Performance management is your businesses way of systematically reaching goals and supporting the work of the employees who support your business goals. Overall, performance management is a set of tools and a system of processes that allows your managers and leaders to not just monitor employee performance and project progress, but also support employees in creating success for themselves and the business.
Performance management should be able to handle the following tasks for your business:
- Enable ongoing performance management
- Offer 360-degree performance reviews
- Improve the frequency and quality of feedback
- Ensure a fair review process
- Make it easy to track employee performance and progress
- Identify training needs and opportunities
- Automate and streamline performance review reports
There are several strong software programs that can help support your performance management process. Here are types of performance management systems that you can use to manage your performance management.
Notable Performance Management Systems in HRM
- Kissflow HR Cloud: The biggest benefit of this performance management systems is that it’s an automation platform that you can build and customize with your own performance management plan. Rather than give you a standard performance management tool that you have to follow to use, it gives you templates to help you shape the system that best works for you. Because of their holistic platform that helps you manage performance from an employee’s first day, their tagline is “manage all your HR processes from hire to retire in a single place.” It’s a great tool for businesses of all sizes, helping organizations design performance review forms and customize the performance management pieces that best work for your company. It has a simple interface but still offers powerful review features.
- Workday: According to one review site, “Workday’s compensation management module is an ideal solution for enterprises to create, define, and analyze employee performance and business objectives linkage. This software makes it easy to align goals with review and compensation updates. It also gives organizations the ability to update goals as needed.
- BambooHR: BambooHR is a great tool that works well for companies that are working towards a redefined model of performance management that includes year-round feedback and assessment. It also has reporting features that managers can use to track high-performers and those with performance problems and act accordingly. Some businesses have struggled with issues of integrations with other software systems which can interfere with functionality, but overall BambooHR is a great option for most small and medium-sized companies.
- Engagedly: One part of performance management is meant to help boost engagement. Engagedly works to help create the performance management tasks that some businesses find tedious. Its features include the ability to conduct 360-degree peer reviews, share social praise, achieve goal management and cascading, increase collaboration, issue surveys for greater feedback, and offer employee incentives and rewards.
- Halogen Performance: Halogen is another performance management system software that gives organizations to create their own review templates to customize their review process and the overall engagement process. It even gives managers the ability to share feedback with anyone in the organization even if they’re not direct reports, which can lead to better inter-departmental communication.
- Lattice: Lattice gives you continuous performance management capabilities for the best HRM processes possible. It gives you review tools to help you evaluate individual performances and give formal feedback. It helps support more regular one on one conversations to help improve employee-employer relationships and offer better support of goals. It also gives businesses tools to show employees how their goals are impacting the company and enable employees to better celebrate and recognize the hard work of employees. It also has robust employee feedback tools so that communication is always two-way. You can send out surveys and questionnaires meant to help you better support your employee needs, drive engagement, and build a better culture. Finally, it offers integration with tools like Outlook, G Suite, and more so you can get the most out of every tool.
Is your HRM set up for success? Are you enabling the success of your employees? Does your performance management have the right tools to bring success to your organization? Whether you need help defining what your employee performance process should look like or just the tools that help you capture and track the process, there’s an option for you. Finding the right performance management system can mean a world of difference to not just HR processes and management communication capabilities, but also in employee engagement and productivity.
More and more businesses are finding that more holistic performance reviews actually enhance their business and drive better results. Using a performance management systems that helps you carefully analyze performance, share feedback, track goals, and solicit employee thoughts can help you make the changes your business needs and see the progress you want to see.