What is Performance Management Software?
Performance Management Software Defined
As the name suggests, performance management software—also referred to as a performance management system—helps a company track, analyze, and evaluate its employees’ performance.
Managers can use this trove of priceless people data in a myriad of ways, such as better aligning their employees to achieve organizational goals, rewarding their highest-performing people for their quality work, and, of course, providing feedback. Not only do employees benefit from receiving feedback, some consider it a necessity. According to new research on Millennials in the workplace, 43% of Generation-Y workers want weekly feedback. With more and more Millennials joining the workforce, it’s perhaps now more important than ever for companies to utilize a performance management system.
Why Use Performance Management Software?
Whether you're a comedian hearing laughter after landing a joke, an all-star athlete thriving off the roar of a cheering crowd, or an office employee receiving praise from a manager for completing a major project, we all appreciate feedback. Plain and simple, feedback helps us perform better.
But if you're a company with several dozen employees-or maybe even several thousand-how can you ensure you remain informed about your people's performance, so you can provide them each with valuable feedback? The answer is with performance management software.
Ultimate Software's UltiPro® is performance management software that's configurable to your company, so you can best assess your people's performance, provide vital feedback, and grow your business. With UltiPro's performance management system, you get a clear, overall view of your workforce, with information such as competencies and current and future needs. You can even create a pay-for-performance system where employees set measurable goals and track their progress with feedback from multiple contributors.
More Performance Management Software Resources
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All you need is five minutes to find out countless ways UltiPro HR, payroll, and performance management software can work best for you.
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