The Rise Of New Age Performance Management

The Rise Of New Age Performance Management
While recruitment is still the preferred module among most HR tech companies, businesses are showing
a propensity towards tools that help in managing performance intuitively. With businesses benefitting
from the renewed focus on integrated human resource management systems (HRMS), new platforms
are emerging to capitalize on the shift from cloud to mobile, analytics and artificial intelligence. Word is
around about wearables in the workplace, social recruiting and video-based conscription replacing
traditional HR systems. Surprisingly, all these developments fade in comparison to the technology trend
that is reshaping HR: performance management.
Although there are tools that assist in goal setting and rating work-related behaviours and tasks,
automating all performance-related functions and connecting them to enterprise resource planning
systems place HR tech on a new level. Innovative HR tech companies are helping businesses realize the
importance of automated performance management and its role in driving higher productivity, enabling
collaboration, reinforcing positive workplace behaviour and creating a culture of excellence.
Applications such as PeopleWorks step in to provide quick and easy meaningful intervention focussed
on the employee.
Performance management is a core HR function riddled with many grey areas, which can only be set
right by enterprise-level customization. Some customizations are dynamic and may require manual
intervention to set the tool on track. For instance, assessing personality types and matching them to job
profiles are both open-ended and subjective. To bring in a semblance of intuitiveness and automation,
applications must have assessment layers, activity streams and even gamification features for building
an ideal job-candidate fit. This allows for dynamic team management, easy resolution of issues, and
even management of difficult conversations among other factors. Being data-driven, applications such
as PeopleWorks help in incorporating development plans based on historic data, thereby making goals
transparent and easy to manage. By building a connected organization, PeopleWorks develops
workforce morale by addressing possible areas of concern and identifying opportunities for lateral
hiring. HR applications are also leveraging the impact of always-on, pulse-based feedback systems
relating to work, growth and organizational change. As these systems integrate into a versatile platform,
they become more human interaction centred and experience oriented. Having such a platform brings
enterprises closer to their staff, thereby contributing to increased productivity and data quality.
Performance management function, as part of the larger HRMS platform, helps in reducing the cost of
managing talent. According to a PeopleStrong survey reported in Mint, India Inc. spends nearly $500
million annually towards managing its employees, and this figure is expected to shoot up dramatically in
a year or so. By integrating tools for workforce productivity with the larger HRMS platform, HR tech has
primed enterprises to meet the challenges and demands of a new stream of disruption that is making
waves: continuous performance management.
Related flashcards
Create Flashcards