What is Performance Review Software?
Performance Review Software (also known as Employee Evaluation Software) is basically there to automate the lengthy and complex task of evaluating a company’s employees. The result of such efficient evaluation allows for management to identify employee strengths and weaknesses, with the aim of employees aligning better with the needs of a company.
There are a market trends you need to understand when evaluating what Performance Review Software to use:
HR systems are often part of fully integrated suites, allowing to integrated HR with accounting and other relevant systems. Performance review software is often an integral part of systems used by larger companies, as it helps to track employees alongside with the company’s lifecycle.
Software companies are acquiring many best-of-breed solutions in order to integrate them all as part of their software offerings. This means that buyers purchasing solutions from them will benefit from that full integration.
Software as a Service is the most popular approach to HR, offering better accessibility and more functions. This cloud approach helps to involve everyone in the process of performance review; from the management to the employees themselves.
Here are the common features involved in Performance Review software:
Accessing employee information
Information on employee performance and other information related to employees can be easily accessed and shared by management and HR staff. This helps to evaluated staff on a regular basis.
Real-time reports are sent out to the relevant departments about employee’s performances. Those performance reports are sent out at regular intervals to ensure employee review is done regularly.
Taking note of employee goals and performance
The system allows managers and HR to add regular notes about how well their employees perform their tasks and how well they meet their goals. Those notes are added to the system and will be part of the reports sent out to management.
Keeping electronic records
The digitalization of employee records ensures that none of those records get lost and are easy to access. Furthermore, it gets rid of the old paper format which is prone to more incidents of data loss.
Rating employee performance
Managers and team leaders can rate individual employee’s performances in real time so that the information will be available later for employee appraisal.
Why Use Performance Review Software
There are many benefits to purchasing and using Performance Review software:
- It is easier to convey energy to employees by setting goals and regular performance reviews. The process of engaging employees is easier, and it helps to bring the most talent out of each employee. It also allows to find which employees are best at doing their jobs so that those employees can be kept and best looked after.
- Taking advantage of Performance Review Software can lead to good and accurate employee reviews which ensures that a company’s bottom line is being taken care off.
- A good review system will lead to better development of the workforce, with staff who fails to meet performance targets having a bigger incentive to get better.
- Time is saved as the performance review process is centralized into the one system, also eliminating the need to share different paper documents and therefore reducing the risks of evaluation errors being made.
Your use of Performance Review software will vary depending on your needs and the needs of your business:
- Small businesses and buyers on a budget will want to find a web-based performance review solution. This will allow for smaller initial costs, whilst still being able to engage with their employees, as well as keeping their workforce motivated.
- Mid-sized businesses and buyers looking for specific best-of-breed solutions may already have a Human Resources management system. As such they are looking for a performance review module which can integrate with their existing system in order to help tracking and reviewing their employees.
- Large Organizations will often want to purchase a fully integrated Human Resources Management system, which will include a specific module for performance review. Fully integrated HR software offers the best and most complete software solutions, allowing for the process of performance review to be more efficient for the managers as well as the employees.