What is a Performance Management Process?
A performance management process is a system companies and organizations utilize in order to develop, reward, and retain their talent. The process consists of several stages, such as: planning and developing, where managers and employees collaborate to set short-term and long-term goals; evaluation, during which employee progress toward the goals is measured; and reward, at which time employees may receive merit increases, spot bonuses, or other forms of compensation for accomplishing their goals.
Businesses and organizations of all sizes, in all industries, have realized the importance and benefits of implementing a performance management process. The practice not only helps companies plan for the future and develop a successful workforce, but it also keeps employees engaged as active participants in the organization’s growth. Employees evolve as professionals working on a team, as well as individuals honing their skills and advancing their careers.
Ultimate Software’s UltiPro® is a comprehensive human capital management (HCM) solution that can assist organizations throughout the performance management process. What’s more? The cloud-based platform is configurable to meet users’ specific needs, alleviating the stress in trying to shoehorn new or existing processes into a stubborn platform. Instead, the easy-to-use UltiPro works with—not against—its users to unlock their greatest potential.
Performance management in UltiPro means a dynamic process for employees and managers alike, from setting and tracking goals to offering feedback and praise through integrated social media. Learn more about UltiPro’s Performance Management Solution and discover how to take your HCM to new levels.
10 Stay Interview Questions You Can Use Now
Save your talent, and save money. Here are 10 engaging questions you can ask employees today in a stay interview—before it becomes an exit interview.
Download Performance Management Whitepaper
Making Your Managers Career Agents
Discover methods for turning your high-performing managers into career agents, effective leaders capable of unlocking your employees’ potential.
Watch Performance Management Webcast
UltiPro Performance Management Product Tour
This five-minute online tour samples how UltiPro helps businesses hire, develop, and retain top talent.
Start the Performance Management Tour