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10 Reasons You Need Performance Review Software

A well-designed performance review software has the potential to transform your company. Here’s how: 

  1. Real-time feedback. Annual performance reviews aren’t cutting it. Research continues to demonstrate the benefits of consistent, regular feedback over once a year performance management reviews. Performance review software systems give employees access to performance metrics at any given time.
  2. Better promotion decisions. How do you know you’re promoting the right people? Poor promotion decisions not only hurt the company’s bottom line, but they have a negative impact on employee motivation and morale. A performance review software tracks performance overtime so you can spot high performers and make the best promotion decisions.
  3. Reward the right behaviors. If you want your rewards (compensation, bonuses, special recognition, etc.) to mean something, they must be tied to performance. A well-crafted performance review software tracks performance, so that you can reward the behaviors you want more of from your People.
  4. Data to make legally defensible human capital decisions. While this isn’t likely your primary reason for adopting a performance review software, having data to back your human capital decisions provides another layer of security when it comes to defending your termination or promotion decisions.
  5. Accountability. If you are going to hold your People accountable, you need some sort of tracking system to document their performance. A performance review software holds employees accountable to their specific performance objectives, driving a culture of accountability.
  6. Identify and manage low performers. If an employee is underperforming, it’s better to know sooner rather than later. Without performance review software, low performers can fly under the radar more easily. With a solid way of tracking performance, you can identify low performers ahead of time, potentially having a powerful impact on your company’s bottom line.
  7. Track employee growth. A performance review software shows progress over time. Your People can see the ways they’ve adapted their behaviors based on feedback and grown in their abilities. If you want to instill a “growth mindset” among your People, a performance review software is a critical step.
  8. Motivate employees. Not knowing how you’re performing or what you can improve upon can be extremely demotivating and frustrating. When employees have consistent access to information about where they are, what they can do to grow, and where their next milestones are, they are more motivated to put forth the effort to develop and expand their skill set.
  9. Keep a pulse on employee engagement. Engagement is critical to overall organizational success. Our M4P software allows you to send our pulse surveys to gather valuable information on engagement levels among your People. 
  10. Spot trends. Putting into motion a performance review software can uncover trends that can help you take the right action towards better People management. The ability to analyze group data provides deeper insight on employee performance. For instance, you might discover that a specific team within your organization is underperforming or that a specific age group is particularly unengaged. While paper-pushing performance review processes fail to capture this analysis, a sophisticated performance review software can shed light on trends that matter. 

It’s hard to overstate the impact of the quality of an organization’s performance management system. Everything from ensuring a strategically aligned talent pipeline to engaging and motivating your People relies on your performance management system. Manage 4 Performance is a performance review software platform that measures quality of hire, maximizes real-time data, and optimizes performance. It’s highly customizable, offering a plethora of services that you can opt in or out of depending on your goals. Schedule a demo with us today! 

A well-designed performance review software has the potential to transform your company. Here’s how: 

  1. Real-time feedback. Annual performance reviews aren’t cutting it. Research continues to demonstrate the benefits of consistent, regular feedback over once a year performance management reviews. Performance review software systems give employees access to performance metrics at any given time.
  2. Better promotion decisions. How do you know you’re promoting the right people? Poor promotion decisions not only hurt the company’s bottom line, but they have a negative impact on employee motivation and morale. A performance review software tracks performance overtime so you can spot high performers and make the best promotion decisions.
  3. Reward the right behaviors. If you want your rewards (compensation, bonuses, special recognition, etc.) to mean something, they must be tied to performance. A well-crafted performance review software tracks performance, so that you can reward the behaviors you want more of from your People.
  4. Data to make legally defensible human capital decisions. While this isn’t likely your primary reason for adopting a performance review software, having data to back your human capital decisions provides another layer of security when it comes to defending your termination or promotion decisions.
  5. Accountability. If you are going to hold your People accountable, you need some sort of tracking system to document their performance. A performance review software holds employees accountable to their specific performance objectives, driving a culture of accountability.
  6. Identify and manage low performers. If an employee is underperforming, it’s better to know sooner rather than later. Without performance review software, low performers can fly under the radar more easily. With a solid way of tracking performance, you can identify low performers ahead of time, potentially having a powerful impact on your company’s bottom line.
  7. Track employee growth. A performance review software shows progress over time. Your People can see the ways they’ve adapted their behaviors based on feedback and grown in their abilities. If you want to instill a “growth mindset” among your People, a performance review software is a critical step.
  8. Motivate employees. Not knowing how you’re performing or what you can improve upon can be extremely demotivating and frustrating. When employees have consistent access to information about where they are, what they can do to grow, and where their next milestones are, they are more motivated to put forth the effort to develop and expand their skill set.
  9. Keep a pulse on employee engagement. Engagement is critical to overall organizational success. Our M4P software allows you to send our pulse surveys to gather valuable information on engagement levels among your People. 
  10. Spot trends. Putting into motion a performance review software can uncover trends that can help you take the right action towards better People management. The ability to analyze group data provides deeper insight on employee performance. For instance, you might discover that a specific team within your organization is underperforming or that a specific age group is particularly unengaged. While paper-pushing performance review processes fail to capture this analysis, a sophisticated performance review software can shed light on trends that matter. 

It’s hard to overstate the impact of the quality of an organization’s performance management system. Everything from ensuring a strategically aligned talent pipeline to engaging and motivating your People relies on your performance management system. Manage 4 Performance is a performance review software platform that measures quality of hire, maximizes real-time data, and optimizes performance. It’s highly customizable, offering a plethora of services that you can opt in or out of depending on your goals. Schedule a demo with us today! 

Post Categories: Insights
Date Published: May 11, 2022
Post Categories: Insights
Date Published: May 11, 2022