What is Performance Management Process?
Performance Management Process Defined
A performance management process management uses to develop, reward, and retain company talent. The process is ongoing and fosters effective communication to increase employee proficiency.
The process consists of several stages, such as: planning and developing, where managers and employees collaborate to set short-term and long-term goals; evaluation, during which employee progress toward the goals is measured; and reward, at which time employees may receive merit increases, spot bonuses, or other forms of compensation for accomplishing their goals.
Why Use Performance Management Process?
The practice not only assists in company planning and development of a successful workforce, but it also keeps employees engaged as active participants in the organization's growth. Businesses and organizations of all sizes, in all industries, have realized the importance and benefits of implementing a performance management process. Employees evolve as professionals working on a team, as well as individuals honing their skills and advancing their careers.
Ultimate Software's UltiPro® is a comprehensive human capital management (HCM) solution that can assist organizations throughout the performance management process. What's more? The cloud-based platform is configurable to meet users' specific needs, alleviating the stress in trying to shoehorn new or existing processes into a stubborn platform. Instead, the easy-to-use UltiPro works with-not against-its users to unlock their greatest potential.
More Performance Management Process Resources
Performance management in UltiPro means a dynamic process for employees and managers alike, from setting and tracking goals to offering feedback and praise through integrated social media. Learn more about UltiPro’s Performance Management Solution and discover how to take your HCM to new levels.
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Discover methods for turning your high-performing managers into career agents, effective leaders capable of unlocking your employees’ potential.
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UltiPro Performance Management Product Tour
This five-minute online tour samples how UltiPro helps businesses hire, develop, and retain top talent.
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