Guest post by: Linda Ginac, CEO Talentguard
Companies are constantly searching for ways to improve efficiencies in operations, from human resources to sales and marketing. In the realm of HR, new strategies for implementing continuous performance management have evolved over the last few years thanks in part to technology advancements. Performance management software is the anchor of many upgraded systems, as it offers a method to sustain or improve the development of employees as it relates to their performance in an organization. Overall, using performance management software can help companies achieve more efficient progress toward corporate goals over time. Here are the specific benefits of performance management software for companies interested in adding it to their technology mix.
The most notable benefit of using performance management software is putting some power back in the hands of employees when it comes to evaluating their own performance and progress. The technology solution allows individuals to see how their individual contributions are helping companies achieve larger goals, alongside details about accomplishments completed in the past. Performance management systems also make it easier for others to see, share, and use this information for evaluating employee work.
In addition to more empowered employees, performance management software also makes the process of evaluating employees continuous. This is done through consistent feedback tools available to management in the system. When an employee is missing the mark on work tasks, leaders have instant access to the details and an opportunity to provide feedback when it matters most. Instead of waiting for the annual performance review to come around, managers can provide timely, accurate coaching and direction to employees who need it.
Similar to consistent, immediate feedback, performance management solutions give companies a powerful tool through recognition capabilities. Employees who are performing well, have completed professional development tasks, or have been recently promoted can receive instant recognition through performance management software. This information can then be archived in the system and used to help inform and lead appraisals.
Professional Development Opportunities
Some performance management tools also provide the benefit of relevant professional development opportunities to employees. Companies that utilize software in this area can offer career development planning tools to individuals and teams based on organizational goals and the desired outcomes. Employees can use these details to select the professional development and training opportunities that make the most sense for their needs and current and future job position.
Continuous performance management built on a foundation of technology has the benefit of being forward-looking. Instead of relying on past data about employee or organizational performance that may be outdated or inaccurate, performance management systems give companies the chance to look to the future. This benefit may offer advantages in internal promoting and employee development, as well as talent acquisition and management in the future.
Organizations can lean on performance management tools for their intended purpose, which is informing the employee appraisal process. Companies no longer need to ensure they have a good memory of what an employee has accomplished or where they may need more coaching or guidance. Instead, this platform keeps up to date details on achievements and progress to help guide more comprehensive appraisals for employees.
The traditional approach to employee evaluation is often stressful for both the individual being evaluated and the manager completing the task. Performance management systems make for mean meaningful interactions between employees and management because it takes away the stressors associated with the evaluation process. There is no need for back and forth scheduling, paperwork, or significant administrative requirements for a performance evaluation to take place. This frees up time for more beneficial interactions between individuals and leaders.
The strongest performance management software assimilates with other systems easily, offering a notable benefit to organizations. Having the ability to integrate related but separate technology, like career pathing software, helps companies gain an even better view of their workforce from a performance perspective. It also means businesses more data to help inform talent management decisions with accuracy.
Performance management software also takes away the potential for biases in the appraisal process. Managers tasked with completing evaluations of employees face challenges because traditional processes rely heavily on recent accomplishments or shortfalls. Performance management systems capture data continuously, so there is no threat of recency bias.
Finally, companies that use performance management software are given the biggest benefit through increased employee engagement. Organizations spanning nearly all industries have cited improved engagement as a strategy for increasing profitability over time. This takes place with the help of performance management systems given employees are more empowered to control their career progression, their evaluations, and their understanding of alignment with corporate goals. Each of these aspects boosts engagement in the short and long term.
Linda is the Founder and CEO of TalentGuard, a global provider of award-winning career pathing and talent management software. Inventive and driven, she is known throughout the industry for disrupting HR technology and is the inventor of the first commercially available career pathing software solution designed to optimize employee engagement and retention. Prior to TalentGuard, Linda was a key executive at pcOrder, where she helped to transform an early stage start-up into a leading NASDAQ-listed public corporation. She also held executive roles at other start-ups and Fortune 100 companies. When she isn’t immersed in entrepreneurship, Linda enjoys being in the great outdoors, hiking, running marathons, and singing karaoke. She is an advocate of women’s leadership and empowerment and has led various prominent charities, including the Young Women’s Alliance and American Cancer Society. Linda has two amazing sons and is married to her best friend, Frank.