Performance Management
Performance Management lets you manage team performance by assigning goals, tracking achievements and also has 360° feedback.
Performance Management is a paid add-on. Please check our pricing page for charges. Once activated, your monthly billing amount will increase by the price of this add-on.
Performance Periods
You start by defining a performance evaluation period. A performance period can be a year, a quarter or a month. At a time, only one performance period can be open.
Goals
After defining a performance period, you start by adding Organization goals. These are top-level goals that are primarily defined at executive level for e.g. CXO, SVP, VP and other designations. Goas can be measurable or non-measurable. An example of a measurable goal could be number of new clients to be acquired or a revenue target.
Performance Forms
Once goals are in place, the HR Manager or HR Admin start sending forms to the executives. These forms contain goals with targets (measurable goals).
Achievements
Each member who receives a performance form can capture his/her own achievements against the assigned goals. Members also have an option to add own custom goals and track the same within the same performance form.
Subordinate Forms
Managers have an option to send the performance forms to their direct reports. Managers can assign goals to subordinates by selecting one or more of their own goals or by adding new goals.
Performance Review
At end of the Performance Period, each member rates himself/herself on a scale of 1-5.
After self-rating, the form goes for manager rating. Here, managers rate their subordinates based on assigned goals and targets achieved. Managers also rate subordinates on a scale of 1-5.
After Manager/ the HR Manager or HR Admin closes the period to prevent further data capture by employees. Thereafter, each individual member's form can be reviewed by comparing goals and achievements and final ratings are assigned.
Rating Scale Legend
Rating in Runtime HRMS Performance Management is a 1-5 scale as shown below:
| Rating | Meaning |
|---|---|
1 | Unacceptable |
2 | Needs Improvement |
3 | Meets Expectations |
4 | Exceeds Expectations |
5 | Outstanding |
Introduction to Performance Management - YouTube Video
Summary
Performance Management is a powerful addon of Runtime HRMS. It has rich options including goals, achievements, target vs. actual, 360° feedback and year-end rating. Get started with Performance Management today to track and improve your team's performance.
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