Top 4 main functions of performance management software

Every organization, no matter how small or large it is, seems to have one thing for sure – the performance management software. This software is like panacea for all pains related to maintaining daily to annual activities in an organization. Main functions of this amazing software are:

  • Payroll management: Right from recording attendance to calculating tax liability, the performance management software encompasses all activities pertaining to payroll processing. This software can calculate the work days count, tax liability figure, salary due or salary to be recovered etc.
  • Talent management: Very useful information emerges from the payroll processing. This information is about the proficiency level of the workforce. Proficiency can be gauged from the number of work hours taken, number of projects handled, etc. All this information is safely stored in the software for performance management and can be accessed from anywhere, anytime.
  • Goal management: This software can be used to record the minutes of the meetings focused on goal designing and achievement plan. The requirement of workforce as per the needs of the goal can be derived from the details mentioned in the goal management plan. Team members can know about each other through this software and can collaborate better by uploading work in progress reports, completed phase of the project report etc.
  • Talent acquisition and retention: HR department can use this software to identify the workforce requirement. They can find the required qualifications and the number of heads to be recruited from the reports maintained in the software. Further, the recruiting department or agency can document the interviews held or to be held, selected candidates’ report etc. Once recruited, joining formalities, induction program management, training management – all these activities are completed and documented without any loopholes in this soft tool.

For retaining the talent, announcement and distribution of bonuses, cash prize contests, etc is also done through software. Thus, appraisal and rewarding of the deserving candidates becomes easier and faster.

Employees are the biggest asset of any organization. It becomes easier for the managers to compensate and reward the best candidates when the performances of all team members are documented in an ambiguity-free manner. The software for performance management offers the convenience of doing so remarkably.