the problems faced with the current performance management tool and also the list of things that overcome the issues. Having the pointers in hand, select software that fits best for the organization.
The performance management software should enable the managers to set definite goals and track the reporting team member’s progress on a single page. If your business demands flexible and customized modules, then go for software that supports secondary modules.
3. Allocation of funds:
Organizations should allocate the budget for the tool according to their needs and demands. If they require specific modules or reports, there is no point in going for a simple tool. On the other hand, small enterprises need not waste their money in choosing a complex software tool, even though it has advanced features that are not necessary for their business.
4. Real-time reports and learning modules:
- The performance management platform should generate clear and periodic reports. With the reports, managers get an idea of the employee’s potential and decide whether they are eligible for promotion and rewards.
- Along with the reports, the software should contain skill development modules, that facilitate from Induction of the new joiners to skill updating of the existing employees. It should also include the latest training modules so that employees keep updated on the market trends.
When choosing the new performance management platform, it should be compatible with the existing system. The newly chosen software should be compatible enough so that it integrates with the existing modules. Data transfer between the systems should happen without losing data and works well in coordination with the existing system. This can be achieved with good vendor support after deploying the software.
Our Talent management experts can help you align with your organizational talent requirements. Our OKR coaches will work along with the organization to create specific OKRs that align with and deliver organizational objectives. Performance management software doesn’t be one size fits all. Write to Datalligence for implementing performance management software that suits you best.