Software in this category monitors and analyzes performance of an organization’s employees on an ongoing basis, with a goal to help improve employee efficiency and workplace productivity. Conducting performance reviews helps HR managers identify and reward the top performers and provide feedback to other employees. Some products even allow you to set performance goals, track progress on the goals and automatically tie compensation to good performance. The key features of performance & appraisal software include the ability to conduct surveys on employee satisfaction and employee engagement, to collect and share 360 degree feedback, to align employee and organizational goals and to create and implement an effective pay-for-performance compensation strategy. Read the full software guide...
Performance and appraisal software is a category of performance management that focuses on the analysis and organization of employee performance and appraisal. The main function of these solutions is to measure the performance of an employee in an effort to find deficiencies that can be improved and to enhance workplace productivity.
This type of software allows HR teams to conduct performance reviews that help them to accurately identify and reward top performers, as well as give valuable insights to other employees to help them improve and become more proficient in their respective positions.
Some of the performance appraisal solutions in the market enable HR teams to set key performance goals, track employee progress on those goals, and automate the process of tying in compensation to good performance.
While performance management is a process that emphasizes overall business performance by improving workforce productivity, performance appraisal solutions focus more on the individual employee in order to accurately identify their strengths and weaknesses when it comes to performing tasks and assignments.
Performance management and performance appraisal work together to shine a light on individual employees, as well as teams, to make sure they are continually engaged and aligned with organizational goals. Software solutions like these essentially replace the traditional annual performance review process with more efficient real-time performance monitoring, goal setting, analytics, and feedback.
There are many different types of performance appraisal software solutions. The following are the main types of performance appraisal systems that are available in the market:
This type of performance appraisal software focuses on a list of criteria, known as a behavioral checklist, which employees must adhere to in order to become a better, more efficient, and more productive worker for the company. The list of behavioral traits they should follow will depend on the type of job they’re in.
This particular approach to performance management and appraisal is ideal as HR teams will be able to evaluate individual performances without the need for comparisons.
Management by objective, also referred to as MBO, is a fairly new approach to performance management and appraisal. In this method, the manager and the employee or team agree on key objectives that have to be achieved within a specific deadline. The MBO performance and appraisal system helps to define success and failure in a simple and effective way.
This particular performance and appraisal system focuses on the psychological characteristics of the employee, which include their emotional stability, intellect, and analytical skills.
By having the ability to evaluate a worker based on their psychological traits, managers and supervisors will be able to accurately place the employee in the right team with the appropriate task best suited to his or her psychological score.
The environment and the people a person is working with are significant factors to that individual’s productivity and efficiency in doing his or her job, thus making this performance appraisal method quite important in the employee performance management process.
360-degree appraisal is a form of performance appraisal that does exactly what the term suggests. It allows you to evaluate your employees through information provided by everyone around that particular worker (his or her manager, supervisor, colleagues, and team members).
With this approach, you will be able to gain more in-depth knowledge about the character traits and proficiencies of individual employees through the eyes and experiences of the people they work with on a daily basis. One unique feature of the 360-degree appraisal system is that the reviewed worker will also be able to provide their own feedback for consideration.
Performance and appraisal software solutions are utilized by HR teams and managers to help them properly evaluate employees, their achievements against set company objectives, and goals. The solution allows users to accurately identify top performers and talent for rewards and possible promotion.
However, choosing the right performance appraisal software solution can be a tricky thing, as the market is bombarded with different software systems with different features and capabilities. How can an organization find the right solution to match their needs, specifications, and standards?
First of all, you need to identify your company and figure out what you want from a performance and appraisal solution. Buyers of performance appraisal software generally fall into one of three basic categories, namely cost-conscious buyers, integrated suite buyers, and best-in-class or best-of-breed buyers.
Cost-conscious buyers are companies or organizations that look for basic systems that offer the standard features at a reasonable or affordable price. Small businesses and startups with limited funding most likely belong in this category.
If you are a cost-conscious purchaser, there are solutions in the market that cater to your specific requirements, like inexpensive on-premise systems and a few SaaS platforms, the latter of which will often be available as a monthly or annual subscription service. There is generally no upfront cost, they are easy to set up and implement, and the maintenance is shouldered by the service provider.
Integrated suite buyers, on the other hand, prefer integrated software solutions with more features and functionalities. The companies and organizations that belong in this category generally have inconsistent or disjointed human resources processes. This makes an integrated suite much more suitable, enabling them to bring together all the different processes into one cohesive platform.
Best-of-breed or best-in-class buyers are companies that are already utilizing an HR software solution but are seeking the best-in-class performance and appraisal solution that can be integrated with their existing HR system or used exclusively to track performance and review employees.
So which type of purchaser are you? Once you figure that out, you can start researching software systems that can meet your demands and requirements in terms of features and capabilities.
There are several clear benefits that performance appraisal software systems can offer businesses and organizations of any size or industry. One of the main benefits is having the ability to accurately measure employee performance.
Managers will be able to utilize the solution to properly rate employees based on their performance on key tasks and assigned projects and reward them accordingly. Managers can also identify the weaker aspects of each individual employee and work with them to turn those weaknesses into strengths, improving their performance and in turn benefiting the organization as a whole.
Communicating goals and objectives may also be achieved effortlessly by utilizing performance appraisal software. You can make use of the system to make clear specific goals and objectives, whether they are related to the organization, team, or the individual employee.
Accountability is another benefit that can be had by using a good performance and appraisal software solution. The software provides employees with a clear picture of their goals and what they need to do in order to achieve them.
Additionally, the platform will also award them the opportunity to get better performance ratings. This will promote accountability within the organization, as employees will be more responsible towards their respective roles and task assignments.
Performance and appraisal platforms may also benefit the training and development process of businesses and organizations. The software helps HR teams and managers to easily evaluate the strengths and weaknesses of employees, allowing them to position the right staff member in the right role within the company.
|360 Degree Feedback||Gather and manage anonymous feedback for employees from co-workers and managers.|
|API||Application Programming Interfaces (APIs) are programmatic intersections with external products or platforms that allow for custom integrations with your own solutions or other solutions you are using.|
|Application Tracking||Assists with managing applications, interviewing, hiring and onboarding new applicants to help streamline recruiting processes.|
|Attendance Tracking||Track employee attendance and absence to keep on top of sick days and hours worked for payroll purposes.|
|Budgeting||Planning and tracking capabilities for financial budgets and plans often used to manage funds across different departments or for investor / shareholder oversight.|
|Calendar Management||Manage and update calendars for scheduling or consolidation of events across teams, departments or business functions.|
|Dashboard||Dashboards are digital interfaces commonly used to visualise data or give quick access to important features and functions of online platforms. They often serve as an overview gateway in software applications.|
|Data Export||Exporting functionality can be used to streamline the migration of data sets and information across systems, platforms or applications.|
|Data Import||Importing functionality allows you to use data sets from other systems or platforms to cut down on data entry requirements or to more easily migrate records from similar applications you have used in the past.|
|Data Visualization||Data visualization features render a visual interpretation of data sets through the use of charts, infographics and other visual cues generally in form of a reporting dashboard.|
|Employee Database||Manage and update employee records in a centralised database. Used to keep information about work entry, age, past roles and other employee details.|
|Employee Engagement||Collect feedback from employees to recognize achievements, gather feedback and improve employee participation processes in the workplace.|
|Employee Incentive Management||Manage and track incentive schemes for your employees to improve performance and loyalty / retention rate.|
|Employee Onboarding||Streamlines the onboarding process for new employees in form of checklists, password and access management features, as well as other induction elements.|
|External Integrations||Integrations with other software products or platforms to improve efficiency and compatibility across systems.|
|Feedback Management||Manage feedback through the use of surveys and similar elements issued to employees and/or customers to consolidate new ideas or track employee performance.|
|Forecasting||Forecast upcoming expenses, sales, revenue, user levels, etc. through the use of predictive methods and past data.|
|Multi-User||Supports more than just one user account and generally allows for collaboration with colleagues.|
|Notifications||Includes notification support and sends you alerts with information on important events and other time sensitive instances. For example through push notifications on mobile phones or email notifications.|
|Onboarding||Helps onboard new employees or customers.|
|Scheduling||Schedule tasks, resources, appointments, payments, communications, etc.|
|Timesheets||Track employee attendance, sick days and hours worked for payroll purposes or billable hours for professional services.|
|Vacation Calendar||Track employee holiday requests and absences for payroll, reporting or shift-planning purposes.|
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