Performance appraisal is a fundamental process for any company that cares about its future because the productive workforce is a core upon which stands any successful business. But hiring qualified employees is not enough - you need to train, nurture, and assess them to increase their productivity and help them grow.
There are several techniques of performance management, but the most crucial is the annual performance review and 360-degree feedback.
The performance review measures an employee’s productivity against a certain set of goals. These annual events help accurately calculate employee’s performance score and reward them with salary rise, bonuses or promotion, or identify constraints that hinder their working process.
360-degree feedback is usually a part of performance appraisal, which provides the opportunity to receive feedback from employees’ co-workers, namely from their supervisors and peers. 360-degree feedback aims to provide complete information on employee performance and competencies for a more insightful performance review.
Usually, both review processes are very expensive, as they consume a lot of employees’ and HR manager’s time. On statistics in medium and large companies performance review rounds cost up to $2000 per employee! And the expenses could be even higher if a company still does its HR processes manually.
By automating review processes with Lanteria HR, you will be able to cut off a significant amount of expenses spent on performance management.
Performance module of Lanteria empowers you to:
Design forms and workflows for various review types and employees using templates.
Define the assessors, based on company organizational structure.
Track the progress on finalizing the review forms with automated reminders and notifications.
Measure employee performance with automated scoring, built upon personal objectives, KPIs, and competencies.
Generate reports and dashboards to get a clear understanding of productivity levels within the company.
If you’re considering HR processes automation, performance appraisal is just perfect to kick-off.