What is Performance Management Software?

Performance Management Software Defined

As the name suggests, performance management software—also referred to as a performance management system—helps a company track, analyze, and evaluate its employees’ performance.

Managers can use this trove of priceless people data in a myriad of ways, such as better aligning their employees to achieve organizational goals, rewarding their highest-performing people for their quality work, and, of course, providing feedback. Not only do employees benefit from receiving feedback, some consider it a necessity. According to new research on Millennials in the workplace, 43% of Generation-Y workers want weekly feedback. With more and more Millennials joining the workforce, it’s perhaps now more important than ever for companies to utilize a performance management system.

Why Use Performance Management Software?

Whether you’re a comedian hearing laughter after landing a joke, an all-star athlete thriving off the roar of a cheering crowd, or an office employee receiving praise from a manager for completing a major project, we all appreciate feedback. Plain and simple, feedback helps us perform better.

But if you’re a company with several dozen employees—or maybe even several thousand—how can you ensure you remain informed about your people’s performance, so you can provide them each with valuable feedback? The answer is with performance management software.

UltiPro®

Ultimate Software’s UltiPro® is performance management software that’s configurable to your company, so you can best assess your people’s performance, provide vital feedback, and grow your business. With UltiPro’s performance management system, you get a clear, overall view of your workforce, with information such as competencies and current and future needs. You can even create a pay-for-performance system where employees set measurable goals and track their progress with feedback from multiple contributors.

More Performance Management Software Resources

Learn more about how UltiPro’s Performance Management Solution can perform for your company.

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The Big Picture: A Comprehensive Approach to Talent Management
Discover the approach to talent management that will give you a comprehensive TM program, unified HCM, and the greatest reporting capability ever!
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Creating a Competitive Advantage through HR Technology
Hear how three companies have achieved better business results by leveraging the UltiPro cloud-based, unified HCM solution.
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Performance Management
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