You’re here because you’re weighing the benefits of using a dedicated performance management solution apart from your HRIS, is that right? If not, now is the perfect time to explore how to apply learning and up-skill your team.
As these tools continue to evolve, the decision on what software to land on becomes more of a challenge - and for good reason. The way you manage, develop, and engage your employees has a huge impact on your business. While purchasing the “add-on” performance tools your HRIS offers might seem like the easy option, this decision might end up hindering your people, and in return, your organization.
Dedicated to Performance mangement
An HRIS system offers an assortment of tools like recruitment and applicant tracking, time keeping, schedule management, benefits management, onboarding, health and safety, etc. While these systems serve multiple functions, this diversity comes at a cost—customization, business insights, and the evolution of performance management are often left behind.
Take for example the breakthrough of AI. While it might take years for an HRIS to adopt AI into its subset of offerings, industry leaders like Inspire are able to pave the way for these powerful tools to not only be made available quickly, but also in an intentional and impactful way (Read more about Inspire AI).
Grounded in Research
A study conducted by McKinsey, "Developing People Through Performance," underscores the critical role that a performance management solution plays in shaping your organization's success. This study unveils great insights, but one key finding stands out: companies that prioritize developing their people and managing them well see their revenue grow 2x faster and are 4.3x more likely to maintain long-term and top-tier financial performance.
While it's evident that your chosen platform is the vehicle that will help you reach your goals, it's equally important to recognize that the road it paves is determined by the frameworks it's built on.
Best-in-class performance management software like Inspire stand on a solid foundation of research and experience. Studies like the one conducted by McKinsey, along with strategic partnerships with industry leaders spanning goal setting and leadership development, have played a pivotal role in shaping user experience. This means that when you opt for best-in-breed solutions, you're not just selecting a tool – you're embracing a system that has been meticulously crafted and refined to align with the very best practices and insights.
More than an annual review
“More regular feedback nearly triples the likelihood of engagement” (Gallup)
In today's dynamic work environment, traditional HR performance management, which primarily relies on annual reviews, is quickly becoming outdated. Many forward-thinking leaders are now embracing a more contemporary and effective approach—continuous performance management.
Cutting-edge solutions are redefining the way organizations manage performance by incorporating powerful tools like 1-1 meetings. These 1-1’s provide a centralized platform where both managers and employees can track their history of conversations, feedback, and recognition, as well as monitor their progress toward individual and team goals. The value of this approach is the ongoing dialogue it fosters around performance, development, and employee well-being. This consistent communication not only keeps employees motivated but also ensures that there are no surprises during the review process.
Furthermore, the convenience of having all this valuable data readily accessible when the performance review cycle comes around, coupled with the time-saving potential of AI summarization, revolutionizes performance evaluations. Instead of being a dreaded and time-consuming task, these reviews become an opportunity to gather insights from the wealth of data collected throughout the year.
Data, Data, Data...
One of the main draws to opting for an HRIS’s performance capabilities is the thought that it already houses all of your employee data. This sounds nice, but the fact of the matter is that this part of most HRIS systems are extremely underdeveloped and underutilized.
In contrast, solutions like Inspire go above and beyond by seamlessly integrating with your existing tech stack, including CRM, project management, and HRIS. These integrations provide necessary and actionable insights. With Inspire, you don't just access data; you harness it to drive your company's success by providing feedback and transparency to your team. This fosters trust and open communication to enhance performance exponentially.
Out-of-the-box reports, such as the 9-box and OKR progress reports, provide leaders with a real-time pulse check on their organization's performance. Additionally, the best solutions offer a dedicated Client Success team that works with clients to create customized reports tailored to specific business needs. With these tools at your disposal, you're not limited by the capabilities of your HRIS, but empowered to unleash the full potential of your workforce and achieve your business goals.
Dedicated Solution vs HRIS