Every organization is striving to achieve success and growth nowadays. However, the growth and success of any organization is completely dependent on the performance of its employees. If the goals of employees are accomplished the goals and objectives of the organization will be achieved simultaneously. To measure the performance of employees efficiently an organization requires a method or a tool to record the performance of employees.
As a team leader, manager or an HR professional it is difficult to keep a manual record of every single employee’s performance in an organization. To solve this problem we have performance management software- a robust tool for performance management. It automates the entire process of record keeping of every employee’s performance.
To make a smart and informed choice we have provided a list of the best performance management software in 2024 along with the key points to consider while choosing a performance management software for your organization.
What is a Performance Management Software (PMS)?
Performance Management Software is a collaborative tool that helps organizations and managers to track, understand and manage the overall performance of employees. It is an important tool for organizations to assess individual performance and make important decisions.
If the performance of employees is good, managers can plan out appraisals and recognition to motivate employees but if employees are not performing well organizations can plan training programs and workshops to train those employees. Good performance management software has various features including goal setting, performance reviews, feedback management, employee recognition etc.
Benefits of using Performance Management Software
Using performance management software in organizations provides numerous benefits to employees as well as employers. Some of the benefits of using performance management software are:
1. Improves employee retention rate
Performance management software helps to improve employee retention rates in the organization. Providing regular feedback to team members along with timely promotions and appraisals improves the retention rate of employees in the organization. A good employee retention rate is an added advantage to an organization.
2. Improve organizational performance
An organization is likely to perform better if they have a good performance management system in place. The performance of any organization depends on the overall performance of all its employees. So it’s necessary to have a proper measurement of performance in the organization.
3. Higher engagement
Employees are more likely to be engaged if the organization invests in their growth and development. Performance management software helps to track the performance of employees in the organization. If the performance of employees in the organization is good, the organization is likely to provide them with appraisals and salary hikes.
4. Helps organizations to plan for training needs
Performance management software plays a key role in identifying the need to train employees who are not performing up to the mark. The training sessions and workshops can help the low-performing employees in improving their performance. Accordingly, organizations can plan training sessions for these employees.
5. Helps to build motivation in employees
Employees who perform better are likely to get appraisals and salary hikes. These employees become a motivation for other employees to perform better in the long run. A motivated employee is likely to perform better and achieve results in the long run.
Top Performance Management Software in 2024
There are a number of vendors providing global performance management software. We have classified a list of top performance management software in 2024:
Zimyo is one of the top performance management software which is used by businesses and organizations across the world. Zimyo Performance Management offers various tools including the 9-Box Matrix, Bell curve appraisal, normalization ratings, competency ratings etc to measure and recognize the performance of employees.
It also provides several modules including HRMS, Payroll, Time and Attendance Management, Employee Benefits etc with several others.
Zimyo offers integrations with various other software to streamline the entire process. It offers a unique feature of payroll integration with performance management, the first of its kind in world.
Performance bonuses are used to be calculated separately and this leads to errors and lack of transparency. However, Zimyo Performance management can be integrated with its payroll solution for better transparency and to ensure performance-linked appraisals to employees.
Features of Top Performance Management Software
- Realistic goal setting
- Performance Reviews
- Continuous Feedback
- Personalized Notifications
- 360-degree reviews
- Dynamic Workflow
- Due process
- Employee Recognition
- Positive Candidate Experience
- Performance Analysis
- 9 Box Matrix
- Normalized Ratings
- Bell curve appraisal
- One-on-one feedback
- SMART Goals
Pricing
2. Lattice
Lattice is an all-in-one performance management software that helps organizations and businesses to manage the performance of employees. It brings together the workflows for managing the performance of employees. It has key features like OKRs and KPIs to measure employee performance. It helps to run performance review cycles monthly, quarterly, yearly or project-based. It can be customized as per the requirements of the organization. Â
Lattice provides tools to managers which play an important role in understanding how their team is performing and becoming better coaches.
Features of Top Performance Management Software
- Performance reviews
- Employee engagement surveys
- One-on-one meetings
- Employee recognition and appraisal
- OKRs and Goals
- Dashboard and Analytics
3. Leapsome
Leapsome is a leading performance management software that aims to drive employee engagement, productivity and development. This software can be customized as per the needs of your organization. It plays an important role in analyzing the performance and providing 360-degree feedback and reviews. The reports and dashboards can be classified into various categories based on the department, performance etc. Moreover, it also provides a supportive environment with timely and meaningful feedback.
Features of Top Performance Management Software
- 360-degree feedback
- Employee recognition and appraisals
- Dashboards and analytics
- Engagement surveys
- One-on-one meetings
- Competency Framework
4. BambooHR
Bamboo HR is a leading performance management provider which provides solutions to small, medium and large organizations. The performance management software comes with an add-on module with its basic package that can be costly for small businesses and organizations.
Bamboo HR helps you create multiple performance review cycles based on periods such as 30, 60 and 90-day review cycles. The user interface of Bamboo HR is user-friendly and easily adaptable.
Features of Top Performance Management Software
- Review management
- Feedback management
- Reports and Analytics
- Performance appraisals
- Assessment planning
- Automated reminders
5. Culture Amp
Culture Amp is an all-in-one performance management tool for organizations and businesses across the world. It helps organizations and businesses build high-performing teams that can contribute to success and growth. The user-friendly platform is easy to use for organizations with intuitive dashboards and analytics. The review process takes less time to administer and more time to encourage.
It helps organizations to find key areas where they need to focus, improve and take necessary action.
Features of Top Performance Management Software
- Peer-to-peer feedback
- Intuitive dashboards and analytics
- Goal/ OKR tracking
- One-on one-meetings
- Integrations
- Skills coach
6. Workday
Workday is one of the leading performance management providers for organizations and businesses across the world. This software helps to get a complete overview of your team’s performance and how you can have a deeper understanding and make the most of it. It provides advanced solutions to align the goals of your employees to your organization’s objective so that they can make the most out of it. It helps to elevate and grow your workforce.
Features of Top Performance Management Software
- Team Overview
- Skill management
- Reward and recognition
- Career planning and development
- Goal and performance enablement
- Talent pipeline
7. Engagedly
Engagedly is one of the leading performance management software which is used by several businesses and organizations across the globe. It provides its solutions to small, medium and large businesses. By adopting this software for your organization or business you can streamline the entire process of performance management.Â
Along with performance management, Engagedly offers a holistic suite of software including Employee Engagement, Learning and Development etc.Â
Features of Top Performance Management Software
- Performance Reviews
- OKRs and goal-setting
- Skill assessment
- Real-time feedback
- 360-degree feedback
- Advanced analytics and dashboards
Pricing
8. 15five
15five is one of the top performance management software for small, medium and large organizations. It provides modern solutions which HR teams can tailor to their unique approach to continuous growth and feedback. It helps to create an exceptional experience and culture in the organization. Team leaders and managers can collect multi-dimensional feedback from their team members from several sources. Based on employee performance organizations can plan growth, development, recognition and appraisals for their employees.
Features of Top Performance Management Software
- Performance reviews and ratings
- Employee reward and recognition
- Integrations
- Multi-dimensional feedback
- OKRs and goal-setting
- Compensation management
9. xto10x
xto10x is a leading provider of performance measurement software for organizations and businesses. As the name itself suggests, this software aims to scale the performance of an organization from x to 10x with its unique solutions. It helps organizations conduct effortless and non-biased performance reviews. It helps organizations to retain their top talent by understanding their planning for growth and development within the organization. The 360-degree feedback of this module helps to assess an individual from several perspectives.Â
Features of Top Performance Management Software
- Performance reviews
- Dashboard and analytics
- Personalized talent card
- 360-degree feedback
- Pre-made and customizable templates
- Anonymous Feedback
Summing Up
Performance management software is an extremely useful tool for organizations and businesses across the world. Measuring performance manually can result in a lot of errors and issues. These decisions can be biased and result in big issues. Performance management software helps to measure the performance of employees based on OKRs and KPIs. These measures of performance management help organizations to ensure transparency and better decision-making.Â
Organizations like Zimyo provide the best platform for leveraging employee experience with their digital and new-aged solutions. From managing HR, Payroll, Performance Management, and Employee Benefits Management it covers everything. Zimyo is already catering to 2000+ customers across the globe with renowned names including Bajaj Capital, Yash Raj Films, TVF, Kayfi, Qatar Wires etc.Â
The performance management system comes with a range of features including employee ratings, feedback management, OKRs, KRAs, KPIs etc. It also supports integrations with several modules including timesheet, payroll, task management, compensation, expense management etc.  Â
To transform the whole journey of performance management you can schedule a demo!
