In the past year, many things have changed, including the way employee performance is managed. With everything gone virtual, most organizations digitized their performance management efforts. They shifted from the traditional performance management practices to using a performance management software. Not only this, they adopted a more holistic and comprehensive approach towards performance management. In our recent survey, we asked leaders from 5 key industries to report the degree of change for different performance management processes.
‘Overall, 20% of respondents were very satisfied with the changes they experienced related to performance management and people development processes’.
Access the complete survey below:
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But choosing a performance management software for your organization is not easy; it is a daunting task. With so many options available, it can become a difficult decision for organizations. This article will act as a guide before you or your organization invest in a performance management tool.
Supports Real Time Feedback
Having a continuous feedback module in your performance management tool ensures that there is easy two-way communication between managers and employees. A feedback module helps employees to get performance-related feedback anywhere, anytime. It helps in team-building, improves productivity, and thereby drives engagement. Instant feedback motivates employees.
A basic feedback module should support the functionality to request, share, and track updates regarding the feedback.
Gamification and Rewards
Why should rewards and recognition be a part of your performance management tool? Rewards and recognition motivate employees to work and drive employee engagement and satisfaction. Thus it helps in increasing the overall productivity of the employee as well as the organization. A simple system where employees are awarded points and badges for the work done would do the trick.
Everyone likes appreciation and praise for their work. It always has a huge positive impact on the employee and boosts employee morale and confidence.
Engagedly’s public praise option allows employees to praise each other. It also allows managers and other leaders to award points to their employees for accomplishments. The praises and rewards are visible to everyone in the organization.
Goal Setting And Management
Goal Setting is one of the most important features of any performance management tool. So what makes goals important? It helps employees to stay focussed, keeps them engaged, and helps them measure success and productivity. Moreover, it motivates them, improves decision making and time management skills, promotes teamwork, and gives them direction.
An effective goals module would be one where employees can set, track, and manage SMART goals and OKRs. Employees should have the option to align their goals to business and team goals. They should be able to cascade their goals and add objectives and key results to their goals.
360 Degree Performance Review
Multirater or 360 degree performance review has become an integral part of all performance management tools. Because of its unbiased nature, it has become popular with organizations worldwide. In a 360 degree review process, feedback is collected from everyone with whom the employee has a working relationship. The reviewers include managers, direct reports, peers, senior leadership, customers, vendors, etc. It helps to identify the training and development needs of the employee, improves self-awareness, enhances employee engagement, productivity, and retention.
Professional And Personal Development
Learning is an essential component of any performance management tool. This module aims at employee development, improvement of employee skills, and helps in building the career trajectory of an employee. Having a learning module in your performance management tool helps the employee to know that organization cares for their development. As a result, employees will tend to stay with the organization for a longer time.
A typical learning module should enable employees to take up courses required to polish their skills. It should facilitate managers and HR to create and assign learning modules to their employees.
Employee Survey Tool
Surveys are an excellent way to gauge the current temperament of the organization. A simple survey can help us with information such as what employees are thinking, what they want to do, and how they feel. It also helps HR and managers to measure employee engagement of the organization and the team. The surveys also help employees to voice their opinions and concerns about the organization.
Any simple survey module of a performance management tool should allow easy creation of surveys and should also have common survey templates.
Supports Easy Integration With Other Softwares
Currently, there are multiple HR technologies in the market, so it has become essential for performance management tools to work seamlessly with each other. A quintessential performance management tool solution should integrate with other tools easily and share relevant information.
Engagedly currently integrates with ADP Marketplace, BambooHR, Google SSO, Namely, and Okta to share and access relevant information.
Employee Analytics and Insights Tool
An ideal performance management tool should provide managers and organizations with actionable reports and analytics about employees. It should provide an insight into the overall performance of an employee. A performance management tool should be able to provide real-time information about the performance, skills, and development needs of the employee. It can be in the form of simple charts and graphs which can be easily understood. These reports should guide the management to take appropriate actions to improve the performance of low performing employees.
Are you looking for a performance management software for your organization? Then request us for a live demo.
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