The work of determining the key components of sound performance management software and the researching the features a software should have is often a tricky job at hand.
Selection of the right solution that aligns properly with company and employees needs is a task that needs a lot of attention to detail. A perfect software solution must deliver the following benefits:
- Fast and easy to learn
- Efficient and effective in terms of the investment of time and money
- Deliver an annual review that is automated
The key components are:
Managerial Review: A process that enables the employees to assess the strengths of their manager’s leadership skills and the coaching needs. In return, the managers get feedback from their team in terms of the competencies and skills required to provide good leadership to the team.
360 Feedback: One of the most important features of the performance management software, this tool helps the employees with the opportunity to provide and receive constructive feedback among peers and managers through direct reporting.
Employee Engagement Survey: As the name suggests, this tool is used to gain an in depth insight into employee interests through the following:
- Training opportunities for skill enhancement
- Job role
- Pay and other benefits
- Career advancement
- Working environment
- Nature of leadership
- Rewards and recognition
Recognition: This tool is effective in creating good working relationships among employees. There are feedbacks applications that enable employees to evaluate the day-to-day experience of inter as well as intra team behaviours.
Setting of Goal: According to research, specific and challenging goal setting leads to better performance at the individual level and inspires colleagues to do their best as a team.
Alignment of Goal: This is the process of helping the employees to keep working towards the individual and collective goals, in alignment with organizational objectives and involves setting, completion and tracking of goals.
Succession Plan: Employee mobility is a continuous challenge. Transferring the skills required for a specific job to the employees when the previous ones move on to more challenging job roles and this can be achieved through coaching and 360 degree feedback.