Performance management systems are often mistaken for only one purpose that is the performance appraisal. However, the functionality of the performance management systems does not end at just performance appraisals; rather, performance management systems are to help instill continuous improvements in the performance of employees and help in achieving the regular goals that align with the organisation and also their personal performance. Working to achieve your goals and reviewing your progress regularly is the core function of a performance management system.
Need and importance of performance management systems
A particularly important point to notice here is that the function of the performance management system is continuous and regular and not just for the annual appraisal. The performance management system must set the goals for the employees in accordance with the goals and objectives of the firm. The role implementation must be followed by tracking the performance of the employee throughout. They should be made aware of how to tackle their goals in an effective manner. Next comes the review and feedback of the performance that will remind the employee to work ethically and to comply with the goals and objectives of the company.
Best global performance management systems
There are several brands in the market that offer various kinds of performance management systems for businesses of all sizes and dimensions. So, if you are looking for a suitable performance management system, then you can have a look at some of the best performance management systems that are available. You can look for the features that appeal to you the most and choose one accordingly.
- Lattice Performance Management: It is a highly rated management system that helps further develop high-performing teams. Lattice allows you to set the goals with 1 on 1s and provides 360° support to give continuous feedback and help to create a more goal-oriented and high-performance employee. It is a user-friendly platform, the customisations of the product allow it to adapt to your firm’s needs.
- 15 Five Performance Management: This is another highly rated product and focuses on strategic goals and helps in tracking progress towards a set of goals. It also includes the 360° reviews and the one-on-ones to provide a better overview on the performance of the employee. It helps in encouraging the employees to perform more and helps maintains visibility. The basic pack of this product costs $7 per person per month while the plus pack costs $14 per person per month.
- Paylocity: It is a product that helps in managing the daily tasks in payroll and to manage the workforce alongwith their objectives and goals. They customise their product to match your needs and requirements according to your business model and also your budget. This product helps in the administration of direct deposits, taxes, and also help in checking the performance of the employees regularly.
- Performance Yard Management: This is an all-round product that helps in assisting the employees in tracking their progress to achieve their goals, providing 360° reviews with regular feedback and an intuitive design, this product is a wonder in itself. The professional pack of this product costs about $4-7 per person per month.
- Reflektive: This product helps in accelerating the growth of the business through continuous improvement. Firms can use this product to scale constructive conversations that can aid in increasing employee productivity and engagement by two times. It helps in setting and achieving goals and helps provide regular feedback to enhance employee performance.
- BambooHR: This is a Software-as-a-Service that provides online HR software for businesses of various sizes. It is an intuitive and affordable way to manage the performance of distributed employees. It is an affordable product with the essentials pack costing $4.95 per person per month and advantage pack costing $8.95 per person per month.
- ADP Workforce Now: This intuitive product helps in managing the payrolls, benefits, goals and performance of the employees. It aids the workforce and helps make data-driven decisions. It saves time and money and can help you with the management of the daily tasks to take off some stress from your mind.
- Threads Culture: This product helps in removing the complexity and subjectivity to track which employees are adding to your revenue and which are being the tag-a-longs in this process. It is suitable for small and medium-sized businesses.
- UltiPro: It is an HR and payroll solutions product that supports in improving the overall employee experience and their productivity. It manages the employees’ goals according to their sentiments and offers a modern approach to learning. It gives regular feedback with performance reliability and helps in creating a smarter and better workforce.
- Quantum Workplace: This product helps in the employee engagement and performance management of the whole firm. It gives direct access to the employee feedback and supports personalised real-time insights that help aid the employees in working more efficiently to achieve goals. This is an excellent option for continuous development and team engagement.
- Workday HCM: It is a cloud-based system that helps in meeting the daily changing needs of the business by setting suitable goals and providing regular feedback. It helps in skill management, business management, reporting and analytics, workforce management, etc. It is an intuitive global system.
- Paycom: This product provides all the needed HR solutions in a single place. This includes the facilities to train the employees, comply with the regulations, pay your employees or to manage the goals and objectives of the firm.
These are some of the top global performance management systems that help in not only managing the workforce but are also capable of helping business leaders with their multitasking needs.