Performance management software is a platform for organizations to measure employee productivity in alignment with the organization’s business objectives. It enables businesses to improve productivity by tracking the real-time performance of employees, setting goals, and facilitating continuous feedback.
Performance management software enables ongoing review of employee performance with real-time employee performance analysis. Implementing performance management software allows management to monitor and increase employee productivity against mutually agreed-upon goals while giving employee autonomy. Employees can set their own business goals and view their progress against KPIs. Performance management software also enables organizations to streamline their employee evaluation processes.
Common features of performance management software
Self-assessment tools: Self-assessment tools help employees to assess their performance based on parameters like achievements against set goals, and contributions beyond their key responsibilities. These tools can also help employees focus on skills and measures of productivity that need improvement.
User-friendly dashboard: Easy-to-understand visuals that require minimal effort to understand help employees and managers alike interpret employee performance data.
Manager log: This secured space within the software suite allows managers to record feedback on employee performance.
Goal-setting support: Goal-setting functionality allows managers and employees to set specific goals, then track employee performance against those goals.
Progress and success tracking: Performance management software has clear and easy-to-assess measurement tools to show users’ progress toward meeting their personal and professional goals.
Top three benefits of using performance management software
Employee and productivity analytics: Real-time analysis of employee performance and productivity allows organizations to take corrective measures and guide employees toward closer alignment with company performance measures
Development planning and goal management: Performance management software helps organizations to achieve higher performance and an improved ROI on their human capital investments. Too, the creation of employee growth scorecards—and tracking progress against them—becomes more manageable and scalable through the consistency of language and measurement methods.
Feedback management: Continuous capture of employee feedback helps organizations identify and respond to employees’ needs for relevant training programs and career growth opportunities.