Business performance management software - Some Insights

In 2015, Deloitte's Global Human Capital Trends research reported that 82% of the companies that were part of a survey thought that performance reviews and evaluations were not a worthwhile activity. Both employees and managers regard performance management as a demotivating, time-consuming, thoroughly subjective and totally unproductive activity. But why is it so?Reinventing performance management has become crucial because the way we worked now has changed drastically compared to how we did four decades ago. Even though we have made tremendous technological advances over the years, we're still using the same age-old, year-ending appraisal systems that were designed in the 1970s .Do you want to learn more? Visit i-nexus.

Whyperformance management fails?
Most organizations, managersand employees see performance management as a one-off, yearly event. On the other hand, researches have clearly shown that continual performance feedback and review is the best way to achieve good results. Studies show that companies that conduct quarterly reviews are 45% more likely to have improved financial performance and 64% more chances of staying competitive in the market.The key is not to regard performance management just as a yearly affair and continuing it even after the end of the performance appraisal process. It should be an on-going activity that ensures planning to amalgamate your business' talent needs while supporting your employees' goals and interests, and exploiting their potential to the fullest.
What is the solution?
With evolving human resources technology, modern performance managementtoo has evolved into a robust system that involves goal-setting (with the option to revise them), coaching, mentoring and employee development planning. The best performance management software today allows employees to get immediate feedback, helps them know where to improve and get good at their jobs.However, not all performance management software are created equal. Some still follow the traditional approach of performance appraisals. But there are some that are disrupting the industry and the workplace.

Why performance management software
Though there are several reasons why you need one. Let's look at the major three reasons.
• Rigid Goals - While your business is moving fast, you are setting goals for your employees only once in a year without any scope for change or revision. Do you feel your goal-setting is not keeping pace with the pace of your business? If yes, your business definitely needs a good performance management software that simplifies the process and keeps the workforce on the right track-aligned to the overall objectives and changing targets of the organization.
• Slow Feedback - Imagine your boss telling you about a mistake that you made six months ago; a mistake that you were not even aware of because your boss decided not to tell you anything until the yearly appraisal process. A performance management system encourages a culture of continuous feedback giving everyone a clear picture of where they stand and where they should improve. If regular feedback is not provided on time and mistakes go unchecked it can not only be damaging to the employee or the manager, it can be destructive to the business.