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.
If you’re considering HR processes automation, performance appraisal is just perfect to kick off.
A good career site adds so much more than just a new page on your website. Regardless of the size of the company, it should consider building career pages to get the most out of their hiring process.
Performance and Competence ManagementAnnual performance appraisal and 360 feedbackContinuous performance feedback and check-insOKRs and goal managementCompetence and skills management
Lanteria HR Products:Essential HR ManagementAbsence and Time ManagementHiring and OnboardingPerformance and Competence ManagementLearning and Development