Development planning — Provides a platform in which managers can set performance expectations and give employees regular, quality performance feedback. These tools let managers identify skills that need to be developed and create a plan for tackling ongoing training and education.
Career succession planning — Ensures that both employees and the organization understand the career path each employee is taking internally. This facilitates internal growth and development so employees can contribute as effectively as possible to the organization.
Performance tracking — Provides management and employees with transparency into employee progress.
Goal management — Enables SMART (specific, measurable, achievable, relevant, time-bound) goals to be aligned throughout the organization. Goals can be created and/or cascaded down by managers. Goal management functionality also facilitates the tracking of goal progress.
Reviews and feedback — Performance reviews can be created using templates or libraries. Performance management software simplifies the delivery of these review forms to employees. Reviews can come in the form of a mid-year review, annual performance review, 360-degree feedback, and a self-evaluation form, to name a few. Additionally, managers can employ their performance management toolkit to compare employees’ performances to make promotion and compensation recommendations and decisions.
Compensation — Allows for customizable rules regarding bonus and merit pay distribution within the organization.
Succession planning — Manages talent pool to ensure key individuals are being prepared for key roles.
Career and development planning — Helps managers and individuals identify career paths for employees as well as develop training programs and courses for competencies and certifications needed for career path movements.
Platform customization — Allows administrators and managers to customize the platform to accommodate their unique performance management processes. Includes the ability to create custom objects, fields, rules, calculations, and views within the platform.
API integration — Application programming interfaces, or APIs, typically enable integration of data, logic, objects, and such with other software applications. Some performance management solutions provide specifications for how they will communicate with other software.
Internationalization — Enables users to employ solutions regardless of language and currency used.
User, role, and access management — Grants access to select data, features, objects, etc., based on the user, user role, or user group.
Performance and reliability — Ensures that software is consistently available (uptime), which allows users to complete tasks quickly because they do not need to wait for the software to respond to an action they took.
Reporting — Enables reporting of all data contained within the system. Typically contains standard reports as well as the ability to create ad-hoc reports.
Dashboards — Generates an easy-to-read, often single page, real-time user interface that displays a graphical presentation of the current status and historical trends of an organization’s key performance indicators (KPIs). Enables instantaneous and informed decisions to be made at a glance.
Other Features of Performance Management Systems: 1-On-1 meetings, All-in-one HR suite, Company goals and OKRs, Continuous feedback, Public praise, Requesting feedback, Standalone
