Whether a company is aiming to clock a massive growth trajectory or trying to enter a new market segment via workforce expansion, performance monitoring is pivotal for success. While the top management can tackle strategic areas, core execution remains the primary factor behind any organizational success. Thus, the importance of understanding the strengths and weaknesses via performance review cannot be emphasized enough.
A robust performance management mechanism enables informed decision-making in terms of resource allocation, training initiatives, and talent management strategies. At the same time, close monitoring of employee output reveals valuable insights into the efficiency of business workflows. Performance evaluations also aids in the identification of growth opportunities.
The human element plays a major role in ensuring that the company is running optimally. In other words, for employees to perform as per expectation, they need to be aware of the vision that the prime decision-makers of the company have outlined. Leveraging robust performance, management fosters a culture of transparency and accountability. This is because the reviewing process records the goals set for each employee and helps them stay on course.
In this blog, we will discuss the factors to consider when gauging an employee’s performance and how performance management systems such as EmployWise can help companies streamline employee assessment.
Key Performance Metrics for Employee Performance Tracking & Evaluation
Here are some important performance metrics to ensure that companies are getting the best possible returns on their workforce investment:
Quality of Work: Most departments or workflows in an organization are dependent on others, thus an oversight can propagate throughout the business process. As a result, stakeholders across teams will not only have to redo their work, but also the company will incur revenue leakage due to wasted business hours. This is why, keeping a close eye on the standard of work done by employees is vital. Evaluation of work quality allows managers to understand the areas of improvement in their team and implement redressal mechanisms to solve problems, whether they are competency-oriented or related to a gap in the business process.
Efficiency and Productivity: While quality of work is paramount, businesses often have to deliver results on tight deadlines. Efficacy is a vital parameter to evaluate how effective the workforce is. While gauging the performance of a team or individual, over the years, companies have been emphasizing the need for efficiency, i.e., the quantity of work delivered satisfactorily in a given time.
Teamwork: Collaboration is essential for successful delivery of work. Therefore, the ability to smoothly work in conjoined efforts is a crucial metric when it comes to ascertaining the productivity of stakeholders in a project. Teamwork does not only entail ideating together and performing tasks well. The skill also involves soft skills such as congeniality vis-a-vis team members.
When it comes to determining the quality, efficiency, and teamwork, a good performance management software can be instrumental for a transparent process.
Learning Ability: From the perspective of talent acquisition cost, selecting candidates who are agile enough to perform under pressure in a new learning environment is beneficial. Hiring a few specialists to oversee processes or for consultation purposes is important However, sustaining a workforce of niche talent can be expensive.
Determining the aptitude of employees in relation to new information and processes is crucial during performance evaluation because learning ability plays a key role in ensuring productivity and cost-saving. With a proper evaluation of the employees’ openness to imbibing new information, planning talent acquisition strategies becomes easier.
Attendance and Punctuality: Companies often need to tackle urgent deliveries and that is why they require employees who are reliable, responsible, and committed to the vision of the company. One of the primary indicators of reliability is regularity of work. Therefore, as performance reviews help companies evaluate the effectiveness of their employee strength, discussing attendance and punctuality forms a necessary part of the process.
A good HRTech tool can enhance the process of learning ability and attendance.
As we understand the metrics, now, let’s see how a performance management platform can assist companies for effectively understanding their workforce.
How HRTech Solutions Can Help Companies Evaluate Performance Metrics
For objective performance reviews, digitization of employee assessment via performance management system can be a game-changer, particularly for getting a granular view of an employee’s work. Often HRTech suites come with performance management tools which are connected to other software in the suite, which means, every organizational information stays automatically updated.
In terms of understanding the quality of work, managers can record the number of escalations, continually rate employees’ ability to handle urgent iterations, and also keep track of achievements during the review cycles. Similarly, late submissions can be tracked and evaluated based on the reasons for the delays.
With regard to teamwork, the software can be helpful for tracking if timely handovers are given to concerned departments or stakeholders. These tools also support the storing of L&D scores, allowing decision-makers to understand whether the employees in question are suitable for the work they are expected to do. Similarly, HRTech suites reflect the clock-in hours in the performance management tool, showcasing how regular and committed the employees are during the workday.
Companies that are seeking a solid performance management solution, must note that EmployWise is one of the best performance management software in the market. Let’s see how EmployWise’s Human Resource Management System (HRMS can help companies can transform the evaluation process of employee productivity.
Comprehensive Employee Performance Management with EmployWise
As a comprehensive HRMS, EmployWise facilitates effortless performance management system for companies across sectors. Our suite automates attendance and leave tracking, while also aiding employees to record their work. Consequently, managers have a 360-degree view of how work hours are being spent, enabling them to recognize pitfalls in the processes, be it due to resource crunch, skill gap, or poor infrastructure.
We also understand that performance reviews are necessary for employees to be able to improve their output quality, necessary for career advancement. This is why, EmployWise strives to offer a holistic review of every stakeholder, including feedback from managers and peers, as well as self-evaluations.
Further, if a company is looking to understand the impact of its L&D efforts, our performance management system also is beneficial for that purpose. In addition to keeping a tap of employee performance in training programs, we also empower the management to tally if the skills acquired are implemented efficiently in the daily workflow.
Want to know more? Contact us today!
