By Kevin Hsu
A skilled and talented workforce is the main lifeline of any organization. Businesses spend millions and billions to hire the best and top ranked professionals for carrying out their business activities. But if companies don’t invest the time to continuously develop their talent force – their most important and valued resource – then all their efforts and money spent recruiting is waste.
Companies must look for the right set of tools to measure and manage the performance of their employees, and at the same time, the technology they use to do so. Corporate performance management software helps the managers to outline accurate job profiles and expectations, create relevant objectives in accordance with the company’s mission and goals, document performance of the employees, and write appraisals.
The corporate performance management software also enhances employee engagement via recognitions, valuable feedbacks, and transparency. Each employee can see how they are contributing to the company’s mission and how professional development programs are closely linked with business goals.
Conducting a Comparison
Corporate performance management systems help line up your workforce to the company’s objectives, measure and evaluate the performance of each employee, and measure the organizational results from time to time. The software automatically tracks down all the activities which ensures the objectives are consistently being met in an effective and efficient manner.
Conventionally, organizations conduct performance reviews once a year. However, it’s essential for employees to receive a feedback to understand how they are contributing to the organizational goals, as well as how their careers will be benefited in the long run. This means continuous alignment and assessment of performance is needed along with feedback from not only their immediate manager, but also from the team members, peers, and even the indirect managers.
A corporate performance management software offers the below-mentioned functions, which can be used to gain a better insight into an individual’s overall potential and strengths:
- Performance review management
- Performance appraisals
- Coaching management
- Development planning
- Multi-rater functionality
- Feedback management
- Performance pay
- Mobile capabilities
- Talent profiles
- Analytics and reporting
- Alignment, goal-setting, and management
- Skill assessment and competency management
- Performance and productivity analysis
When choosing corporate performance management software, there is no one-size-fits-all solution. Different organizations will require different type of management system with tailored features. So, it is vital to consider your organization’s needs, goals, and industry while CPM Software. Having said that, the market can be categorized in the following manner:-
Size of the Organization
- Large Business Organizations: It is necessary for large organizations to have management software which integrates well with their existing HR or ERP systems. They must consider an integrated suite from one vendor or make sure that the new software will blend seamlessly with their existing systems.
- Small – Medium Business (SMBs): Thanks to the introduction of SaaS, small – and – medium businesses can benefit largely from a robust performance management system. For upcoming and growing SMBs, scalability is evidently one of the major factors to be considered as you would not want to outgrow your system in a matter of few months. As you grow, you will need to continuously evaluate your company’s goals and growth projections in order to make sure that your vendor is still a good match. In case you find that your system lacks the functionality you need for your organizational work and growth, it is best to change your vendor as soon as possible.
- Types of Application
- Integrated suites: For organizations who wish to improve their entire talent management process, they need to create an effective and efficient system from the start, or upgrade from the spreadsheets, and subsequently an integrated suite with multiple modules and add-on features, which is the best option.
- Best-of-breed: With a comprehensive HR solution already in place, it is best to opt for a standalone system that offers more advanced functionality than the traditional systems, especially if you are satisfied with the majority of your Human Resource Information System. Do ensure that the new software integrates well with your existing platform.
Choosing the Best
Analysis of the performance management market, its eminent features, and current market trends are some of the key points that organizations must keep in mind while making their software purchasing decision. If you are planning to buy CPM software and don’t know which one will suit your requirements; it is advisable to take the assistance of a professional. There are many software companies out there who offer integrated solutions with software demos at the most reasonable prices. Browse through the web, find a good service provider, get a hang on which performance management system will best match your organizational requirements and then make a purchase.
Kevin Hsu is a co-founder of Kepion Solution, driving innovations in areas of business intelligence and analysis for mid-size to global enterprise companies. With more than 10 years of industry experience in developing and delivering BI solutions for customers internationally, Kevin is a key stakeholder in the success and growth of Kepion.