In today’s world businesses move quickly, and so do their strategies and goals. Effective performance management means creating a consistent but agile process that can adapt quickly to changing business priorities and provide employees with a clear understanding of how they can support your corporate vision through their work and individual goals.
Goal alignment is a difficult, complex process that many businesses struggle with, even larger and more established companies. To meet this challenge, many small businesses are turning to automated performance management solutions, which enable them to more effectively communicate and align goals across the organization and help their employees work more efficiently.
If you are implementing a performance management system for the first time or are considering changing an existing manual or paper-based process, here are 7 things you should know that can help you evaluate automated performance management software:
1. Create a more effective goal-setting process
Performance management solutions enable you to automate, simplify, and create a more effective goal-setting process. The best performance management solutions come with both goal-setting and goal-tracking software to help your managers and employees set objectives that are specific, measurable, and relevant to your company’s strategy and goals.
An automated performance management system can send your managers and employees automatic reminders to complete their tasks, helping to keep your goal-setting and performance management process on schedule.
2. Achieve business goals faster
Tighter goal alignment reduces redundant efforts and focuses your talent on the most critical company-wide goals, so your business can achieve your strategic objectives faster.
3. Boost team collaboration
Most company objectives cannot be accomplished alone. An automated performance management solution enables you to cascade and align goals across your organization to drive a team-oriented culture in which your employees will work toward the same vision of success together.
4. Increase employee productivity
Effective performance management solutions include employee management software and tools that help your managers monitor employee performance against their goals more effectively. This allows managers to provide employees more accurate evaluations and more meaningful feedback to improve their future performance.
5. Provide higher quality feedback and coaching
Leading performance management software provides managers with the tools and advice they need to coach and give better feedback, to help your employees understand how they are doing and what they need to do to be more successful.
6. Gain powerful insights into your employees
If you’ve used a manual, paper-based performance management system, you know how messy and time-consuming it is to sort through piles of paper or files to find the forms you need. Automated performance management software stores all your valuable information online and helps you pull up the data you need quickly and easily.
Good performance management software should give you the ability to see how your company is performing against its objectives and identify employee performance trends and competency gaps that may be preventing your employees from achieving business objectives.
7. Improve your company’s bottom line
An automated performance management process can provide huge returns and savings for your business by increasing employee productivity, improving retention, and reducing turnover.
Automating your performance management process increases employee productivity by ensuring your employees align with your business objectives and are collaborating effectively across the organization to work toward the same company goals.
Automation also ensures your managers are equipped with the information and data they need to engage in meaningful performance conversations with employees to help them succeed and stay engaged and motivated.
Highly engaged employees means lower employee turnover and attrition, which can potentially save you thousands of dollars annually. This frees up financial resources for you to focus on critical business strategies and actions that will drive your company forward.
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