Performance Management System
What is a performance management system?
A performance management system is a tool for measuring and tracking the performance of employees consistently and seamlessly. A performance management system helps to ensure workplace discipline and collaboration amongst employees and departments. It helps the HR department ensure that all employees work towards strategic goals.
A performance management system is essential to spot the high performers and the under-performers. With this, the HR department can provide accurate reviews and compensate or sanction employees accordingly.
What are the three types of the performance management system?
General Appraisal: This is the most common type of performance management system. This works by setting a standard metric that employees must follow, such as meeting goals, teamwork and innovative contributions.
360 degree Appraisal: This performance management system takes the reviews of co-workers, senior colleagues and junior colleagues into account.
Manager Performance Appraisal: This is the system used to evaluate managers' performance by taking feedback from the team they lead and the clients they manage.
What are performance management system examples?
Effy is a performance management system that has helped businesses enjoy seamless, cloud-based performance management. Effy offers innovative features such as real-time insights and accurate employee data analysis. Effy also provides a social news feed that connects employees on one platform.
BambooHR is an efficient tool that helps track employees' activity and evaluate their progress towards the organizational goals regarding performance management. However, unlike Effy, BambooHR is more expensive to subscribe to.
Sage HR is one of the old but innovative HRMS tools with many features, one of which is the performance management software.