The Employee Performance Review in 2021 — Moving Beyond Annual and Manual!

We all know that the office paradigm shifted drastically over the last year and a half. So did perceptions of what the workplace IS and how workers [and their managers and coworkers] interact with it. Regular feedback is an essential factor in ensuring that employees thrive in their roles and perform at their best. And studies and surveys show that employees want feedback.

But if employees want more frequent and meaningful feedback, can traditional annual employee performance reviews still fit into the equation?

The answer is YES. A formal performance review process is important to document agreed goals and employee achievements to justify pay adjustments or other employment decisions. But if your performance review system is something you only dust off once a year, your ability to offer real-time feedback to support employee development is severely limited. Innovative companies want to integrate their performance system within their HCM framework to create an effective and dynamic tool that provides meaningful and timely feedback focused on employee performance and meeting goals.

OnePoint HCM’s single-database platform brings performance management front and center for the manager conducting the performance review AND the employee. Let’s take a look at 6 features and new enhancements in the Performance Management system that make it easy to create a multi-channel feedback and performance review system:

1. Automation Ensures Access: Manual employee performance reviews can be overwhelming for busy managers. Building the performance review into our unified HCM solution means we can leverage several timesaving features. Our platform uses configurable Performance Review Profiles that allow managers and employees to set competencies, values, and goals for the year. These can be accessed at any time by the employee or the manager through the self-service portal to monitor their performance towards goals throughout the year.
2. Dedication to Development: Track employee skills and certifications with customizable reports that show who needs training and when—the optional, fully integrated LMS module enables you to define training courses, assign employees, and track their completion. You can even schedule internal classes, monitor open seats, and report on employee participation and results. Come review time, you can use checklists, set to-do items, establish workflows, and use e-signatures to cut down on the paper and administrative process, so managers can spend more time focusing on review conversations that are crucial for professional development.
   
   
3. Identification of Goals through Cascading & Alignment (NEW R75 Release, June 2021): Managers have their own goals and they rely on motivating their teams to meet department goals which, in turn, contribute to overall company goals. With a couple of clicks of the mouse in OnePoint’s HCM, managers can cascade goals down to employees to align theirs with the company’s and department’s, allowing individual goals to sync up seamlessly. Using the goal tree also provides visualization of how all the goals align and increases engagement between managers, employees, and the broader organization.  Everyone can see and work towards common goals and realize their progress.
   
4. Implementation of Peer Feedback (NEW R73 Release, February 2021): Managers try to build a solid relationship with each employee, but it can be extremely valuable to know what the employees think of each other to round out a performance review. Managers can use the Peer Feedback functionality to request feedback from their employees or from other managers they work with, and vice versa. Feedback responses can be sent anonymously, which encourages more constructive and honest input. Through this feedback loop, managers gain a third-party perspective to see achievements and areas of improvement that may not be seen otherwise.
   
5. Dynamic Analytics to Identify Dynamos:Unlock the power of workforce data to drive performance and business innovation with powerful tools that identify and monitor top performers in your organization with real-time access to employee metrics and insights. Convenient dashboards and scorecards give the employee, managers, and HR valuable information that drive effective workforce decisions.
   
6. Standardization of Compensation:No matter how high performers are recognized and rewarded, our HCM solution has a built-in Merit Matrix within the compensation management module that makes it easy to establish guidelines for awarding pay increases. This is based on the correlation between performance rating and pay-grade segment so you can make fair, equitable compensation decisions.

Your employees give a lot when it comes to your business and they expect to get feedback and rewards when they meet their goals and contribute to the overall success of the organization. Integrating Performance Management within the HCM infrastructure creates seamless links between goals at every level, and keeps goals and performance as part of the conversation. There’s no longer a reason to limit performance reviews to just one season! Find out more about our Performance Management module, the R73 Release Spotlight, or the R75 Release Spotlight.