Best Performance Management System in 2020

Performance management system helps organizations better comprehend the performance and productivity of their employees. It helps the management to not just easily track, analyze, and evaluate employees, but also ensure goals are met, or issues are addressed. These systems include performance tracking, goal setting, and feedback.

360Quadrants shortlisted and categorized top vendors offering the best performance management system that help buyers to select the right software and make real-time decisions. 360Quadrants are released following an in-depth study of companies, along with their product offerings and business strategies. 360Quadrants update companies listed in quadrant periodically based on strategic analysis of them in performance management system space.

360Quadrants carry out a thorough SWOT analysis and accurately analyze the companies shortlisted for evaluation. This assessment enables solution providers to learn about new opportunities and areas where they lag behind their peers. It also helps clients in choosing the most appropriate vendor as per their requirements.

Performance Management System Quadrant Categorization:

360Quadrants evaluated vendors providing performance management system, and 17 top vendors were categorized as Visionary Leaders, Innovators, Dynamic Differentiators, and Emerging Companies.

Paylocity, ADP Workforce Now, Lattice, 15Five, Reflektive, Workday HCM, Paycom, PerformYard, BambooHR, and UltiPro were identified as visionary leaders in the performance management system space.

Oracle PeopleSoft, Namely, SAP SuccessFactors, and Saba TalentSpace were identified as innovators in the performance management system space.

OrangeHRM was identified as an emerging company in the performance management system space.

Kazoo and Bridge were identified as dynamic differentiators in the performance management system space.

Top 5 Performance Management Challenges And Their Solutions

Performance Management System enable businesses to align their goals and objectives with accessible resources and helps them in prioritizing those goals. These systems bridge the communication between employee and employer, as well as store all the data about employee feedback, 360-degree appraisals, goal modification, and personal goals on a single interface.

Some of the issues with top performance management are covered below, along with their solutions.

Lack of appropriate strategy

Many organizations lack well-defined strategies to support business goals and enhance the performance of employees simultaneously. Performance management software can supports employees (through training) and guide them to achieve their goals. Goals need to be simplified and prioritized, as too many company goals will likely leave employees confused and unaligned.

Shareholder response, plan, and buy-in

Performance management software may not address all the needs of the business, and there can be risks of losing time, resources, and buy-in implementing a system without proper consultation with key stakeholders in an organization. Thus, it is important to get the feedback for the overall processes from the management to have access to or authority to get the tools that are required for successful performance management.

Feedback

The feedback system is considered to be an important aspect of improving performance. It helps keep employees motivated, enhance their performance, and address their issues and work on them. It should be kept in mind that feedback should not just be a formal review; instead should open lines for communication.

Biased reviews

Biased reviews are one of the major issues among employees as they can be demotivating. Organizations have started with a 360-degree feedback system to tackle this issue. Best Performance management system enables employees to get feedback from their team members, clients, and their reporting managers. This provides employees with a clear unbiased view of their performance and highlights their areas of focus.

Support for employees after feedback

The feedback from management is crucial, but with no follow-ups, training, or development opportunities, the feedback loses its relevance. Employees with performance issues would need training on how to address their issues. Employees who are praised for their performance also should be provided with career development and guidance. These steps will help believe that their contributions matter and encourage them to work with more efficiency.