“Performance management, when handled skillfully in an organization today, can increase job satisfaction, employee retention, loyalty, and overall performance of the organization.”
– Soumyasanto Sen, Co-Founder & Partner, People Conscience
Employees are the biggest assets affecting the productivity and performance of business operations in a company. Therefore, businesses across the globe focus on growing employee productivity by streamlining their performance management process at the organizational level.
The global business performance management market was valued at $4,738 million in 2016 and is projected to reach $12,562 million by 2025, growing at a CAGR of 11.70% from 2018 to 2025.
Now, when it comes to connecting with employees at the workplace, manual processes maximize the gap between management and employees which causes various difficulties. There are multiple challenges faced by businesses in this respect, and the key ones are mentioned below.
Challenges of Manual Performance Management
Employee performance is related to business performance and success. But most companies do not give performance management the significance it deserves. If you want to improve your bottom line and productivity, it’s time to give this aspect of organizational development some serious thought!
Some of the primary issues that the HR management has while analyzing the performance of the company’s employees manually rather than performance management software are listed below. Let’s look at these challenges:
- Inconsistency and lack of accuracy
- Lack of transparency and an open approach to performance calculation
- Lack of a professional development plan
- Improper evaluation and feedback
- Employees’ systems are not updated to reflect genuine and essential objectives.
- Inconsistent leadership and management support
- Employees face unfair promotions or invalid appraisals
What Makes Octane HRMS an Ideal Solution
Octane HRMS is a leading-edge performance management software that automates the entire performance evaluation process, helps in enhanced productivity and other organizational benefits. Using automated performance assessment systems like Octane HRMS, the challenges mentioned above can be resolved.
The current situation of remote work has only added to the challenges of HR in businesses across the globe. Some of the visible features of employee management, such as attendance management and run-down employee productivity, have become much more difficult ever since a major share of the global workforce has been working from home. Given below are the primary elements of Octane HRMS’s performance management system.
- Rating scales that can be changed
- A distinctive performance review self-assessment form
- Configuration of the confirmation period
- Performance is calculated by the average score for several competencies
- Appraisal cycles, rating scales, competencies, KRAs, and goals that can be changed
- Multiple yet easy understand Confirmation status — accepted, extended, pending, or acknowledged
- The conversion from confirmation initiation to close is seamless and on a single performance management system
Key Advantages of Octane HRMS Performance Management System
According to Gartner study, 70% of employees felt more appreciated when they experienced uniform performance management. However, the process is often considered critical and time-consuming, online management software helps eliminate manual performance review pain points.
Here, we will investigate how businesses get an advantage from online performance management, so you can centralize your review process. Hence, we have overviewed the core aspects of the Octane HRMS performance management platform, we will go over some of the platform’s important advantages.
Keeping the Process Transparent
Employees will be more aligned to enhance their performance if they feel involved in the performance process. Including employees also benefits that there are no last-minute surprises and the whole management is on the same page about the consideration expectations. Octane HRMS assist the best performance assessment procedure with the Self-Assessment form for the company employees.
Planning of Frequent Performance Reviews
Specialists today are examining the annual performance review practice, analyzing that consistent feedback is beneficial to both the employee and the organization. A performance management system like Octane HRMS helps to benefit from a culture of frequent feedback by providing employees the option to put in extra effort where it is required and swiftly enhance their performance.
Eliminating Human Error
There are different benefits that an HRMS offers is process automation. A precisely researched and executed HRMS can help automate various tasks such as payroll management and filing, which not only reduce time but also helps minimize basic errors such as incorrect salary calculations, missed deductions, etc. which can help small companies to minimize penalty risk.
Making Suitable Preparations for Evaluation
Many performance experts believe that evaluating their team performance over the year is enough for preparing a consistent feedback report. Whereas this is frequently inadequate, and reviewers should prepare concise reports by collecting the team’s data on employee performance to write an educated assessment. To put this in place, your HR department will need an automated performance evaluation system.
Focusing on the Future
When looking back, how businesses manage their performance can help to avoid those mistakes, the evaluation meeting should also focus on the future. This offers the employees a sense of control and motivates them to get more productive results. In another way we can say, the focus should also be on the long-term goals, and you will need a new generation performance management system to do this.
The Conclusive Note
An Octane HRMS is not only for a large organization, but even small businesses can use HRMS software to streamline their businesses. To choose the best HRMS for your organization, conduct an effective consultation with the HRMS provider to obtain the customized human resource management software built for your organization that elevates the efficiency of managing the information.
Embee offers HRMS software “Octane-Cloud HRMS” which is a customized HRMS software that benefits organizations of all sizes and industries with online performance management, payroll processing, and HR services. We can help you streamline your performance reviews with an interactive process that improves engagement and goal accountability.
