10 Best Performance Management Software

Analyze real-time performance standards & give feedback effortlessly with Performance Management Software. Here is the compilation of the best Performance Management Software to boost employee productivity.

Businesses thrive on their biggest source of strength: employees. Therefore, taking care of employees' needs and providing them with an enriched experience should be the priorities for any company. Maintaining employees' productivity helps companies achieve their goals and creates a workplace accelerated toward growth and higher revenues. So, there is a need to analyze employees' performance on time, which can be done with performance management softwares.

Using the best performance management system helps you track employee performance and gauge if it is in line with organizational goals and objectives. Moreover, it helps set performance standards for employees to ensure the work evaluation is done properly. With the help of these systems, employees and managers can understand the strengths and weaknesses of the entire team. They can use their strong points to navigate business challenges.

Here is a list of the top performance management tools to help you determine performance goals, assess progress, boost employee productivity, and identify barriers in achieving organizational goals.

What are the Top Performance Management Software?

Keka

Keka HR is a leading name and the most preferred choice in the small and medium industries. Started in 2016, the company identified a gap in the HR tech space and filled it with its new-age and advanced HR and Payroll software. The company focuses on improving work culture and employee experience with its cutting-edge HR products. The performance management software by Keka is developed to improve an organizations’ performance review process by implementing efficient and comprehensive tools. Moreover, the platform also gives special attention to employee engagement and enhances this process through ongoing feedback and goal setting.

Keka HR Product Image

Key Features

  • Continuous performance reviews in real-time
  • 1:1 meeting for remote employees
  • OKRs for aligning employee goals and sub-goals to organizational outcome
  • 360-degree feedback for overall success and growth
  • Employee appreciation on a public platform
  • Internal notes for managers to prepare notes on each employee performance
  • Ability to review past feedback, notes, and ratings
  • Goal tracking to understand the contribution of each employee and overall performance
  • Multi-dimensional reviews containing goals, questions, competencies, and core values
  • Assignment of performance bands based on ratings
  • Availability of 9-box and bell-curved model
  • Integrated calibration process to remove bias in the review process
  • Administrative dashboard to monitor and ensure timely 1:1 meetings
  • Provision of badges and certificates for employee appreciation

Suitable For: Small and Medium-sized Enterprises (SMEs) and Large Enterprises

Pricing: Check our pricing plans

Check the pricing plan and book your free trial today!

Get Started with Keka

Lattice

Lattice is a people management platform that helps HR leaders manage their workforce efficiently. The platform helps the organization reward its competent employees by connecting compensation to performance.

Key Features

  • Powerful people analytics to make data-driven decisions
  • Availability of employee engagement surveys and compensation management
  • Offers flexibility and support for growing teams

Suitable For: Small businesses and enterprises

Pricing: 4 pricing plans

  • Performance management + OKRs and goal-setting module for $11 per person/month
  • Engagement module for +$4 per person/month
  • Grow module for +$4 per person/month
  • Compensation module for +$6 per person/month

HROne

HROne offers a well-stipulated performance management suite to align individual tasks with team and company goals. They offer modules like a 9-box matrix, 360-degree feedback, and continuous feedback system.

Key Features

  • Plan, progress, problem model for effective MOMs
  • Continuous feedback cycle for employee growth
  • Automated reviews to eliminate assigning annual tasks
  • Workforce planning feature to identify future leaders

Suitable For: Medium and large enterprises

Pricing: 3 pricing plan

  • Basic plan for Rs 85 per month/person
  • Professional plan for Rs 115 per month/person
  • Enterprise plan with custom pricing

PerformYard

PerformYard offers a simple and flexible performance management system to reduce the workload of HRs and enhance organizational efficiency. You can create a performance system that serves the needs of your company's culture.

Key Features

  • Review cycles, goals, feedback, and performance data analysis on one platform
  • Anonymous engagement surveys and visual data
  • Performance feedback loop
  • Detailed reports on performance data

Suitable For: Small & medium enterprises

Pricing: 1 plan and an add-on is available. The performance management system costs $5-10/month per user. The add-on for employee engagement is priced at $1-3 per user/month.

Paycom

In the last 25 years, Paycom has become a leading name in HR and payroll technology. With their performance management system, they are helping organizations retain their best talents.

Key Features

  • Consistent evaluation system with all the required documentation, processes, and resources
  • Comprehensive company-wide reporting
  • Employee self-service platform to connect employees to their HR data

Suitable For: Small, medium, and large businesses

Pricing: Check the website for pricing details

Mesh

Mesh offers a performance management system to make employees judge their performance, manage goals, and track tasks. Combining the benefits of OKRs, goal setting, and productivity management, it offers the best tool for employee goal tracking.

Key Features

  • Machine learning-driven actions for better feedback
  • Generative AI for team and peer check-ins
  • AI-based insights combining visual trends

Suitable For: Small and large organizations

Pricing: 3 pricing plans

  • Base plan of $4 per person/month
  • Premium plan of $7 per person/month
  • Enterprise plan with custom pricing

Zoho People

Zoho People is designed to help organizations reduce employee turnover and improve retention of the best employees. Organizations can evaluate their best talent with the help of customized performance appraisal methods.

Key Features

  • Interactive dashboard with all data and insights
  • Goal tracking feature to know the progress of individuals and the entire team
  • Option of defining a budget and allocating it to dedicated teams

Suitable For: Small and medium enterprises

Pricing: 5 pricing plans

  • Essential HR is priced at Rs 48/user per month, billed annually
  • Professional plan at Rs 96/user per month billed annually
  • Premium plan for Rs 144/user per month billed annually
  • Enterprise plan for Rs 192/user per month billed annually
  • People Plus plan for Rs 350/user per month billed annually

Leapsome

Leapsome is a trusted name among CEOs and HR teams when it comes to closing the loop between performance management, employee engagement, and learning. They have an excellent customer support team providing 99% customer satisfaction.

Key Features

  • Integration capabilities with existing tools, including Slack, Jira, Teams, HRIS, or Calendar
  • Performance management, OKRs, employee engagement, and learning from one platform
  • User-friendly and interactive platform to simplify processes from C-class executives to all employees

Suitable For: Organizations of every size

Pricing: Check the official website for the pricing plan

Fitbots

This organization works with a vision to help businesses build perfect strategies with OKRs. With Fitbots, companies can align their teams to organizational strategies, improve company culture, and accelerate growth.

Key Features

  • The platform enables clear communication with the help of features like feedback and messaging integration
  • Organizations can create team and individual-level OKRs for timely actions

Suitable For: Medium and large enterprises

Pricing: 2 pricing plans, one for enterprises and another for non-profit organizations. Check the official website for more details.

15Five

15Five promotes itself as a human-centered performance management platform designed to bring positive business impact. They provide the required data and tools to the HR teams to make data-driven, impactful, and actionable decisions.

Key Features

  • Easy communication between employees, managers, and peers
  • Easily understandable management surveys that can be completed in 6 minutes
  • Sentiments and concerns identification before they impact the work

Suitable For: Businesses of all sizes across all industries

Pricing: 3 pricing plans

  • Engage at $4 per user/month billed annually
  • Perform at $10 per user/month billed annually
  • Total platform $16 per user/month billed annually

Alternative Performance Management Systems

Trakstar

It is a talent management platform that helps organizations attract and retain top performers with its performance management and people analytics. It lowers the company's costs and helps them make strategic decisions.

Key Features

  • SMART goal setting and easier talent management
  • Detailed reporting with insights
  • Integration with communication tools to send reminders

Suitable For: Medium and large organizations

Pricing: Check the official website for pricing plans

Synergita

Trusted by 3.5 lakh users across the globe, the Synergita performance management tool is highly recommended by industry experts. It helps organizations prepare succession planning, retain the right employees, and define the future scope of team members.

Key Features

  • Hassle-free appraisal letter distribution
  • 360-degree feedback from peers, managers, partners, and customers
  • Easy employee engagement survey setup

Suitable For: Small to large organizations

Pricing: Check the official website for pricing plans

Zimyo

Zimyo offers modern HR software to help workspaces plan their resources better. Built for businesses across multiple industries, this new-age platform has already created its impact on many businesses.

Key Features

  • 9-box matrix to identify the best employees based on their potential and performance
  • Bell curve appraisal to tape-measure employee performance
  • Integration with Zimyo payroll software for timely appraisals and compensations

Suitable For: Small to large organizations

Pricing: 3 pricing plans

  • Basic plan for Rs 60 per user/month
  • Standard plan for Rs 100 per user/month
  • Enterprise plan for Rs 150 per user/month

BambooHR

BambooHR is a hire-to-retire platform that takes care of all HR-related activities. Their software is used by 30k+ companies across different industries, from construction & IT to healthcare & finance.

Key Features

  • Create and customize multiple performance review cycles
  • Custom evaluation for different business departments
  • Review cycle creation with up to 4 formal reviews each year

Suitable For: Startups to large businesses

Pricing: Check the official website for pricing plans

xto10x

With 150+ companies in their clientele, xto10x is one of the best choices for startups. Their employee engagement, OKRs, and performance management module help companies improve their internal processes.

Key Features

  • Easy plug-and-play system
  • Employee sentiment analysis and succession planning
  • Personalized talent card

Suitable For: Startups and medium enterprises

Pricing: Visit the official website to check the pricing plan

Check the pricing plan and book your free trial today!

Get Started with Keka

Features of a Performance Management System

Tracking how the employees are performing and if their KPIs are met is crucial for organizational growth. Choosing the best performance management software will help you maintain transparency by tracking the real-time performance of employees.

Remember that using a system that automates performance measurement while keeping the cost low is crucial. Here is a list of features that make performance management software a preferred choice among its users.

1. Ease of goal-setting

Setting performance standards for employees and helping them achieve those goals keeps them motivated and productive. It has been noticed that employees with SMART goals feel encouraged to do their tasks. Defining OKRs and KPIs helps employees understand how their work affects organizational success and what they can do to align their personal goals with organizational objectives. Therefore, highly credible and top performance management tools must provide ease of setting goals.

Keka HR Product Image

2. Ability to give continuous feedback

Giving continuous feedback to the team helps them improve their performance and work on their strengths and weaknesses. It also improves the collaboration and trust between managers and employees. Having a feedback module in the performance management applications fosters a culture of growth, trust, and progress.

3. Demonstrate actionable insights and reports

Understanding the overall organizational performance with the help of graphs and charts is easier to comprehend. Moreover, custom reports also help employees get insights into actionable data. A performance management system with this feature helps employers generate reports to understand the strong areas of their employees.

4. Offer 360-degree feedback

360-degree feedback is about taking opinions from an employee's peers, managers, and juniors. This feedback adds value and gives employees a clear idea of how others perceive their opinions, work styles, and values. A performance management system offering 360-degree feedback is crucial as it provides multi-layer feedback to employees.

5. Enable succession planning

Succession planning is important to help employees undergo a smooth transition when taking on new roles. It gives them an idea of how their career will look in the coming years. To help in succession planning, the performance management system in HRM must have the features of coaching and career development.

In addition to the features mentioned above, performance management applications with features like training & personal development and rewards & recognitions are helpful in understanding employees' motivation and productivity.

Why Should You Use Performance Management Software?

Top performance management systems help organizations understand how effectively they use their human resources. It gives them an idea of which employee performs best, what to include in the learning & development, whom to reward, and more. Using the best performance management tools helps you with the following:

Understanding your employees' performance

Keeping an eye on your employees' performance is much needed to help the organization grow. It is vital to keep them motivated and encouraged to do their tasks.In a study, it was concluded that motivated employees are 87% less likely to quit their job. If employees are demotivated, the worker turnover rate increases and the organization's growth goes on a toss. The best performance management solutions help you understand the efficiency levels of employees across the organization. It also allows you to roll out plans to check employees' learning and development.

Fair performance evaluation

Regular check-ins of KPIs and OKRs are needed to ensure employee performance is measured correctly. Accurate evaluation is needed so that workers are compensated fairly for the hard work they are putting in their jobs. An effective performance management system helps top-tier employees, HRs, and team leads conduct accurate performance evaluations.

Analyzing the organization's vision & mission

Keeping track of organizational mission and vision is crucial as it helps you know if you are progressing correctly. Aligning employees' personal goals to organizational objectives keeps them productive, and they take their responsibilities seriously. Performance management applications help leaders understand if the organizational goals match the personal commitments of different employees.

Refining the employee strategy

Keeping your most valuable assets happy and inspired is necessary in the long run. Your employees represent your brand, so making them feel valued is vital. Having an employee strategy helps you reduce turnover costs, hiring and onboarding costs, and maintain a talented

Improving employee experience

Performance management tools with rewards and recognition features improve the employee experience by congratulating them for the effort they put in. It has been observed that organizations that fail to recognize their employees create a negative impact on the minds of their workforce.

Keka HR Product Image

A robust performance management system that takes care of the feedback & appraisal cycle, offers custom reports, and helps you analyze data with interactive dashboards makes your work much easier and data-driven.

A robust performance management system that takes care of the feedback & appraisal cycle, offers custom reports, and helps you analyze data with interactive dashboards makes your work much easier and data-driven.

Who Can Use Performance Management Software?

The users of the best performance management softwares are not limited to a specific industry or company size. Every employee in the companies implementing performance management systems will interact with this tool at some point. However, team leaders and managers with direct reportees will use the application more.

However, the major category of people who use the best performance management solutions are:

  • Employees: To oversee their yearly performance and fill the gaps, if any
  • Managers: To define the KPIs and be watchful of the team's performance
  • HR Professionals: To define the HR processes related to performance review.

Issues With Performance Management Software

Providing clarity on job roles, setting employee targets, designing performance benchmarks, and providing adequate technical/personal support are essential to have a smooth performance appraisal cycle. These issues can be dealt with the help of a scalable and the best performance management system. But what if issues start popping up in the performance management systems? How to deal with it?

Here are a few issues that affect performance management software and make it difficult to understand which is the best example of performance management system.

  • Customization
  • How you can build upon current features and make them appropriate for your organization needs to be considered when looking at different example of performance management systems. You must choose a system that evolves and grows with your growing organization.

  • User-friendliness
  • How easily your employees and other stakeholders can navigate through the features must be looked upon when selecting performance management systems. Moreover, the UI/UX of the platform should be top-notch to provide excellent experience to employees, HRs, and other stakeholders.

  • Customer Support
  • Impeccable customer service enhances the service experience and reduces friction by keeping the chances of churning out away. Selecting a vendor with excellent customer support is a prerequisite for performance management tools.

    In addition, you must consider the platform's flexibility before making a purchase decision.

How to Choose the Right Performance Management Software

Choosing the right platform is just one step toward improving the productivity of your employees. The entire process is incomplete until your employees do not navigate to the platform and start using it regularly. Therefore, choosing the right platform becomes quintessential.

You can follow this checklist to
select the best software

  • Listing the features the system offers
  • Provision of customer support and training
  • Availability of reporting tools
  • Alignment with business requirements
  • Alignment with employee self-service portal
  • Ease of navigation
  • Budget requirements
  • Heatmaps for boosting performance
  • AI-driven performance analytics

Here is a step-by-step guide on choosing the most suitable performance management tools for your organization.

  • Identify the needs
  • Identifying the challenges in your current performance management processes is the first step you need to take. Then, understand what you want to achieve with the new system in place. Connecting with your employees and understanding what they want from performance management systems will help you identify your needs.

  • Find the features you want
  • Your organizational needs will be different from the needs of other companies. Maybe you are looking to define your KPIs or introduce 360-degree feedback in your organization. Therefore, listing down the features you need is the next step in selecting the top performance management software for your company.

  • Look at integration capabilities
  • A standalone performance management system cannot serve your entire purpose. It should be able to integrate with other HR solutions like attendance, timesheets, payroll, and leaves. Therefore, finding a system that can be integrated with other tools is crucial.

  • Reach out to vendors
  • After you have finalized your requirements and desired features, it is time to connect with vendors. Keep 2-3 options and look at the features offered by each vendor. Evaluate each system based on pricing, customization options, ease of integration, etc.

  • Conduct employee training
  • Once you implement the software, it is time to train your employees on its usage. Prepare proper training material and help them understand how to use different features. Take their feedback after a month to understand the adoption rate.

Choosing the right system will help you and your employees improve workforce efficiency, define performance standards, and determine organizational progress.

Check the pricing plan and book your free trial today!

Get Started with Keka

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