Gaining Productivity with Performance Management Software
Performance Management software System enables you to track and monitor the performance of individual employees, departments and the whole organization based on KRA and KPI. It uses business objective and measurable criteria for assessing the performance.
Importance of Performance Management :
- Evaluation of employees
- A system of giving feedback to employees
- Knowing whether performance is up to the mark or not
What is KRA?
Role of KRA :
- Tool for overall organizational development and performance fair system
- Fair system
- Appraisals based on measurable value
Why KRA based Performance Management?
- Better monitoring with growing times
- Benchmark against global standards
- Focused growth path
- Scientific methodology of evaluation towards standardization
What really is a KPI ??
Key Performance Indicator (KPI) is a measurable value used to evaluate the achievement of an objective. It helps the organization to achieve organizational goals through the definition and measurement of progress. Payroll software provides the performance information that enables organisations to understand whether or not the organisation is on track toward its stated objectives. It demonstrates how effectively a company is achieving key business objectives.
How to write and develop KPI?
KPI is defined after identifying the Key Result Area (KRA) of the employee and needs to be defined according to the core business objectives. Following steps you need to consider when writing a KPI :
- Write a clear objective
- Review on a weekly or monthly basis
- Make sure it is actionable
- Evolve the KPI to fit the changing needs of the business
- Check to see that it is achievable
- Update its objectives when needed
factoHR is the perfect tool of HR and Payroll software for your organization that directly links KPI with the Payroll. It defines KPI based performance. It visually depicts the performance of an individual, specific department or organization. An employer can also set multiple reviewers to see the KPI. It centralizes businesses data and simplifies real-time reporting to give you a competitive edge. It gives your entire organization insights into the current performance.