April 15, 2022 — Peoplebox

To run a successful company today, you need to have three things: clear organizational goals, a motivated workforce, and an effective performance management process. These elements are interdependent, with performance management serving as the bridge aligning employee efforts with the company’s objectives. A strong performance management process is also the key to ensuring the continuous development of your employees andSeamlessly integrate overall success for your business. Now, there are a myriad of performance management tools available in 2024 that completely automate the process of tracking employee progress, goal management, providing feedback, and conducting performance reviews. In this guide, we are going to explore 20 such performance management tools and find out which is the best for your business. 🤔 What Is a Performance Management Tool? A performance management tool is an HR solution that is designed to plan goals, track performance, and reward employees in a consistent and measurable manner. They facilitate bidirectional dialogue between managers and employees, allowing each of them to give and receive feedback. These tools also offer self-assessment of performance. The core features of performance management software include goal setting, performance reviews, feedback mechanisms, and development tracking. 👉 What are the different types of performance management tools? Based on the functions they perform, performance management tools can be broadly classified into the following: 1. Goal Setting and Tracking Tools: Perfect for setting, tracking, and adjusting goals at both individual and team levels. More importantly, they ensure the goals are aligned with the organization’s strategic objectives. 2. Performance Reviews: This type of performance management tool facilitates continuous and structured performance reviews via regular check-ins and assessments. It also ensures that employees receive timely feedback on their performance. 3. 360-Degree Feedback: These tools help build a system of comprehensive feedback, where input is gathered from managers, peers, and subordinates. This holistic feedback helps employees understand how they are perceived across various dimensions of their work. 4. Employee Development: They allow organizations to monitor the skill development of employees, make changes to training needs, and bolster their career progression. Ultimately, these tools ensure that employees are continuously growing and contributing to the company’s success. 5. Compensation Management: They integrate performance data with compensation decisions, ensuring that rewards and incentives are closely tied to employee performance. These tools help organizations maintain fairness and transparency in their compensation practices, motivating employees to achieve their goals. 6. Succession Planning: They help identify high-potential employees and create development plans to prepare them for future leadership roles. They also ensure continuity in key positions by proactively developing talent and preparing for potential leadership vacancies. 📊 Why Should You Use a Performance Management Software? Adopting performance management software offers numerous benefits to businesses. Here are the top ones: 👉 Enhanced Performance Tracking Performance management software enables more accurate and continuous tracking of employee performance. Unlike manual processes, which were prevalent earlier, these tools provide managers with real-time updates and insights. Managers can effortlessly monitor how employees are performing against their goals and address any deviations promptly. 👉 Streamlined Performance Reviews Performance management software automates and structures your performance review process. They simplify the entire review process for both managers and employees by offering a transparent and consistent framework for evaluations. The tool’s automation capabilities reduce administrative tasks, ensure timely reviews, and promote transparency in the feedback process. 👉 Improved Goal Alignment Aligning individual goals with organizational objectives is not easy, as it requires extensive clarity and seamless coordination across all levels of the organization. Performance management software helps in setting, tracking, and adjusting goals at these levels and ensures that everyone’s efforts are directed toward the same strategic outcomes. This alignment fosters a sense of purpose among employees and enhances overall productivity. 👉 Data-Driven Insights With access to robust analytics and reporting features, performance management software provides actionable insights into employee performance. These data-driven insights help managers make informed decisions, identify high performers, recognize patterns, and whatnot. This approach leads to more effective talent management and better organizational outcomes. 👉 Increased Employee Engagement Regular feedback and development opportunities are key drivers of employee engagement. Performance management software supports continuous feedback loops. It also facilitates ongoing conversations between employees and managers. This not only helps in identifying areas for improvement but also shows employees that their growth and development are valued. Ultimately, these factors lead to higher engagement and retention rates. Tips To Select The Best Performance Management Tool Here are some best practices you can follow while selecting a performance management tool for your business - Tip #1: Always Prioritize User-Friendliness A tool that’s complex and difficult to navigate can discourage consistent use. Opt for a performance management solution that’s intuitive and user-friendly. The idea is to ensure that both managers and employees can easily engage with the tool without extensive training. If the tool doesn’t offer a free trial, watch demo videos or tutorials provided by the vendor to see how straightforward the tool’s user interface is. Tip #2: Look for Customization Options Every organization has unique processes and workflows. Choose a tool that offers flexibility and customization. It must allow you to tailor basic features like performance reviews, feedback cycles, and reporting dashboards to suit your specific needs. During the demo, ask the vendor about the possibility of customization. Tip #3: Assess Integration Capabilities Ensure the performance management tool integrates seamlessly with your existing HR systems and other software. Integration is crucial for streamlining data flow, reducing manual entry, and providing a holistic view of employee performance across various platforms. Review the tool’s API documentation or integration guides to see which platforms and systems it can connect with. Tip #4: Evaluate Reporting and Analytics Data-driven decision-making is vital in performance management. Look for a tool that provides robust reporting and analytics capabilities, enabling you to track key performance indicators (KPIs), identify trends, and make informed decisions based on real-time data. In case the tool has a free trial, don’t forget to input sample data into the tool and generate reports to see how the tool handles real-time analytics. Tip #5: Consider Scalability As your organization grows, so will your performance management needs. Select a tool that can scale with your business. It must also accommodate an increasing number of users and offer advanced features as your requirements evolve. Research the vendor’s history of supporting growing organizations. Look for case studies or testimonials from businesses that have scaled successfully with the tool. 🏆 20 Best Performance Management Tools in 2024 Here is our pick of 20 best performance management tools that are well-suited for modern businesses - 1. Peoplebox Peoplebox is a performance management tool that helps businesses streamline their performance management processes. It offers a range of features that help managers and HR professionals track employee performance, set goals, and provide feedback. With Peoplebox, you can easily customize and conduct performance reviews to match your specific needs. For instance, you can set custom weightages for goals, competencies, and values, while Peoplebox uses advanced formulas and calibration to accurately calculate final ratings. It also offers data-driven insights to help organizations make informed decisions and continuously improve their performance management processes. You also get to integrate tools like Jira, Asana, Slack, etc, to make goal alignment and tracking easy for everyone. Key Features 1. Customizable Performance Review Process With Peoplebox, users can tailor the performance review process to meet their specific organizational needs. This includes the ability to set custom weightings for goals, competencies, and values, ensuring that assessments are accurate and relevant. The platform also offers built-in templates that can be personalized for different roles and departments, promoting consistency and fairness across evaluations. 2. Integration with Over 100 Tools Peoplebox seamlessly integrates with over 100 native tools, including HRIS, CRM, project management, and communication platforms. This connectivity allows for real-time updates of goals and performance metrics across all linked tools, enhancing visibility and tracking of employee progress. Auto-populated dashboards provide insights into team performance and highlight areas for improvement. 3. Auto-Scheduling of 1:1 Meetings The auto-scheduling feature in Peoplebox simplifies the setup of 1:1 meetings between managers and their direct reports. This feature not only saves time but also incorporates relevant review data into these meetings, making them more productive and focused on performance discussions. 4. 9-Box Grid for Performance Assessment Peoplebox includes a 9-box grid that categorizes employees based on their current performance and future potential. This tool helps organizations identify high performers and potential leaders while pinpointing areas that require development, facilitating targeted talent management strategies. 5. Calibration for Consistent Ratings The calibration feature in Peoplebox eliminates the need for cumbersome spreadsheets by allowing managers to visualize and adjust performance ratings easily. This ensures that ratings are consistent and fair across the organization, enhancing transparency in the performance review process. 6. Comprehensive Feedback Collection Peoplebox's 360-degree feedback mechanism gathers insights from multiple sources, including peers, managers, and subordinates. This holistic approach provides a well-rounded view of employee performance, fostering self-awareness and supporting professional growth and development within teams. 7. 360-Degree Reviews on Slack and Microsoft Teams Peoplebox allows organizations to conduct comprehensive 360-degree performance reviews directly within Slack and Microsoft Teams. Simplifying the review process by enabling managers and employees to manage feedback, update goals, and schedule meetings without switching platforms. Notifications are sent to all participants, ensuring everyone is informed and engaged throughout the review cycle. Why pick Peoplebox Seamlessly integrate with 100+ native tools for a smooth workflow. Gather comprehensive insights from multiple sources with 360-degree feedback. Streamline your review process with automated features like nudges and reminders. Customize review templates to fit your specific needs and ensure consistency. Gain valuable insights into team and individual performance with data-driven dashboards. Efficiently schedule 1:1 meetings with review data pre-populated. Customize weightings and formulas for accurate assessments and tailored reviews. Ensure consistent and fair ratings across the organization with fair calibration. Pricing Peoplebox has a transparent pricing and offers plans for different HR functions. For instance, the OKR platform plan is priced at $8 per month, while the Talent Management plan costs $7 per month. If you want additional features and everything in the Talent Management and OKR platform plans, you can choose one among Full Suite - Professional, Full Suite - Premium, or Enterprise plan. Here is a breakdown of all the pricing plans offered by Peoplebox: Plan Price Key Features Talent Management $7/month Goals, Performance Reviews, 1-1 Meetings, Engagement Surveys, 9-box and Calibration, Performance & Productivity Check-in OKR Platform $8/month OKR (Goals), Business Reviews, Project Management, Integrations, KPIs Board, 1:1s Full Suite - Professional $12/month Everything in Talent Management & OKR Platform plans Full Suite - Premium $15/month Everything in Full Suite Professional, Customer Success Manager, Onboarding & Implementation, Managers Training Enterprise Plan Custom Everything in Full Suite Premium, Custom Integrations, Tailored Solutions, Custom Onboarding, Dedicated Customer Success Manager, SSO Rating - 4.5 ⭐️⭐️⭐️⭐⭐️(300 Reviews on G2) Check out our customer case studies on how Peoplebox is helping HR teams align people and business strategy. How Khatabook streamlined its performance reviews Ula conducts seamless performance reviews with Peoplebox Interested to see Peoplebox in action? 2. 15Five 15Five is a performance management platform that aims at enhancing employee engagement, productivity, and overall performance. The software offers several features like weekly check-ins, goal setting and tracking, performance reviews, employee recognition, and more. 15Five fosters communication and collaboration between managers and employees, facilitating regular feedback and coaching to help drive individual and organizational success. Key Features OKR tool: 15Five simplifies the process of achieving alignment in the organization, crystal-clear focus, and highly engaged teams through its OKR and goal-setting features. The platform assists in setting and tracking top objectives for all members of an organization, making the process easier and more efficient. Performance management tool: 15Five provides a user-friendly performance management solution that offers a 360-degree view of employees, enabling HR leaders to make informed decisions. The platform is highly flexible and fits into all HR strategies, company cultures, or tech stacks. Manager engagement tool: 15Five offers a manager engagement tool that allows managers to quickly and effectively apply new skills for immediate impact. The platform upgrades every manager instantly by improving existing skills and providing new ones. It reinforces every manager’s efforts, develops them as leaders, and generates momentum throughout teams and the company. Why pick 15Five? 15Five allows for easy progress tracking and feedback gathering from team members. It generates reports that provide valuable insights into work performance. It helps stay organized and track performance over time with its easy-to-use interface. Pricing There are three plans viz. Engage, which costs $4 per month per user, Perform, costing $10 per month per user, and Total Platform, costing $16 per month per user. 3. Lattice Lattice is an HR and performance review software. It offers a robust tool for goal setting, feedback, performance reviews, and employee engagement. The platform aims to support companies in building and managing high-performing teams by providing them with the necessary resources to set and monitor goals, deliver consistent feedback, and carry out effective performance evaluations. Key Features Performance management: Lattice offers a complete performance management system that includes performance evaluations, 1:1 meetings, and ongoing feedback to assist managers in keeping track of their team’s advancement. It facilitates effective management of employee performance, guarantees prompt and constructive criticism, and enhances the productivity of the team as a whole. Analytics: Lattice provides analytics functionalities that enable HR specialists to make informed decisions by monitoring performance and detecting patterns and trends. The analytics feature comprises AI-powered sentiment analysis, which helps in understanding employee emotions and sentiments. Engagement: This module helps in performance improvement and helps companies identify the key drivers of employee management and engagement. By combining performance metrics, it provides detailed insights and recommends the most effective actions that the company can take to improve engagement levels. Why pick Lattice? Lattice can consolidate and analyze vast amounts of data from different sources, offering valuable insights that can aid organizations in making well-informed decisions. With its strong feature set, the platform supports organizations in developing strategies that align with industry best practices for compensation, employee engagement, and performance management. Lattice’s employee engagement feature provides detailed reporting, while its powerful evaluation tools enable managers to monitor employee performance and provide guidance on goal optimization. Pricing The basic plan of Lattice is priced at $11 per month per seat. The plans can be scaled according to your needs with the option of purchasing different modules as separate add-ons. 4. Betterworks Betterworks is a performance management tool that aims to help companies align and motivate their workforce toward achieving organizational goals. The platform offers a range of features, including goal setting and tracking, performance evaluations, continuous feedback, and analytics. It also provides coaching and development to help employees grow and develop their skills. Key Features Collaboration: Betterworks cultivates a collaborative work environment that encourages continuous improvement through promoting collaboration, communication, and engagement. Its features, like easy feedback sharing, review management, report generation, and performance recognition, facilitate seamless collaboration among team members. Customizable goals: Betterworks enables agile goal setting, which enables users to promptly adapt to changing circumstances. With its customizable goals and OKRs, you can easily modify your priorities as needed. AI for HR: This feature serves as your co-pilot in enhancing employee engagement and performance. It empowers your team, helping them reach even the most ambitious goals. Why pick Betterworks? The software is user-friendly and customizable, enabling organizations to configure it to meet their specific needs. With its comprehensive approach to performance management, Betterworks enhances employee engagement and productivity while fostering a culture of continuous improvement. Betterworks fosters alignment across the organization by providing visibility into the company’s overall strategy. The platform promotes transparency in alignment, progress tracking, and analytics, enabling continuous improvement. Pricing Contact the Betterworks sales team for a personalized quote 5. BambooHR BambooHR is an HR software solution that streamlines HR processes and helps organizations manage their workforce effectively. The platform offers a range of features, including employee data management, administration, time tracking, and reporting. BambooHR also provides recruitment and onboarding functionalities, enabling organizations to attract and retain top talent. Key Features Performance Appraisal: Offers highly effective performance management by incorporating 360-degree feedback, customizable questions, and a format designed to encourage more frequent and relevant reviews. Assessments: This lets you manage regular assessments and schedule review cycles with ease. Managers can also conduct impromptu assessments for a more strategic approach. Total Rewards: Provides a comprehensive view of an employee’s compensation package, helping them clearly see your investment in them and why a competing offer might fall short in comparison. Why pick BambooHR? The software is user-friendly, customizable, and integrates with other systems such as payroll and applicant tracking systems. With its comprehensive approach to HR management, BambooHR can enhance productivity, employee engagement, and compliance while saving time and reducing administrative burdens. BambooHR provides tools to gather feedback, enhance employee satisfaction, and promote employee growth, contributing to a positive employee experience and improved performance. Pricing Contact the BambooHR sales team for pricing details. 6. Workday Workday is a cloud-based enterprise software platform that provides financial management, human capital management, and analytics applications for businesses of all sizes. Companies can manage their finances, payroll, and human resources all in one place with Workday. It offers a comprehensive solution for businesses looking to streamline their operations and improve their overall efficiency. Key Features Analytics: Workday provides analytics to guide informed decision-making. The platform’s analytics feature helps you leverage vast datasets to find insights. It also presents them in a comprehensible format. Automation: Workday offers intelligent automation freeing up your team from manual tasks and enabling them to focus on more productive work. This automation makes work less burdensome, streamlining processes and increasing efficiency. Rewards: Workday’s compensation and benefits tools provide the flexibility to design plans that fit the requirements of different employees. This enables you to provide your workforce with the compensation they merit. Why pick Workday? The platform has flexible features that allow for easy customization and integration with other business applications. It provides real-time data and insights to help businesses make informed decisions. The platform is scalable and adaptable, making it a great choice for companies looking to grow and expand. Pricing Contact sales for pricing details. 7. Leapsome Leapsome is a performance management and employee engagement software designed to help organizations drive continuous growth and development. The tool offers features such as goal setting, continuous feedback, 360-degree reviews, 1:1 meetings, and performance analytics, all in one intuitive platform. Key Features Customizable OKR Framework: Leapsome offers customized OKR frameworks that cater to the specific objectives and goals of your company. The platform provides a personalized dashboard that can easily adapt to create, monitor, and update OKRs while tracking progress in real time. Collaborative Workplace: Leapsome cultivates a collaborative environment in the workplace by allowing you to share and receive feedback on goals, engage in discussions, and leave comments to track progress. Goal Tree: Leapsome’s Goal Tree feature allows you to interconnect company, team, and individual goals, presenting a visual representation of the ownership and dependence of OKRs. Why pick Leapsome? Managers and employees can collaborate in real time, set objectives that align with business goals, and provide feedback to each other to promote growth and development. The tool also has a customizable interface that can be tailored to fit specific business needs and processes. The platform’s clear tutorials and intuitive interface improve the overall user experience. Pricing Request a demo to get the pricing details. 8. Paylocity Paylocity is a cloud-based human resources and payroll software solution that enables businesses to streamline their HR and payroll processes. The software provides a range of tools to manage HR, including onboarding, benefits administration, time and attendance tracking, and compliance management. With Paylocity, employees can also access their payroll information and benefit from a self-service portal. Key Features Payroll: Paylocity offers a complete payroll solution that streamlines the entire process from start to finish. This includes automatic tax calculations and filing, direct deposit, and a user-friendly interface that makes it easy to manage employee payroll data. Time and attendance tracking: Paylocity’s time and attendance tracking system is a powerful tool that helps businesses manage employee time off, absences, and schedules with ease. The platform can integrate with a variety of time clock systems, including biometric, web-based, and mobile clock-in options. HR and benefits management HR suite: Paylocity offers a suite of HR and benefits management tools that allow businesses to automate and streamline their HR processes. This includes tools for onboarding new employees, managing employee records and documentation, and tracking employee performance. Why pick Paylocity? Paylocity offers mobile applications that allow employees to manage their HR and payroll information on the go, making it a convenient solution for both employers and employees. It provides managers with real-time visibility into employee time and attendance data, enabling them to make informed decisions about staffing and resource allocation. The platform also offers benefits management features that allow employees to view and manage their benefits packages online and provides a centralized location for managing all aspects of employee benefits. Pricing You need to request a demo to get the pricing details. 9. ADP Workforce Now ADP Workforce Now is a cloud-based human resources management solution designed to help businesses of all sizes streamline their HR processes. The platform offers a wide range of features, including payroll processing, compliance management, and talent management. It also provides robust reporting capabilities, enabling tracking of key HR metrics and gaining insights into their workforce. Additionally, Key Features HR suite: Lets you manage your entire workforce from a single dashboard, powered by a single database, ensuring that the necessary information is always available when you need it. This platform offers a comprehensive HR suite that includes payroll, time, HR, talent, and benefits, all in one place. Productivity Tools: Lets you manage complex HR tasks, such as scheduling, time tracking, and benefits administration, all from a single, user-friendly dashboard. ADP Assist: Delivers insights through targeted reportsthat are generated across domains using intelligent field selection. You can adapt reports to your needs with smart technology, and make informed decisions faster with immediate, AI-driven analytics. Why pick ADP Workforce Now? ADP Workforce Now is highly customizable, allowing businesses to configure the platform to meet their specific needs. The platform is accessible via desktop or mobile devices, making it easy for employees to access their HR information from anywhere. ADP Workforce Now is backed by ADP’s industry-leading security measures, ensuring that employee data is protected at all times. Pricing Contact ADP Workforce Now for a personalized quote. 10. Engagedly Engagedly is a comprehensive performance management and employee engagement software. This platform emphasizes both people and strategy through its OKR tool. Its People Success Model is geared towards bridging the gap between people and strategy and consists of a three-pillar framework that aligns organizational strategy with people strategy. Key Features Social recognition: Engagedly’s social recognition feature allows team members to give and receive feedback and recognition in real time, boosting employee morale and motivation. The platform also offers a 360-degree feedback tool, which enables employees to receive feedback from multiple sources, including peers, managers, and customers. Performance management: Engagedly offers a range of performance management tools like goal setting, performance reviews, and real-time feedback. The platform also includes a robust learning management system that enables managers to create and deliver customized training content to employees. Goals: Engagedly’s Goals module enhances goal attainment by guiding users to create detailed action plans, specifying the when, where, and how of their efforts. This approach helps turn intentions into actionable steps, increasing the likelihood of success. Why pick Engagedly? Robust goal tracking at the company, team, and individual levels. This allows for a clear understanding of progress and aligns everyone towards the same objectives. The tool is flexible when it comes to giving or receiving feedback. This enables effective communication between managers and team members, leading to continuous improvement and development. The initial setup may require some effort. However, the platform is user-friendly and easy to navigate once implemented. Pricing The most basic plan of Engagedly starts at $5000. You need to book a demo for detailed pricing details. 11. ThriveSparrow ThriveSparrow is an employee success platform designed to enable companies to build a high-performing workforce with strong workplace ethics without compromising on productivity. It offers a comprehensive suite of tools to engage, appreciate, and track performance of the employees. The tool includes real-time feedback, goal setting, and employee recognition. It also empowers organizations to improve communication, monitor employee satisfaction, and drive performance through continuous feedback loops. Key Features Employee Net Promoter Score (eNPS) Survey: This feature helps organizations gauge employee satisfaction and loyalty with great ease. This feature also helps businesses identify areas of improvement and foster a more positive ecosystem for employees. AI Text Insights: It utilizes artificial intelligence to analyze open-ended employee feedback. The system automatically detects patterns, sentiment, and key themes in written responses, transforming qualitative data into actionable insights. This feature allows HR teams to understand the underlying issues and sentiments driving employee feedback, enabling them to address concerns more effectively. Action Plans: ThriveSparrow enables organizations to seamlessly turn employee feedback into actionable plans. After collecting feedback, the platform provides tools to prioritize issues, assign responsibilities, and set timelines for implementation. Why pick ThriveSparrow? You can easily integrate ThriveSparrow with Slack and Google Workspace to ensure that no employee misses a performance update. There is a separate analytics module for leaders. Offers easy-to-read trend charts that give a clear idea about individual and team performance across departments. Pricing There are three plans suitable for different HR functions. The Performance plan suitable for performance management is priced at $5 per month per employee. 12. PerformYard PerformYard is a performance management software designed to optimize employee evaluations, goal tracking, and feedback processes. The platform offers customizable performance review templates, continuous feedback mechanisms, and goal alignment features, making it adaptable to execute various performance management strategies. Its user-friendly interface ensures a smooth experience for both HR teams and employees, while its insightful analytics support data-driven decision-making. By aligning employee performance with organizational goals, PerformYard helps drive productivity and development, ensuring that employees are consistently engaged and motivated. Key Features Project-Based Reviews: This feature provides a more targeted and relevant evaluation by focusing on the outcomes and contributions within particular projects. It helps managers and teams recognize accomplishments, identify areas for improvement, and provide meaningful feedback that is directly tied to the work being reviewed. Cascade Goal Setting: The Cascade Goal Setting feature in PerformYard enables organizations to align individual employee goals with broader company objectives. This feature allows managers to break down high-level organizational goals into specific, actionable targets for teams and individuals. By cascading goals throughout the organization, PerformYard ensures that every employee's work contributes to the company’s overall success. Employee Cohort Analysis: This feature provides insights into the performance and development trends of specific groups or cohorts within the organization. It allows HR teams and managers to analyze how different employee groups—such as new hires, high performers, or specific departments—are progressing over time. By identifying patterns and trends, the Employee Cohort Analysis helps organizations make data-driven decisions related to training, development, and resource allocation. Why pick PerformYard? Most of the actions related to performance management in this platform are simple to execute and don’t require extensive training. For instance, you can schedule and send review forms with a few clicks. It offers unlimited expert-level support in every contract at no additional cost. The platform simplifies one of the most complicated processes in performance management - managing ratings. Pricing PerformYard performance management module is priced between $5 - $10 per seat per month. If you want the final exact price, you need to get a price quote from their sales team. 13. Insperity Insperity is a comprehensive HR solution provider offering a wide range of services, including human capital management, payroll processing, employee benefits, and risk management. The platform is designed to help businesses ensure compliance with legal and regulatory requirements while reducing administrative burdens. Insperity’s varied solutions support organizational growth by providing tools for recruiting, training, and employee development, allowing businesses to focus on their core activities. With a strong emphasis on improving employee experience and optimizing HR operations, Insperity is an ideal choice for companies looking to enhance their workforce management while maintaining compliance and operational efficiency. Key Features Training and Development: Insperity provides training and development programs designed to enhance employee skills and support career growth. This feature includes access to 6,500 online learning resources, in addition, to select industry-specific catalogs and other learning resources. Company Culture Development: This feature includes climate surveys, missions, vision, & values development, and a customized rewards and recognition program. By focusing on culture development, companies can improve employee satisfaction, reduce turnover, and create an environment where employees are motivated to contribute to the company’s success. Performance Management Support: This includes performance appraisal systems, goal-setting frameworks, and continuous feedback mechanisms that help managers and employees stay aligned with each other. Why pick Insperity? They have separate HR services for small businesses who are looking to outsource various HR functions. They have a dedicated talent management solution that lets you recruit new hires, track progress, provide training, and conduct performance reviews. Onboarding is easy as employees can fill their personal data online with self-service functionality, taking a major task off your plate. Pricing Contact the Insperity sales team for a personalized quote 14. ClearCompany ClearCompany is a unified recruiting & talent management platform that offers tools for recruiting, onboarding, performance management, and employee engagement. They are an AI-powered solution focused on maximizing employee and company success. Its data-driven insights and continuous feedback mechanisms empower organizations to better manage employee performance and retain top talent. With its award-winning applicant tracking software and talent management system, ClearCompany also simplifies the talent management process, making it easier for HR teams to manage the entire employee lifecycle. Key Features Peer-to-Peer Recognition: ClearCompany offers a peer-to-peer recognition feature that allows employees to acknowledge and celebrate each other’s achievements. This feature encourages team members to give and receive recognition for their contributions, developing an environment of appreciation and collaboration. Employee Listening Strategy: This feature provides tools for gathering and analyzing employee feedback through surveys, polls, and other listening channels. It enables organizations to stay attuned to employee sentiments, identify areas of concern, and proactively address issues before they escalate. Goals and Role-Based Reviews: It aligns employee performance reviews with specific goals and job roles. It also allows managers to tailor evaluations based on the unique responsibilities and objectives of each employee, ensuring that performance assessments are relevant and meaningful. Why pick ClearCompany? You can tailor review cycle workflows, questions, formats, scales, and participant communications to fit the unique roles within your company ClearCompany provides a variety of pre-built templates to expedite review creation. They have a variety of digital cycle administration tools that enable you to launch and manage review cycles, track progress, and boost employee participation. Pricing Contact the ClearCompany sales team for a personalized quote 15. Trakstar Trakstar is a performance management software that lets you manage employee appraisals, goal setting, and feedback. The platform offers customizable review templates, 360-degree feedback, and real-time performance tracking, enabling managers to drive employee development with considerable success. The platform also comes loaded with a robust analytics engine that helps organizations identify trends, monitor progress, and enhance their talent retention strategies. Key Features Set SMART Goals: Trakstar enables organizations to set SMART goals for employees, ensuring that objectives are clear, attainable, and aligned with the company’s broader mission. This feature allows managers and employees to collaboratively create goals that are well-defined and trackable, promoting accountability and driving performance. 360° Review Feedback: This feature allows organizations to gather comprehensive performance insights from a wide range of sources, including peers, subordinates, and managers. This holistic feedback approach provides a well-rounded perspective on employee performance, highlighting strengths and areas for development. Board-Ready Presentations: It enables HR teams and leadership to create professional, data-driven reports for executive and board meetings. This feature aggregates performance data, goal progress, and feedback into visually appealing presentations that are easy to understand and shareable with key stakeholders. Why pick Trakstar? It can send automated reminders to employees via email or through any communication tool that can be integrated with Trakstar. The benchmark feature of Trakstar empowers your employees to understand where they stand with respect to peer groups and what they can do to march past them. The platform also supports self-appraisal where employees can reflect on their own performance, strengths, and areas for improvement. Pricing Contact the Trakstar sales team for a personalized quote 16. Actus Actus is a performance management and talent development platform designed to support continuous feedback and career development initiatives. The platform offers a range of tools for setting and tracking goals, conducting performance reviews, and managing learning and development programs. Actus aims to create a culture of accountability, growth, and employee engagement within organizations by facilitating transparent communication. By empowering employees to achieve their full potential, Actus helps organizations build a high-performing workforce that drives business success. Key Features Appraisals: This tool offers customizable appraisal templates that can be tailored to fit the specific needs of different roles and departments. The appraisals feature facilitates meaningful discussions between managers and employees, helping to set clear expectations, review progress, and identify development opportunities. 360° Feedback and Survey: The 360° Feedback and Survey feature in Actus enables organizations to gather performance feedback across different areas. This comprehensive feedback approach provides a well-rounded view of an employee's strengths and areas for improvement. The platform also allows for the creation of personalized surveys to capture additional insights on employee engagement, satisfaction, and organizational culture. One to One Meetings: Actus supports regular One to One Meetings between managers and employees, providing a structured framework for ongoing communication and feedback. This feature helps managers and employees stay aligned on goals, discuss progress, address challenges, and plan for future development. Why pick Actus? With Actus, you can instantly set and monitor organizational and team goals and share SMART objectives with employees. The platform offers configurable templates for running and managing 1:1 meetings. It also allows the integration of in-house training courses and certificates. Pricing It has 3 plans: Actus Edge Package for SMEs (less than 50 employees) starts at £3/mo/person to £5.50/mo/person. For companies with 50-1000 employees, annual pricing ranges from £3,910 to £27,600. For companies with 1000+ employees, Actus provides customized pricing. 17. PeopleGoal PeopleGoal is an HR platform that offers a range of tools for employee performance management along with managing other core HR & onboarding functions. PeopleGoal provides customizable workflows, real-time analytics, and seamless integration with existing HR systems, making it a flexible and powerful solution for managing employee performance. Key Features OKRs, SMART Goals, Weekly Tasks: PeopleGoal offers robust tools for setting and tracking OKRs, SMART goals, and weekly tasks. Employees can break down larger goals into manageable weekly tasks, keeping progress on track and maintaining focus. By integrating OKRs, SMART goals, and weekly task management, PeopleGoal helps organizations drive performance, accountability, and productivity across all levels. Wellbeing & Mood Surveys: This feature enables organizations to regularly check in on employees' mental and emotional health. These surveys can be customized to gauge how employees are feeling, identify stressors, and gather insights on overall workplace well-being. The data collected from these surveys allows HR teams and leaders to proactively address issues, provide support, and create initiatives that promote a healthy work environment. Career and Succession Plans: This feature allows organizations to map out individual career paths, set development goals, and identify potential future leaders within the company. By offering clear pathways for growth and advancement, PeopleGoal helps retain top talent and ensures that the organization is prepared for future leadership transitions. Why pick PeopleGoal? You can use PeopleGoal to outline career plans and detail the actions employees need to take to advance to the next stage in their careers. The tool is ideal for promoting internal equity and fostering harmony across all levels. They have plenty of tutorials, webinars, guides, and videos to flatten the learning curve. Pricing PeopleGoal has a complicated pricing model. There is a base cost of $199/mo. Then the platform charges $4 per user/ per month with a minimum user requirement of at least 300 employees. 18. Reflektive Reflektive is a performance management and employee engagement platform that helps organizations create a culture of development and recognition. The platform operates with a singular goal- to drive employee engagement without affecting their productivity. Reflektive integrates with popular HR systems and provides real-time insights to help managers make data-driven decisions. It is suitable for companies seeking to modernize their performance management processes and build a high-performing workforce. Key Features Performance and Talent Calibration: This feature helps organizations ensure consistency and fairness in performance evaluations. It allows managers and HR teams to compare and align employee performance ratings across different teams and departments, reducing biases and ensuring that evaluations are equitable. Recognition: It enables employees to easily acknowledge and celebrate each other’s achievements in real time. This tool creates an environment of appreciation by allowing team members to give recognition for contributions that align with company values and goals. By promoting a positive work environment where achievements are recognized and celebrated, this feature helps drive employee motivation and strengthen team dynamics. Surveys: Reflektive’s Surveys feature allows organizations to regularly collect feedback on various aspects of the employee experience, from engagement to workplace culture. It lets you use templates created by organizational behavior experts from Stanford University. The data collected through these surveys helps organizations identify trends, address concerns, and implement initiatives that improve the overall employee experience, Why pick Reflektive? Within the platform, you can tailor your assessment questions to spark meaningful performance conversations at the right time. Reflektive streamlines and simplifies performance and talent calibration, ensuring rating consistency and data integrity while saving time for HRBPs and managers. You can use email, Slack, or MS Teams to collaborate about setting 1:1 agendas for constructive conversations. Pricing Contact the Reflektive sales team for a personalized quote 19. Perdoo Perdoo is an OKR and Strategy Execution software that helps organizations set, track, and achieve their strategic goals with great precision. Perdoo offers real-time progress tracking, goal-setting templates, and seamless integration with existing HR tools, making it easy for organizations to implement and manage their OKR processes. The platform’s data-driven insights help leaders make informed decisions and drive performance at every level. Perdoo is ideal for companies looking to enhance strategic alignment, drive performance, and achieve ambitious goals. Key Features KPI Boards & Strategic Pillars: Perdoo provides KPI Boards & Strategic Pillars that allow organizations to visually plan, track, & deliver key performance indicators (KPIs) and strategic objectives. KPI Boards offer a clear, real-time overview of progress toward key objectives, making it easy for leaders to monitor performance and adjust strategies as needed Check-ins & Reporting: This feature facilitates regular, structured conversations between managers and employees to discuss progress, address challenges, and adjust goals. It supports continuous performance management by enabling employees to track their progress and receive feedback in real-time. Pulse Surveys: This allows organizations to regularly gauge employee sentiment and engagement levels. These short, frequent surveys provide quick insights into how employees are feeling about their work, their teams, and the organization as a whole. Why pick Perdoo? Through a single dashboard, Perdoo lets you assess OKR progress, KPI health, contributions to strategy, engagement, and more during performance reviews. It is capable of standardizing key HR processes and empowering managers to hold regular 1:1s with their teams. The platform gives you the option to publicly give Kudos to coworkers to celebrate achievements and recognize outstanding performance. Pricing Perdoo has a free plan with all the basic features. Their premium quarterly plan starts at $9.90 per user per month while the Supreme plan starts at $12.10 per user per month (minimum 10 users) 20. Culture Amp Culture Amp is the last tool on our list. The platform offers core performance management features like employee surveys, feedback mechanisms, and several types of performance review tools, all designed to drive engagement, satisfaction, and productivity. With a focus on creating inclusive workplace environemtn, Culture Amp is ideal for companies looking to boost employee morale and use it to drive their performance. Key Features Individual Growth Plan: This feature allows employees and managers to collaboratively create tailored development plans that align with both individual aspirations and organizational goals. The platform provides resources, goal-setting frameworks, and progress tracking to support continuous learning and growth. Reviews & Calibration: This enables organizations to conduct fair and consistent performance reviews across the entire workforce. It allows managers to evaluate employee performance using customizable review templates, ensuring that assessments are relevant and aligned with company values. Retention Insights: This feature provides organizations with data-driven analysis to understand the factors influencing employee retention and turnover. It collects and analyzes feedback from employees to identify trends, predict attrition risks, and uncover areas where improvements can be made to enhance employee satisfaction. Why pick Culture Amp? Culture Amp provides actionable insights on employee performance, helping organizations address employee concerns quickly. You can leverage features like 360-degree feedback, goals, and 1-on-1 to facilitate seamless collaboration between managers and employees. It enables you to provide fair and accurate feedback by offering a centralized platform for viewing employee performance. Pricing Contact the Culture Amp sales team for a personalized quote Why Choose Peoplebox for Performance Management? Investing in good performance management software is essential for boosting organizational growth and driving the development of each employee. The right platform can streamline goal-setting, provide actionable feedback, and facilitate comprehensive performance reviews, all of which contribute to a more motivated workforce. Among the 20 options given above, Peoplebox stands out due to several reasons. For starters, the comprehensive feature list to manage employee performance really helps businesses of all sizes. Be it the OKR, the Reviews, or even the 1:1s; every feature has been designed carefully to streamline individual aspects of performance management. Secondly, the pricing is uncomplicated and there is a plan for everyone. The flexibility in functionality, rich integration capabilities, and the white glove support are few other reasons to pick Peoplebox over the rest. To know more about Peoplebox and how it can help, request a demo now. FAQs on Performance Management Tools 1. What are performance management tools used for? Performance management tools are typically used to track and evaluate employee performance, set and monitor goals, and provide feedback. They also help streamline performance reviews and support employee development. 2. Who uses performance management tools? Typically, HR managers and HR leaders use performance management tools. It is also used by employees for self-appraisal, viewing goals, receiving feedback, and managing their development. 3. How do you select the best performance management tool? First and foremost, ensure the tool is user-friendly and customizable. Check for integration and reporting capabilities, and scalability to accommodate growth. Finally, request a demo or trial, read user reviews, and assess the cost to ensure it fits your budget and needs. 4. What are the key features of good performance management software? A good performance management software should include features for setting and tracking goals, providing regular feedback, and conducting performance reviews. It should also offer robust reporting and analytics to monitor progress and support data-driven decisions. 5. What is the best tool for performance management? The answer to this question depends on your needs. For instance, if you are looking for a fully customizable performance management tool at an affordable price without compromising on core features, your choice would be mostly Peoplebox.

Day: April 15, 2022

Best Performance Management Tools In 2024

Features

Platform

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Best Performance Management Tools In 2024

Features

Platform

Resources

Contact

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