Performance Management Solution Software FAQs
What is performance management? Learn the answer to this as well as other frequently asked questions about performance management and related topics.
What is performance management?
Performance management is the framework to ensure employee performance is connected to business results and are meeting strategic objectives in an efficient process. This includes employee goal setting, organizational alignment, identifying and closing skill gaps, personalized development plans, and employee appraisals. Effective performance management will directly better employee engagement, increase employee retention, and enhance the employee experience.
Why is performance management important?
Performance management is imperative to company growth and longevity because talent differentiates organizations apart. With an effective performance management solution, organizations foster a culture of career development which both attracts talent and retains talent. Companies also gain the ability to reveal skill gaps in an organization, improve employee performance, connect talent strategies to business outcomes, recognize and reward employees, and close the employee engagement loop by listening to employee voice.
What is succession planning?
Succession planning is the process of knowing exactly where and how to identifying high-potential candidates and developing new Successors* to replace Incumbents* to mitigate talent vacancy costs effectively. It is also a proactive approach to identifying potential and personalizing development to increase employee retention.
*Incumbent - A person who currently holds a particular position in an organization (typically a position of leadership)
*Successor - A person who will hold a position after the Incumbent
What is a performance appraisal?
Performance appraisal, commonly referred to as a performance review or performance evaluation, is a systematic approach to assess, report, evaluate, and document an employee’s job performance. Modern performance appraisals blend all the core elements of traditional appraisals - a reflection of the year’s accomplishments, an aggregation of feedback, a benchmark of competencies, and an outline of goals - and includes forward-oriented aspects like actionable steps to better reach target goals. Typically, performance appraisal results contribute to compensation strategies and support talent mobility decisions.
What is continuous performance management?
Continuous performance management is the new movement to address the changing expectations of the workforce, unveiled by new talent management technology. It addresses on-going development, conversations, feedback and coaching between managers and their direct reports/teams, versus an annual appraisal. This approach takes into consideration real-time performance data collection and a continuous recalibration of goals to course correct and improve employee performance through continuous development.
What's the difference between Talent Mobility and Career Mobility? Why are they important?
Depending on whom you ask they may be the same, they may be different. Generally, Talent mobility is the principle for how a company facilitates intra-mobility of their employees. Career mobility leans into an employee-driven career progression and how they pursue their career path.
What are pulse engagement surveys?
Pulse engagement surveys is a channel to gauge employee voice, engagement and sentiment, and is used as a basis to take remedial action or act as a platform to start new talent initiatives. This channel is essential in shaping workplace culture to increase business performance and retention and enhance the employee experience.
What is the importance of employee voice?
Employee voice is the method by which employees convey their opinions, thoughts, and ideas to influence talent initiatives. The employee’s voice is a fundamental piece in building talent strategies as they specifically pertain to them. When the employee voice is actively being heard and included, companies will increase employee engagement and further enhance the employee experience/culture.
What are the benefits of a compensation management software?
Compensation Management Software helps eliminate error-prone, redundant, manual processes and streamline compensation strategies. With a compensation solution, companies gain the ability to create pay-for-performance compensations to reward and recognize talent. The solution also helps to build compensation packages that are competitive and within budget, while helping the company.