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Top 12 Performance Review Software [Our 2022 Review] 

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Most companies aim for the highest level of effectiveness when it comes to assigning tasks to their employees. Working with a large team (including tens or even hundreds of people), keeping track of every person's performance is a time-consuming and hard-to-deal-with type of task. This is exactly when Performance Review Software (PRS) steps in.

According to the latest Capterra statistics, there are 365 Performance Management Software applications available on the market and that number is growing. Each tool features its advantages and drawbacks. Therefore, it is getting quite complicated to choose between many tools when it comes to managing your team. With that in mind we wrote this article to help you choose the perfect tool for your business.

How does performance review software work? 

Performance Management Software tools include certain features that allow Human Resources (HR) managers, as well as non-HR managers, to send customized real-time feedback on specific issues as well as regular performance reviews. Thanks to timely reminders included in particular applications, no manager will fall behind the schedule when it comes to providing its teammates with precious feedback.

What are the benefits of using performance review software?

Providing high-quality feedback to your employees is a crucial part of the performance review process. Identifying the strengths and weaknesses of your manpower increases the overall efficiency of your team and eventually boosts your company's sales. 

Why is it important to have a system in place for reviewing employees' progress?

Using a performance management software tool that allows you as a manager to review their progress is very important because of the basic human need for validation. People need to know their work is assessed, their achievements are recognized and their weaknesses are effectively identified (while also providing methods to overcome the previously identified issues). 

The importance of having an unbiased process when conducting reviews 

Feedback involves having an objective perspective on how one performs. Analyzing your employee performance must not be in any way associated with your personal interaction with your team. There are many coaching techniques specifically designed for managers working with HR teams when it comes to having an impartial approach to your organization's workforce. 

Different types of reviews that can be conducted with this type of software 

Some of the most commonly used types of review that can be conducted with performance management software tools are annual performance reviews, 360-degree feedback and self-conducted performance appraisals. Yet, when it comes to choosing the one that works best for you and your team you should always take into account what each performance management tool offers in terms of features. 

Let's get an in-depth look at some of the most effective performance management software applications.

Best 12 performance review software:

How we compare tools

Our experts continuously assess the market and try out all the performance management applications that are offered to the wide public. Thanks to the strong link between software analysts and specialists working in certain domains (including talent management and acquisition), we are always able to come up with an impartial analysis of the tools used in the performance appraisal process.

The parameters we analyze:

We come up with the most relevant aspects that should be considered when comparing two performance appraisal tools. Our reviews focus on four factors, as follows:

  • Functionality—Using a software application that allows you to do all kinds of management activities significantly reduces the time you spend on learning how to use a large number of tools properly.  
  • Ease of use—Let's face it: not everyone is a tech guru; therefore, you need an easy-to-use software tool that does not require months of training before being able to operate it properly.
  • Value for moneyYou get what you pay for. Finding the right software for your team undoubtedly includes analyzing the value for money offered.
  • Main purpose—Each tool is specially created for a particular purpose (resolving a problem, timely identifying issues, tracking progress, etc.). It is crucial to correctly identify the primary purpose of the tools and compare them with what exactly you want the software to do. 

We tested all the listed applications ourselves and also sourced the data from more than 30 different websites. Our goal was to identify the most unbiased assessments, do some fact checking and compile the general review based on the above. 

Here are some of the examples of relevant websites:

All promotional opinions mentioned in the sources are ignored so you can get an objective review.

Now, let’s go to the reviews!

1. Effy – Performance Management Software

Top Performance Review Software Effy

Functionality: 5/5

Ease of use: 4.5/5 

Value for money: 5/5

Main Purpose: Track, analyze and continuously improve your employees’ performance inside continuously growing teams that require a high level of flexibility.

Summary:


Effy — the tool we build—was specifically designed for team leaders who aim at greatly improving their teams' efficiency level while enjoying useful features adapted to the current tendencies. 

Besides the most basic features a performance management tool includes (such as organizational goal setting, 360-degree reviews and online video meetings), Effy also allows you to deal with some other particular HR-related activities (for example task assignment, detailed progress tracking and many other features). 

Effy is loved by a number of large software development companies so if you represent one you should definitely give it a try.

Automated 360 reviews at your fingertips

Thanks to the new and enhanced features, our performance management software automates some of the most time-consuming activities an HR manager must constantly do. Cyclic performance reviews are one of the most important aspects that should be taken into account when it comes to tracking and improving your employees' progress. 

You can also conduct surveys that allow you to get a better understanding of how your employees see the team's performance. Getting real-time feedback from your employees is just as important as offering progress reviews and performance improvement plans.

Useful integrations within the performance review process

Effy also includes two crucial integrations for enhanced HR processes: Microsoft Teams and Slack. Both tools can be successfully linked to your team's workflow letting you keep track of the tasks assigned to each person. 

Also, video calling is a function that could not have been missed, especially due to the continuously changing business environment and the hard-to-anticipate global health situation.

Affordable pricing for high-quality employee performance analysis

When it comes to choosing the best HR software for your company, you surely do not want to pay an arm and a leg to get a performance appraisal tool. Effy allows you to choose between three packages, according to the size and needs of your business.

The Basic package ($1 per user, per month billed annually) is meant for small and medium businesses. It allows companies with up to 50 employees to complete the business objectives and track progress. 

The Performance pack ($3 per user, per month billed annually) is specially designed for those who manage larger companies and need access to more features to track online performance and identify performance gaps.

Last but not least, the Enterprise package (custom pricing) is just like an all-inclusive vacation; you have everything at your fingertips. With an unlimited number of employees and up to 1 Gb of data for each member, this subscription package is designed for HR professionals who integrate the competency management approach with software solutions that let them get an in-depth analysis of employee performance.

In order to get a better understanding of the exact price for each subscription plan, we invite you to take a quick look at the Pricing section on the official website. Feel free to book a demo to find out how Effy can solve your HR challenges. 

2. Lattice

Top Performance Review Software Lattice

Functionality: 4/5

Ease of use: 4/5

Value for money: 4/5

Main Purpose: Medium and Enterprise level of businesses with a need to manage HR teams.

Summary:

Lattice is a tool specially designed for people who manage HR teams and want to enjoy performance tracking features. Besides being able to set organizational goals and track the progress of each individual towards success, this performance management system also allows you to send timely 360-feedback reviews to your employees.

Thanks to the user-friendly interface, you can now set up improvement plans for your employees in order to get the best performance.

The 1:1 meeting feature allows you to connect with your employees at any time in order to make adjustments and perform other goal management activities. Last but not least, you should always be aware of the newest events taking place in your company. The Updates section lets authorized users answer specific questions about the latest events taking place in your team, including status updates of particular projects.

When it comes to pricing, Lattice uses a pay-per-employee subscription model. This means you pay for each person getting access to the software platform. They also have the starting annual agreement of $4,000. The monthly fee depends on what features you need for your business - with $9 per user, per month billed annually for the Performance package and $12 per user, per month billed annually for the Performance & Engagement pack.

In order to learn more about the pay-per-employee business model and how much does Lattice cost, we highly encourage you to take a quick glance at the Pricing section on the official website.

3. 15Five

Top Performance Review Software 15Five

Functionality: 4/5

Ease of use: 5/5

Value for money: 5/5

Main Purpose: Remote working teams of any size

Summary

Do you have many employees working remotely from home? Is your company a flexible one with people working from all around the world? If any of these situations apply to your team then 15Five might be the right tool for you. This software application was originally designed for managers who wanted to connect their remotely working teams. Keeping track of the activities each employee performs is no longer a time-consuming task.

Besides offering plenty of templates for engagement surveys, 15Five also comes up with a transparent approach for all your employees. Progress is automatically recorded and authorized users are able to see what is going on with the team. You can get peer feedback every week while also being able to engage employees and boost their morale using simple yet interactive surveys.

This tool is especially useful for those teams which are not able to meet up daily or which are located in different parts of the globe. Many business owners use this software application in order to keep their employees connected despite the barriers that may come up due to the current global situation. It is also one of the go-to HR solutions when it comes to increasing and maintaining employee engagement.

15Five also uses the pay-per-user subscription model. With prices starting from $4 per user, per month billed annually, it is one of the cheapest performance appraisal software tools available on the market. However, if you are part of a larger company with many employees, you might want to try out your luck and ask for a custom quote. This can be done using the Contact section on the official website of the tool. And the detailed plans description is available at their Pricing page.

4.Hibob

Top Performance Review Software Hibob

Functionality: 5/5

Ease of use: 4/5

Value for money: 4/5

Main Purpose: Complex HR processes serving all the purposes in this particular department

Summary:

HiBob is a Human Resources Information Systems (HRIS) specifically designed for growing companies that get new members who constantly need performance reviews. Say your company needs someone who is able to handle multiple tasks during the same week. Only by using a high-quality HRIS, you will be able to track their work and get back to them with relevant feedback. 

This performance management software automates plenty of time-consuming tasks thanks to the minimalistic approach. Using the mobile app you can enjoy an overly simplified approval cycle for new tasks and files. Employee A sends a file, Employee B approves it. It is that simple. What is more, HiBob allows its users to enjoy plenty of available integrations. Some of the most commonly used tools that can be successfully linked with your performance management software are:

  • 5 applicant tracking system (A.T.S.)—keep track of the talent acquisition process
  • Microsoft Teams and Azure—connect your team altogether 
  • Slack—task assignation

In terms of pricing—the basic package starts from $5 per user, per month billed annually with the increase depending on the number of employees and features you choose. 

5. Leapsome

Top Performance Review Software Leapsome

Functionality: 5/5

Ease of use: 4/5

Value for money: 4/5

Main Purpose: Startups and forward-thinking companies who develop rapidly.

Summary:

Leapsome allows its users to track and analyze the entire performance process taking place in their company. Thanks to the improved API, generating progress and performance reports could never be easier. All review cycles are now on track because of the Schedule Reviews function added during the latest update.

When it was originally launched, Leapsome was a tool specially designed for startups and forward-thinking companies. During the past years, it has been updated multiple times. At the moment, in matters of employee performance tracking, employee engagement analysis and 360-degree feedback, Leapsome is definitely an option to consider.

Leapsome has four distinct subscription plans available at the moment. Each one comes with different features as well as different prices, starting from the $6 per user, per month billed annually. However, if you want to learn more about the pricing of each membership plan you will have to request a personalized quote.

The company offers a free 14-day trial.

6. Reflektive

Top Performance Review Software Reflektive

Functionality: 5/5

Ease of use: 4/5

Value for money: 5/5

Main Purpose: Teams who need a comprehensive three-way feedback system.

Summary:

Reflektive is a company that went through numerous changes during the past years, especially if we think about the fact that it has been bought by one of its greatest competitors. 

Despite the fact that the features it includes are somehow the basic ones (goal setting, progress tracking and so on), the user interface and the ease of use are two things Reflektive excels at. You can set transparent organizational goals (using the Goal Setting feature) and offer a clear view of the progress towards your employee goals. This usually results in a higher employee engagement level and an increased work satisfaction.

The review process included in this tool lets you share 360-degree feedback, besides the basic kinds of feedback messages you can send to assess your employee performance. 

When it comes to writing performance reviews, you get to choose between three options, as follows:

  • Write performance reviews within your team (each member evaluates the others);
  • Create user reviews about another person in your organization (employee performance evaluations);
  • Share a review about your own performance (employee performance analysis).

Talking about pricing—Reflektive starts at $7500 per month for the enterprise pack.

7. Trakstar

Best Performance Review Software Trakstar

Functionality: 4/5

Ease of use: 4/5

Value for money: 4/5

Main Purpose: Complex HR processes, including organizational goals and workforce management

Summary:

Trakstar is a cloud-based performance management software with an integrated employee review process. You can now send personalized 360-degree feedback to each one of your employees, resulting in a higher level of employee engagement inside your team. 

What is more, the Goal Management feature allows HR professionals to clearly state the goals of the organization and track the progress towards that specific objective. 

One interesting function that is not available in any performance management tool is called Cascade Goals. This feature lets the team leaders create goals with specific activities assigned to particular employees. Therefore, the integrated performance management system lets your colleagues and subordinates track your team's progress towards a specific goal. This is especially useful when it comes to rapidly growing companies that have just been launched and deal with a tremendous number of changes.

In matters of pricing, the company does not mention anything on the website regarding how much each subscription plan costs. The data we found on G2 states the minimum package is $4370 billed annually. Still, you can request a demo and then ask for a custom quote, based on what exactly your company needs from this performance management tool.

8. Workday

Best Performance Review Software Workday

Functionality: 4/5

Ease of use: 4/5

Value for money: 5/5

Main Purpose: Cloud-platform meant for Enterprise-level companies listed in the international market.

Summary:

Workday is designed for bigger companies with multiple employees working remotely. It allows HR managers to come up with efficiency improvement strategies and all kinds of performance appraisals.

One of the most important advantages of Workday compared to other related software categories is the security factor. All the data is stored on internal servers that are maintained safely using complex architectural and organizational technologies. The multifactor authentication makes sure that only the authorized employees are able to issue and view performance appraisals. What is more, this HR software complies with international GDPR. policies.

Being one of the most complex software solutions all around HR software, Workday also includes plenty of educational materials. Therefore, even if your employees lack some technical skills, you will be able to offer them interesting materials to study and learn from before actually using this performance tracking tool.

Workday also includes some other features. Some of the most frequently used features include the Financial Management tool, Human Capital Management as well as Payroll and Workforce Management. Another important feature Workday offers is called Succession Planning. It allows managers to schedule each day according to organizational needs.

Workday pricing is between $100.00 and $200.00 per user per year for a minimum three-year contract.

9. Sage HR

Best Performance Review Software Sage HR

Functionality: 4/5

Ease of use: 5/5

Value for money: 5/5

Main Purpose: All-in-one management tool for all kinds of companies (small, medium and enterprise)

Summary:

Sage HR (formerly known as Cake HR) is a one-in-all performance management and talent management tool. It allows HR leaders to easily keep track of their employees and maintain an effective workflow with clear and responsive tasks. One of its main advantages compared to other talent management tools is related to the enhanced ease of use.

Its intuitive and user-friendly interface allows even the least tech-savvy HR managers to rapidly add, edit and delete employees from the cloud-based database. The Goal Setting feature is also quite simple, as it lets you add clear tasks for your employees to comply with.

In terms of pricing—the product starts with $5.5 per user, per month billed annually for the most basic package, including only the core HR + Leave management features and grows up to the $216 per user, per month billed annually for the all-in-one tool. They have quite a convenient calculator on their pricing page—so it won’t take you much time to identify the exact price for your business.

10. Synergita

Best Performance Review Software Synergita

Functionality: 4.5/5

Ease of use: 4/5

Value for money: 5/5

Main Purpose: Remotely working teams which can not meet up regularly in a physical place.

Summary:

Synergita is one of the performance trackers for teams working remotely. Managers can keep track of, compare and analyze the efficiency of each employee, regardless of their current working location.

In matters of pricing, Synergita starts with the $2 per user, per month billed annually for the Engage plan and grows up to the $8 per user, per month billed annually for the Perform Plus  plan. They also have the Starter Pack for a Small Business, which is $250 per month billed annually with up to 100 employees included.

Nevertheless, please note that the 360-degree reviews are only available starting from the Synergita Perform Plus plan. The first two subscription plans only include basic features that are specifically designed for smaller teams who use a rapidly growing approach (especially startup companies in the Software as a Service field).

11. Zoho People

Best Performance Review Software Zoho People

Functionality: 5/5

Ease of use: 4/5

Value for money: 4/5

Main Purpose: Comprehensive HR management system which allows leaders to keep track of everything inside their teams

Summary:

Zoho People is the go-to HR management tool for any Human Resources manager. It allows you to comprehensively integrate all the associated processes. Thanks to the enhanced API and the intuitive interface, anyone can enjoy:

  • Payroll integration;
  • Attendance tracker;
  • Shift scheduling;
  • Employee onboarding;
  • And many other useful features.

This Human Resources Management System also includes feedback features that allow managers to offer a more transparent perspective on how employees can improve their work in order to make the team more effective. When it comes to pricing, this tool is one of the cheapest available. Starting from $1,5 per user, per month billed annually, it offers a wide range of features. 

One of the most interesting things about Zoho People is that it offers a free plan for up to five employees. The good news is that it is not a free demo, but rather a freemium subscription plan. You can easily use it forever, without having to worry about changing the membership type.

12. BambooHR

Best Performance Review Software BambooHR

Functionality: 4/5

Ease of use: 4/5

Value for money: 4/5

Main Purpose: Small and medium businesses which require an all-in-one management tool to administrate the workflow.

Summary:

BambooHR is an all-in-one tool that allows Human Resources managers to come up with effective feedback for their employees. This cloud-based platform also includes an integrated performance tracking system that lets team leaders and project managers create and share improvement plans that are specially designed for a particular employee.

This tool was originally designed for small and medium businesses that had a reduced number of employees (up to 100). However, you can successfully use this software even if you work in a larger company (with hundreds of employees). Yet, there are some other options in matters of performance appraisal tools you can take advantage of if this is the only thing you are looking for.

It also includes some other features such as Compensation Management (Time tracking, Salary management, etc.), Organizational Culture (Employee satisfaction, Performance management, etc.) and Onboarding (electronic signatures, onboarding, offboarding).

When it comes to pricing—BambooHR starts from $6.19 per employee per month for the Essentials package, up to $8.25 per employee per month for the Advantage package. The price depends on the number of employees and features used. The more employees connected—the lower is the price per user.

Conclusion: Top 12 Performance Review Software

To put everything in a nutshell there are many performance management tools available on the market you can successfully use if you are currently looking for a way to track, analyze, compare and improve your employees' performance. 

Depending on what exactly you are looking for, some tools are better than others. If your team is rapidly growing, then you should definitely stick to Effy. The pricing is quite convenient and the value for money is definitely a great opportunity. 

If you are not sure whether this is the right tool for you and your company—just book a free demo available on the website! 

FAQ: Best Performance Review Software Of 2022

What is performance review software?

A performance review software is a tool that is specially designed to allow HR managers, team leaders and project managers to analyze one's work and offer personalized feedback on how to improve in order to get a more efficient and effective output.

What is the best performance appraisal system?

When it comes to choosing the best performance appraisal system, the decision is quite difficult. You should definitely lookout for the tool that fits your company's needs and expectations. We encourage you to give a try to Effy.ai. There is a free demo to guide you through the product.

What is employee performance software?

An employee performance software is an application that is meant to keep track, analyze and compare the activity of your employees. It is commonly used in the HR Department to maintain a high level of efficiency.

What are the key components of a performance management system?

Five key components build up an effective performance management system. These factors are planning, monitoring, developing, rating and rewarding. When it comes to using an all-in-one tool, you should always make sure you get a software application that includes features serving all those purposes.

How do I choose a performance management system?

If you want to choose the best performance management system, you should start looking for what works best for you and your company. Each business has its own strengths and weaknesses. Before anything else, you might want to identify what is not to your liking in your company and find a way to remediate the problem. Usually, resolving such issues requires using an effective performance management system, chosen according to your needs.


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Surveys

Engage staff through regular, insightful surveys, use HRLine’s analytics tools to interpret the data

Performance

Measure staff satisfaction, increase engagement, and reduce turnover

1:1 & Team Meetings

Measure staff satisfaction, increase engagement, and reduce turnover

People data

All employee information right at your fingertips

Leave management

Easy tracking of employee absence and leave

Self-service

Engage staff through regular, insightful surveys, use HRLine’s analytics tools to interpret the data