There is no doubt about the fact that a skilled employee base is the driving force behind the success of every organization. As employee loyalty and retention is a continuous challenge that organizations have to face, it is imperative to understand the importance of a proper performance management software tool in place.
The most pressing challenges for an organization are:
- Employee retention, effective engagement and building a culture of trust and loyalty.
- Developing a leadership framework that is global in nature.
- Continuous investment in enhancing employee learning and skills.
Considering the above challenges, investing in a smart and efficient performance software system can be considered an important step towards organizational growth and success.
The key objective of smart performance management software is to help managers in evaluating and measuring individual and team performance and drive productivity through the following:
- Alignment of an employee’s everyday action plan with the long term business objectives.
- Provide simple performance expectations and clear understanding of responsibilities and accountabilities.
- Documentation of individual performance reviews and running reports with all documents linked together to measure performance and engagement.
- Provide skill enhancement tools and choices for learning programs.
- Automated system for documentation of legal matters, dispute resolution to save time.
The benefits of having a performance measuring system has been a hugely celebrated topic, but an absence of or a poorly designed system and its impact on performance measure and business growth can be summarized as:
- Manual evaluation criteria may be inconsistent
- Greater wastage of time and resources.
- Lack of effective performance measurement tools may result in lower employee engagement and productivity.
- Absence of 360 degree feedback may lead to lower interaction leading to trust issues and more attrition.
- Inefficient documentation and visibility can affect stakeholder’s trust negatively.
- Regular review process cannot be implemented and have to depend on annual reviews that is inadequate for managers to measure performance.
Performance management, a tool for tapping the greatest potential of the employees have become an indispensable trend. The process not only ensures fulfillment of their responsibilities, but also performs to the highest level possible to achieve ultimate organizational goals.