Over the past decade, the landscape of employee management has undergone substantial transformation. Historically centered around tasks like maintaining employee records, establishing salary structures, and ensuring regulatory compliance, contemporary employee management has expanded beyond these conventional boundaries.
Today, the performance of every business employee is crucial for the success of any enterprise. Part of the reason for this expansion is technology’s role in the workforce, with several software platforms aimed at making employee and business performance management (BPM) more efficient. In this context, we look closely at business performance management and highlight the leading software platforms in 2023.
What is performance management?
Performance management is the constant effort to verify that an employee meets the performance standards set for their role. This process starts during staff onboarding and continues regularly throughout the employee’s tenure with the organization.
Effectively managing business performance requires constant communication regarding job responsibilities, clarifying performance expectations, and regularly strategizing methods that can help maximize potential and productivity. The effectiveness of performance management hinges on many complex processes; thankfully, there is a wide variety of performance management software on the market.
Business performance management software
Today, businesses explore better efficiency, optimization, and peak performance with top-notch performance management software. These platforms accelerate organizational growth by streamlining operations and boosting employee engagement and morale.
Business performance management platforms contribute to productivity by providing organizations with innovative systems for tracking employee goals and progress, ensuring critical tasks are completed on time.
Typically, BPM software incorporates data collection capabilities for gathering information from different sources, including financial systems, customer relationship management systems, and operational databases. These platforms also leverage advanced analytics to convert data into valuable insights and produce reports that track progress and identify areas for improvement.
Benefits of implementing performance management software
As organizations seek to optimize their operations and drive success, performance management software has emerged as a game-changer. Here are some of the several benefits organizations can gain by implementing these platforms in the modern era.
Employee engagement
Employees who grasp the broader context of their work and understand their contribution to the organization’s objectives are likely to develop a stronger sense of commitment and engagement. To this point, performance management software gives employees a transparent view of their responsibilities and equips them with necessary resources to carry out these job roles effectively. This enhanced understanding also fosters better productivity and retention rates.
Identify weaknesses
With performance management software, businesses can better identify weaknesses across different departments and teams. With this understanding, companies can formulate strategies that effectively address these concerns.
Performance tracking
Managing employees and their performance manually can be incredibly mundane and time-consuming. Yet with the right software, you can access real-time performance updates for your team. Performance management software helps to track performance by identifying areas of improvement and streamlining workforce management for more efficient and effective processes.
Report generation
Additionally, performance management platforms generate real-time reports that give businesses robust insights into their performances. This automated reporting feature ensures organizations can quickly evaluate the situation and take necessary actions.
Setting targets
The most productive organizations set specific and achievable targets to create a clear sense of purpose and direction, while motivating and measuring employee performance. Performance management tools also help develop precise team objectives and track progress toward achieving them.
The best business performance software 2023
The importance of these platforms cannot be overstated, with several studies identifying a 40% efficiency increase in companies that implement performance management software. But with many options available, it takes time to identify the right platform for your business. To help, we’ve rounded up the best business performance software for businesses of all scales.
StemeXe
As a result of the ongoing digital revolution, the demand for improved collaboration and productivity solutions has reached unprecedented levels. StemeXe, an innovative productivity software, satisfies this need by providing a solution that connects employees and managers, cultivating a more engaged, effective, and well-informed workplace.
StemeXe employs its Human Experience Management (HXM) methodology to transform the landscape of contemporary work settings and benefit both managers and employees. Managers who implement the StemeXe platform get a better view of the organization and track employee performance effortlessly. This data empowers managers to make informed decisions, optimize team performance, and ensure all members understand their responsibilities.
Conversely, StemeXe empowers employees by enabling them to effortlessly collaborate with their teams and utilize a comprehensive set of productivity tools. These tools streamline daily tasks and foster inclusion and active participation across the organization. As a result, employees become more engaged and efficient in their work and department.
StemeXe is highly regarded for its comprehensive approach to productivity enhancement. This platform offers a complete suite of tools to elevate employee experience and amplify productivity. With an intuitive interface encompassing employee onboarding, an automation catalog, and scorecard management, StemeXe helps create a more engaged, productive, and efficient workplace.
Other StemeXe features include activity management, a virtual office with a metaverse option, and zero-code automation. Businesses can also benefit from its digital library, service and pipeline management, and intuitive business intelligence dashboards.
SteamXe transcends mere productivity platforms; it’s a transformative force for modern businesses. Through enhanced collaboration, better employee productivity, and the provision of crucial management tools, StemeXe establishes a fresh benchmark for workplace efficiency.
Lattice
Lattice is another predominant name in the realm of performance management software, providing an extensive line of features that cater to the diverse needs of organizations. These features include goal tracking, electronic signatures, compensation review capabilities, advanced analytics, continuous feedback mechanisms, career progression tracking, personalized development plans, and many other functionalities.
Regarding performance management plans, Lattice offers a range of options to suit various requirements. Organizations looking to craft strategies to utilize Objectives and Key Results and other goal-oriented approaches can explore this feature at $11 monthly per person.
Ultimately, Lattice provides a more streamlined and budget-friendly plan starting at $4 monthly per person, accommodating organizations with diverse preferences and needs. The platform integrates seamlessly with Slack, Google Workspace, Microsoft Teams, and Outlook and features a mobile application.
ClearCompany
ClearCompany has become an exceptionally proficient performance management software due to its commitment to a comprehensive and well-structured methodology regarding talent and performance oversight.
At its core, ClearCompany aims to foster alignment between employee’s objectives and the organization’s overarching vision and mission. This approach is instrumental in cultivating a comprehensive understanding among employees, enabling them to grasp their significance within the organization entirely.
ClearCompany platform provides real-time feedback tools, goal-setting features, and performance review functionalities that foster continuous growth and improvement. Furthermore, its user-friendly interface simplifies the complex processes of employee performance management, making it easy for employees and managers to engage in performance discussions.
ClearCompany also integrates with various HRIS systems, ensuring every process, from recruitment to performance reviews, remains interconnected and data-driven. This strategy facilitates informed decision-making, which helps to drive overall organizational success.
LeapSome
LeapSome excels as a top-tier performance management software thanks to its comprehensive platform that strongly emphasizes continuous feedback, employee engagement, and individualized development. Rather than engage in annual performance reviews, LeapSome transforms them into an ongoing conversation that fosters personal growth and team alignment.
One of its standout features is the 360-degree feedback mechanism that enables a comprehensive evaluation process that incorporates assessments from peers, managers, and even self-evaluations. LeapSome boasts an intuitive interface that simplifies the process of establishing and monitoring organizational goals. Furthermore, the platform features learning and development modules that enhance employee skills after the assessment phase.
LeapSome offers a comprehensive solution that goes beyond performance evaluation. This platform enhances employee performance, making it an indispensable asset for any proactive, forward-thinking organization.
BambooHR
BambooHR is a comprehensive human resource (HR) and performance management solution ideal for small and medium-scale businesses. Through the BambooHR platform, managers can track and share goals for employees and teams, streamline onboarding and payroll processes, track time and performance, and deliver feedback.
BambooHR lets you store and organize all employee information in a secure and accessible database. Managers can also create custom fields, forms, and reports to suit specific needs. Through BambooHR, businesses can post jobs on several job boards, track applicants, schedule interviews, and collaborate with the hiring team to find and recruit the best talents.
Organizations implementing BambooHR can also improve employee experience and performance by gathering feedback from surveys, eNPS, and performance reviews. This platform connects with hundreds of other popular tools for accounting, recruiting, communication, productivity, and more. This level of integration helps to streamline business processes and data flow.
Conclusion
As technology continues to reshape organizations’ operations, we will see more innovation regarding business performance management. The platforms highlighted incorporate several features that help to foster employee engagement and streamline organizational productivity. From StemeXe’s HXM methodology to ClearCompany’s holistic approach, these solutions set new benchmarks for efficiency, productivity, and employee satisfaction.
