Posted by Charlie • December 3, 2015 (Last modified July 29, 2018) • 2 min read
We get asked a lot about what the difference is between investing in a performance management system and just conducting performance appraisals. But really what’s the difference and why care? Performance appraisals are simply conducted a few times a year and are not generally viewed as motivational or useful to the employees.
Performance management systems are used throughout the year to help enhance communication and documentation between employees and managers. Additionally these systems help to increase the likelihood of successfully completing professional and personal development goals by setting clear expectations up front and assisting with tracking throughout the year.
More importantly Performance Management Systems, like Trakstar, help with employee engagement and retention. The 2012 Global Workforce Study Engagement at Risk found that,
Employee retention and engagement are associated with feelings of efficacy and security. The SHRM Executive Briefing reports that employees are more willing to forego raises for an increased sense of security and feelings of efficacy. A performance management system can act as that key component by facilitating individualized goals and show success as those milestones are achieved. Performance Management Systems help to,
Performance management systems are a wise investment if you are looking for ways to attract, identify, and keep talented employees.