When it comes time to conduct annual performance evaluations, most managers find themselves filled with dread. The task of reflecting on an employee’s performance throughout the past 12 months and trying to remember goals set a year ago is challenging — especially if you don’t see your employees every day. That’s one reason why many businesses now use performance management software. But that’s not the only reason businesses are turning to software solutions. Performance management software can do a lot to help your company succeed. If you’re looking for software, then it’s time for you to conduct a performance management software comparison.
In order to successfully compare software options, you’ll want to have a good understanding of what performance software can do and what your specific needs are. Once you’ve tackled that, then you’ll be in a good position to start comparing software. If that still seems overwhelming that’s okay; we’re here to help! We’ll walk you through all of those steps and provide you with some of our top choices for performance management software systems.
What Can Performance Management Software Do?
Conducting regular performance evaluations allows you to track employee productivity, growth and goals. Sadly, if you manage a large team, these individual evaluations can be time-consuming, tedious and draining as you try to recall specific achievements to consider for evaluation. Performance management software helps to make this process much more manageable.
So, what specifically can software do to help? Performance management is about more than annual performance reviews. The overall goal of performance management is to boost productivity and performance. There are a variety of different ways to measure and track performance in order to judge how your organization is doing. Performance management software can help with all of it.
Some of the simpler functions include scheduling and documenting performance reviews. This can help eliminate some of the small tasks necessary for conducting those dreaded evaluations. But these basic features aren’t all that performance management software has to offer.
Some of the more advanced functions of performance management software can help you evaluate compensation, develop succession plans, and even assist with recruiting and onboarding new employees. Performance management software can also help to facilitate and track peer reviews. These functions will help prepare you with everything you need in order to meet goals and boost performance.
What to Look For When Comparing Performance Management Software
Once you’ve decided it’s time to invest in performance management software, you’ll want to develop a list of requirements to guide your search. Whatever software you use will need to fit the unique needs of your business. Once you’ve developed a list of must-have features, you’ll be ready to tackle the feat of software shopping.
So what kind of things should be on that list of must-haves? Only you can make the final decision, but there’s no need to worry. We know that brainstorming what you need can be a big task without a good starting point — we want to help. Consider some of our key requirements and use them to guide your list-making process.
- Goal Management: This function helps with goal setting, measurement and tracking. Setting goals for the next year is a vital part of measuring success on both an individual and a business-wide level. As such, this feature is at the top of the must-have list.
- Performance Evaluation System: This function is a no-brainer when it comes to software functions. Performance evaluation is a fundamental way to track how your employees are performing and judge whether or not they’re meeting their goals. You’ll want a system that allows employees to assess themselves as well as their peers. Bonus points go to any system that gives extra help when it comes to tracking and analyzing that data.
- Succession Management: A system with this function will help assist in succession planning by helping you to track talent and career development. This feature will be helpful when it’s time to set goals, as your employees are sure to be curious about their next big career step.
- Compensation Management: Depending on the software you select, the system may be able to assist with budgeting, tracking base pay and even managing performance-based pay or incentive programs.
- Employee Lifecycle Management: This feature can assist with applicant tracking, onboarding processes and social recruiting. If you want a system that can help with every step of the employee careers, then this feature will be on your list of must-haves.
Comparison of Top Performance Management Systems
We’ve compiled our own list of the best performance management software based on the reviews of trusted experts and analysts. Each product is able to help you tackle important performance management functions with its innovative platforms. So without further ado, here are some of our top picks for performance management software: