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Performance management software is a computer program or suite that makes it possible for an organization to monitor and optimize the overall effectiveness of its workforce at the individual and collective levels. A good performance management program can help an enterprise to attract and keep the best possible talent.
Performance management software focuses on workforce productivity, efficiency, and progress. Performance reviews take place on a continuing basis at an administrative level. Reviews also facilitate medium-term and long-term performance forecasts at a strategic level. An effective performance management program must interact with other tools, in particular workforce analytics.
Other desirable features and goals of performance management software include:
- Keeping employees motivated.
- Helping employees track their progress within the organization.
- Helping employees plan their futures in the organization.
- Providing a Web site for employees to monitor their own data.
- Eliminating task redundancy.
- Tying employee compensation to individual achievement.