TL;DR
👉 Performance management tools help companies track, manage, and evaluate the performance of their employees with continuous feedback, goal setting, rewards and learning opportunities, and more.
👉 Performance management software offers a centralized platform to manage employee track so everyone in the team is aligned with company goals and objectives.
Performance management tools are essential for organizations to effectively track and analyze employee productivity. These tools provide valuable insights into the performance of individual employees, teams, and the overall organization.
Using performance management tools, you can set clear goals, monitor progress, and provide feedback to improve employee performance. With the ability to track key performance indicators, identify areas for improvement, and make data-driven decisions, performance management tools are a valuable asset for enhancing productivity and driving success in the workplace.
Happy employees mean happy customers, which means healthy growth for your business!
Without further ado, let’s take a look at the best performance management solutions to track productivity!
What is a performance management tool?
A performance management tool is a system or software used by organizations to track, manage, and evaluate the performance of their employees. It provides a structured approach to setting goals, monitoring progress, and providing feedback and coaching to improve performance. These tools typically include features such as goal setting, performance reviews, competency assessments, feedback mechanisms, and analytics to measure and analyze performance data.
By using a performance management tool, organizations can streamline their performance evaluation processes, align individual goals with organizational objectives, and foster continuous improvement and development within their workforce.
What are the advantages of performance management software?
An employee performance management software provides a centralized platform for goal setting and tracking, which enables companies to enhance clarity and transparency in performance expectations. It enables continuous feedback and fosters a culture of communication and development.
With real-time tracking and analytics, managers can identify strengths and areas for improvement regarding organizational goals, facilitating targeted coaching. Additionally, it streamlines the performance review process, saving time and increasing efficiency. Overall, it boosts employee engagement, productivity, and organizational performance.
8 Best Performance Management Tools to Track Productivity
1- Trakstar – Best Performance Management Tool to Give 360-degree Feedback
Trackstar is an advanced performance management tool that streamlines and enhances the performance evaluation process for companies of all sizes. It offers goal setting, progress tracking, direct reports and ongoing feedback capabilities. It also enables managers and employees to collaborate on performance objectives, conduct regular assessments, and provide constructive feedback.
With robust reporting and analytics features, Trackstar empowers managers to make data-driven decisions and fosters a culture of continuous improvement and growth. By optimizing performance evaluation processes, Trackstar helps organizations drive employee engagement and productivity.
Trakstar Key Features
- Goal setting and tracking
- Continuous feedback and communication
- Performance reviews and evaluations
- 360-degree feedback
- Employee self-evaluations
- Development plans and career paths
- Performance analytics and reporting
- Succession planning
- Employee recognition and rewards
- Integration with HRIS and other systems
Trakstar Pricing
- In order to get pricing details, you need to fill out a short form with your company information.
2- Clear Company – Best Employee Performance Review Software for Recognition and Rewards
ClearCompany‘s approach to performance management is designed to make it easier and better to evaluate how employees are doing in an organization. With this feature, managers can conveniently set goals, give feedback, and keep track of progress, all using one central platform.
The performance management feature also helps managers and employees have regular check-ins, which encourages open communication and makes sure everyone is working towards the same organizational and employee goals. By giving a complete overview of employee performance, ClearCompany’s performance management feature helps organizations make smart decisions based on data and encourages ongoing improvement.
Clear Company Key Features
- Performance goal setting and tracking
- Continuous feedback and coaching
- Employee self-assessment
- 360-degree feedback
- Performance reviews and evaluations
- Development and learning plans
- Performance analytics and reporting
- Integration with HRIS and other systems
- Goal alignment and cascading
- Recognition and rewards
Clear Company Pricing
- You can get a free quote from Clear Company and learn their pricing plans after filling out a short form with your company information.
3- PerformYard – Best Performance Management Platform for Compensation Tracking
PerformYard‘s performance management tool is a powerful solution designed to simplify and improve the performance evaluation process in organizations. With PerformYard, businesses can efficiently set team goals, track progress, and provide positive feedback to employees in a centralized and user-friendly platform.
The tool offers a range of features, including customizable performance review customizable templates, goal tracking, real-time feedback, and performance analytics. By leveraging PerformYard’s performance management tool, companies can foster a culture of continuous improvement, align employee objectives with organizational goals, and ultimately drive productivity and success.
PerformYard Key Features
- Goal Setting
- Continuous Feedback
- Performance Reviews
- 360-Degree Feedback
- Learning and Development
- Analytics and Reporting
- Compensation Management
- Succession Planning
- Integration and Automation
PerformYard Pricing
- PerformYard offers two pricing plans with different price ranges: Performance Management and Employee Engagement:
- Performance Management: $5-10 per employee per month
- Employee Engagement: $1-3 per employee per month if purchased with Performance Management pricing plan
4 – Leapsome – Best Performance Management Software Solution to Create Workflows
Leapsome is a performance management software designed to help organizations effectively manage and evaluate the performance of their employees. With Leapsome, companies can set clear goals, provide continuous feedback, and conduct regular performance reviews. The tool enables managers and employees to track progress, identify areas for improvement with SMART goals, and celebrate achievements!
Leapsome also promotes a culture of transparency, accountability, and growth within organizations, ultimately leading to improved employee performance and engagement, so it is a great performance tool to motivate your employees!
Leapsome Key Features
- Continuous feedback and check-ins
- Goal setting and tracking
- Performance reviews and evaluations
- 360-degree feedback
- Employee recognition and rewards
- Learning and development plans
- Performance analytics and reporting
- Integration with HR systems
- Customizable workflows and templates
- Remote and hybrid work support
Leapsome Pricing
- In order to get pricing details, you need to fill out a short form with your company information and schedule a demo.
5- BambooHR – Best Employee Performance Management Tool to Integrate HR Systems
BambooHR‘s performance management tool is a comprehensive solution designed to help organizations effectively manage and evaluate employee performance. With this tool, companies can set clear performance goals, track progress, and provide continuous feedback to employees. The tool allows managers to conduct performance reviews, identify areas for improvement, and recognize top performers. By streamlining the performance management process, BambooHR’s tool enables organizations to foster a culture of accountability, enhance employee development, and improve overall performance.
BambooHR Key Features
- Performance reviews
- Goal setting and tracking
- Competency assessments
- 360-degree feedback
- Continuous feedback and coaching
- Performance analytics and reporting
- Employee development planning
- Succession planning
- Performance improvement plans
- Performance metrics and KPIs tracking
BambooHR Pricing
- You have to get a pricing quote to decide between “Essentials” and “Advantage” pricing plans, which include performance management strategies, applicant tracking, onboarding, and payroll features.
6- Engagedly – Best Performance Rating Solution for Employee Surveys
Engagedly helps organizations streamline and enhance their performance management processes. With this tool, companies can set clear goals and objectives, track employee progress, provide continuous feedback, and conduct regular performance reviews. The tool offers features such as goal setting, real-time feedback, peer recognition, and performance analytics.
By using Engagedly’s continuous performance management tool, organizations can foster a culture of accountability, transparency, and continuous improvement, ultimately driving employee engagement and productivity.
Engagedly Key Features
- Goal setting and tracking
- Continuous feedback and recognition
- Performance reviews and evaluations
- 360-Degree feedback
- Learning and development
- Employee surveys and “pulse checks”
- Analytics and reporting
- Employee goal management and alignment
- Succession planning
- Performance improvement plans
Engagedly Pricing
- Engagedly’s pricing system works a little differently than the other employee performance management tools. You have to purchase the base package first and pay for other add-ons for comprehensive features and all plans start at $5,000.
- Base Package: $9 per member per month
- Rewards and Recognition (Add-on): $5 per member per month
- Growth and Learning (Add-on): $5 per member per month
- Mentoring Suite (Add-on): $2 per member per month
7- 15Five – Best Performance Management Service to Track Weekly Check-ins
15Five‘s performance management tool improves how organizations handle employee performance and feedback. Its user-friendly interface and comprehensive features enable managers to set goals, track progress, and provide regular feedback. This fosters transparency, accountability, and continuous communication within the organization, enhancing employee engagement and improving performance.
15Five Key Features
- Objectives and Key Results (OKRs)
- Weekly check-ins and status updates
- 1-on-1 meetings and feedback
- Performance reviews and evaluations
- Goal setting and tracking
- Employee recognition and rewards
- Continuous feedback and coaching
- Employee engagement surveys
- Performance analytics and reporting
- Team collaboration and alignment
- Employee development and learning
- Succession planning and talent management
- Employee goal alignment with company objectives
- Performance improvement plans
- Employee performance tracking and monitoring
15Five Pricing
- 15Five users can enjoy transparent pricing details with three different options: Engage, Perform, Total Platform.
- Engage: $4 per user per month when billed annually.
- Perform: $10 per user per month when billed annually.
- Total Platform: $16 per user per month when billed annually.
8- Connecteam – Best Performance Review Software for Setting KPIs
Connecteam‘s performance management system optimizes the process of evaluating and improving employee performance. With this tool, organizations can set clear goals and key performance indicators (KPIs) for their employees, track progress, and provide real-time feedback.
The tool also enables managers to conduct performance reviews and assessments, identify areas for improvement, and recognize outstanding performance. By leveraging Connecteam’s performance management tool, companies can enhance productivity, foster employee development, and drive overall organizational success.
Connecteam Key Features
- Goal setting and tracking
- Performance reviews and evaluations
- 360-degree feedback
- Employee recognition and rewards
- Training and development plans
- Performance analytics and reporting
- Employee self-assessment
- Continuous feedback and communication
- Succession planning
- Performance improvement plans
Connecteam Pricing
- Connecteam has three different pricing tiers: Operations, Communication, HR & Skills. The best suitable option for measuring team and individual performance over time is HR & Skills tier. HR & Skills pricing has four different sub-categories:
- The Small Business Plan: $0 per month per user, up to 10 users.
- Basic: $29 per month for the first 30 users when billed annually. $0.5 per month per user additionally.
- Advanced: $49 per month for the first 30 users when billed annually. $1.5 per month per user additionally.
- Expert: $99 per month for the first 30 users when billed annually. $3 per month per user additionally.
Frequently Asked Questions
Which is the best performance measurement tool?
Best performance measurement tools are Trakstar, Clear Company, PerformYard, Leapsome, and BambooHR. They offer features like goal setting and tracking, 360-degree reviews, and provide actionable insights into an employee’s progress and improvement.
What are performance evaluation tools?
Performance evaluation tools assess and measure employee performance against goals and objectives. They identify areas for improvement, recognize strengths, and provide feedback. Methods such as self-assessment, peer feedback, and supervisor evaluations contribute to organizational performance and productivity.
What are the best performance management techniques?
When evaluating employee performance, effective techniques include 360-degree feedback, goal setting with performance metrics, regular check-ins and reviews, and self-assessment. These methods provide comprehensive feedback, establish clear objectives, assess progress, and encourage self-reflection, promoting ongoing growth and development.
