Performance Review Software

June 9, 2022

7 min read

Employee performance management software is a tool that helps businesses track and manage their team’s performance. There are many different types of performance review software available, and the features offered vary widely. Common features include goal setting, progress tracking, performance reporting, and feedback tools. There are also a variety of employee development plan templates available with most software solutions.

By tracking employee progress and providing feedback, businesses can identify areas where employees need improvement. By setting goals and making development plans, companies can help employees work towards their full potential. When used correctly, such software can be a powerful tool for improving employee performance.

How does performance management software work?

Like many software-based business solutions, employee performance software works by taking data and using it to create in-depth progress reports. This helps employees get more consistent feedback over the year. 

The data collected can come from a variety of sources, including:

  • Annual/bi-annual/monthly employee reviews
  • One-on-one meetings
  • Team meetings
  • Project updates
  • Client feedback
  • Sales numbers

This data is then used to generate performance reports that show how each employee is doing against their goals. With this information, employers can identify improvement areas and create development plans.

What are the benefits of using performance review software?

There are several advantages that businesses can experience by using employee performance management software, including:

Consistent feedback 

One of the essential benefits of performance review software is that it helps to create a more consistent feedback process. By providing employees with regular feedback, they can be kept up-to-date on their progress and be given the opportunity to ask questions. Having all performance data in one place, businesses can avoid the potential for human error.

According to a survey by OfficeVibe, 28% of respondents said feedback was not frequent enough to assist them in determining how to improve. 23% of those polled were dissatisfied with the amount of feedback they received from their manager. Understanding where you’re excelling and what areas need improvement might be a significant benefit for some workers.

Streamlined goal setting 

Performance review software can help businesses significantly simplify the goal-setting process. By having all goals in one place, employees can easily keep tabs on their progress using the software.

Improved performance 

By tracking employee progress and providing feedback, businesses can help them work towards their full potential. Employees from all sections of the organization can use it to collaborate more effectively toward their personal, departmental, and corporate goals. In addition, performance management software makes locating outstanding employees a faster and less intensive process. 

Insights on your personnel’s strong and weak points

While some employees are excellent at one aspect of their duties, others may fall short of your firm’s standards. With the help of employee performance review software, managers can swiftly discover areas where staff perform well and place them in positions that allow them to take advantage of their strong points, resulting in more favorable outcomes.

Similarly, some workers frequently fall behind their coworkers. A performance management system can quickly identify weak points. Once employees become aware of their weaknesses, they can start working on improvements.

Spotting problem workers

There’s a problem employee in every workplace. Whether it’s through complaints from their coworkers or regular poor performance, it’s critical for your HR department and managers to identify such workers before it gets out of hand. Employees who don’t improve put the rest of the team at risk of being dragged down. As a result, being able to pinpoint lousy people and get rid of them may be a major boost to the company’s success.

Top performance review software to use

When selecting performance review software, it is vital to consider the needs of your business and the features that will be most beneficial. There is no one-size-fits-all solution, so it is important to find software that can be customized to fit your specific needs.

Here’s what you should try:

Trakstar

“Tracked by Trakstar” helps your team manage performance evaluations, boost employee engagement, simplify goal management, and establish real-time feedback culture. 

Features:

  • 360° feedback;
  • flexible reports to spot top talent;
  • goal setting and tracking features;
  • automated email notifications and note-making.

Pricing: approximately $4370 per year.

15Five

15Five’s performance management software makes it easy to collect regular updates from your team, identify issues early, and spot top performers. 

Features:

  • planning and conducting 1-on-1 calls;
  • peer reviews, self and manager reviews, upward reviews;
  • key result and objective features to stay on track.

Pricing: Basic Plan ($7 per employee per month), Plus Plan (14$ per employee per month), Enterprise Plan (get in touch with the company about details).

BambooHR

‘BambooHR’s Performance module gives you the ability to give employees regular feedback, set goals, and measure progress over time. 

Features:

  • automated reminders;
  • database with the information about employee healthcare, addresses, etc.;
  • creating and keeping track of goals;
  • performance reports comparing accomplishments in different teams.

Pricing: Essentials Plan and Advantage Plan. Starts at $99 per month for 12 team members. Extra features for an additional price.

Namely

Namely is a cloud-based solution that is suited for mid-sized enterprises in any industry. All employee data is kept at a single location. It offers a mobile app for iOS and Android devices.

Features:

  • setting roles and tasks;
  • benefit deductions and payroll sync;
  • workflows, analytics, custom profiles, calendars, central document and billing reports storage, managing time-off plans, and other features;
  • making and sharing corporate-wide news.

Pricing: $12-30 per member per month.

UltiPro (UKG Pro)

It’s a comprehensive human capital management solution that also includes other modules to expand your performance management capabilities. UltiPro offers a highly user-friendly yet easy-to-use interface that may be integrated into your current HR system.

Features:

  • 360° feedback;
  • automating time and attendance tracking, including worldwide work regulations;
  • AI-based work arrangement tools;
  • simple, readily available reports and graphics that allow you to see how your KPIs are performing.

Pricing: Core Plan ($39 per month + $6 per user per month). Extra features for an additional cost. 

ClearCompany

ClearCompany is a talent acquisition & management system. It aids in personnel recruitment, onboarding, performance monitoring, and goal alignment. It’s the best fit for small-sized companies.

Features:

  • time-based and peer reviews;
  • customizable sections, questions, and scales;
  • reminders for keeping track of all reviews automatically;
  • linking performance statistics to hiring.

Pricing: starts at $70.

Oracle HCM

Oracle HCM is a cloud-based HR & talent management platform that caters to medium and big organizations. Recruiting services include things like candidate sourcing (including job ads), recruiting KPIs, social media tracking, and applicant tracking systems. Talent evaluation features such as human capital reporting are also available.

Features:

  • goal setting & sharing;
  • planning training programs;
  • lets staff members manage their own data, paid leaves, etc.;
  • real-time progress tracking.

Pricing: $8 per person per month for employee management. Additional features cost extra.

Bottom line

There are many other worthy performance review platforms. Feel free to check it out too! 

Once you have selected the right employee performance management software for your business, the next step is to implement it. This can be done by working with an external consultant or by training internal staff members on how to use the software. It is crucial to ensure that all employees are aware of the performance review process and understand how to use the software.

Need help with choosing a suitable software for employee performance management? We’re glad to help! Our expert recruiters and HRs are ready to give you a full consultation covering both employee management and hiring.

In addition to consulting, we offer global recruitment services as well as technical interviews and recruitment outsourcing. Just drop us a message!

Read also: Making Time-Off Requests Management Easier and 10 Life-Saving Hiring Tools You Should Know About

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