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