4 Important Features of a Performance Management System

Selecting a performance management system that suits your organization is not a small task. You need a solution that integrates seamlessly with your workflow and efficiently manage your performance management process. Though there are many components available that not only benefit your organization but also your workforce, we present a few important features that a performance management solution must have.

360-degree feedback is one of the most valuable features of a performance management solution. It provides your employees an opportunity to receive (and give) constructive performance feedback from their peers, managers, and reporting person(s).

This method gives employees an overview of their key strengths, as well as their training needs. It typically involves skills and competencies describing the employee’s performance and often employees are asked to submit a self-assessment for further comparison.

Goal management is an important component of a performance management system. By setting and aligning specific goals and challenges, organizations can achieve higher performance rates than if they had no goals. When businesses set goals, they achieve more. Team goals inspire your employees to do their very best and help their colleagues in the pursuit of their goals as individuals and as a team.

The solution should offer robust goal management features that encourage your employees to set goals and achieve important milestones at work. The software should also facilitate the setting, tracking, and completion of individual as well as team goals.

Employee engagement can help with employee retention rates; there are very few employees who get, and keep the same job for their entire career. Employee mobility is a major concern that businesses face with and they need to manage it carefully.

Succession planning ensures that, as employees move on to their next role or job, the talents and skills that made them a good fit for your organization are transferred to other employees, as replacements. Training and development should therefore be encouraged through the performance management solution.

Self-assessments along with 360-degree feedback and training are useful for forecasting the future growth needs of employees.

Social collaboration tools enable employees to create meaningful relationships with each other. These tools empower employees and encourage them to celebrate their successes and share experience each day with their colleagues. Social tools as a component in performance management solutions simplify dialogue and facilitate the sharing of feedback between employees.