95% of managers are not happy with their current traditional performance management methods! And indeed, reviewing an activity a year later can prove a severe loss in productivity and profits. Modern HR software is an effective solution to this problem.
They help you execute complex review practices like 360 Degree feedback continuously, that too in a breeze!
So, let’s see the benefits of using HR Software for performance management!
Role Of HR Software In Performance Management
The software enables you to set employee goals that can be easily tracked and measured. Managers can log into the software and see all the performance data right there and know the performance of each employee in a few clicks.
It increases productivity by rectifying mistakes with agility and keeping employees clear about their roles and responsibilities. At the same time, automation allows you to employ more complex review processes more frequently while saving time and money.
Benefits Of HR Software In Performance Management
#1: Streamlines The Process Of Review
Pen and paper reviews are undoubtedly a task-intensive review approach. Do you know, an average employee spends approx. Forty hours per year doing reviews? Isn’t this a waste of resources and time?
On the other hand, performance management through HR Software solutions removes the need for unnecessary paper-pen documentation. Automating reviews can save you time and money. And most importantly, you can conduct reviews more often, making your company more efficient and productive.
The software enables you to send forms on the employee’s desktop and mobiles that they can instantly fill and be done with it. Also, the analysis process of these reviews, which we will discuss later on, is streamlined and super easy.
#2: Empowers You To Conduct 360-degree Feedback- With Ease!
360-degree feedback, which is generally considered a super tedious but effective performance management technique, becomes a piece of cake with HR Software.
360-degree feedback is known to break the boundaries of bias, prejudice, and lack of communication. It allows you to collect feedback from numerous stakeholders- peers, subordinates, and management. Not to forget the employee itself.
This range of stakeholders means you can shun the bias to many extents.
But collecting data from so many stakeholders continuously means a lot of work and is practically impossible. But software can help you complete these tasks in no time. And the analysis also doesn’t take time. The software assimilates all the reviews for the employee in a single pane, which the manager and employee can see and discuss.
And most importantly, nowadays, most of the workforce is hybrid and remote. And traditional techniques cannot reach them, while everybody can access software!
#3: Assists Easy Progress Monitoring
Often, when managers and employees meet to discuss reviews, they do not have credible information on employees’ goals and initiatives.
Thus, another critical performance management objective is to track performance. The software allows you to set the employee’s monthly/quarterly/bi-annual and annual goals in KPIs, KRAs, etc. And also track them by recording their weekly initiatives.
All this empowers you to track and monitor employee performance easily. And when you next sit down to assess the employee performance, you have credible data and metrics that you can rely on and talk about- leaving nothing for guesswork!
Moreover, HR software incorporates the hybrid and remote workforce by allowing employees and managers to conduct virtual meetings inside the software!
#4: Data, Data, Everywhere!
The deep analytics used in the software enables HR managers and senior management to study reports on the performance of every employee, even the new joinees! You can use this tool to check the performance of each employee and identify your top and weak performers, gauge who needs training and help with what!
You can also check the department-wise or team-wise performance to check if the organisational goals are being met.
What’s most lucrative is the incorporation of 9 Box Matrix, a unique performance management tool. It lets you identify your future leaders from your current workforce!
Best Features Of An Integrated Performance Management Software
- Goal setting like KPIs and KRAs with employee involvement.
- Continuous tracking and feedback over employee’s weekly initiatives
- Implementation of 360 Degree Feedback
- 9 Box Matrix for identifying future leaders
- Insights into performance management from various perspectives
- Lastly, a mobile app is another advantage for the remote and hybrid workforce and those on the move.
Thus , if you are looking for software for your organisation then, the performance management software of HROne, one of the most powerful HR Software in Bangalore, imbibes all these features and more!