Why performance management should become a ritual in your business
You need to be able to retain your talent and transform them into star performers, who will add to your company’s bottom line, and annual performance reviews are not the answer. Instead, you must initiate performance management that takes into consideration what employees have learned and their contributions to multiple teams, and gives them feedback early and often so they can help the business grow.
HR professionals that use performance appraisal and management software increase the percentage of high performers within their company. SuccessFactors business consultants reported a 270% higher ROI—for organizations that invested in integrated talent management suites, compared to organizations that invested in stand-alone performance management, learning management, or recruiting systems.
Building a complete picture with the right performance management software
Feedback shouldn’t come only from management. A report by Globoforce showed that 80% of employees see crowdsourced feedback as more accurate than traditional forms of performance management, with 76% of employees saying crowdsourced recognition data should be added to performance reviews. Gather feedback you receive about team members over time and encourage your colleagues to do the same.
Your performance management software should be able to provide you with a complete picture of employee performance. It should offer easily accessible information on which parts of the business are performing well, who has recently been promoted, who exceeds expectations, and who deserves more recognition. Skilled workers will only become top performers when their goals are aligned with business objectives and their energy is directed at the right targets.
Your performance management software or people management solution should align the goals of the individual and the business for combined, long-term success.