Make the Most Out of Your Performance Management System

Payroll Software

Are you ready to grow your business faster? Do you know that you can growth hack your business? Before going forward let’s understand what is growth hacking.

What is growth hacking?

As we know growth hacking has been around us only for a few years, but now it is one of the most useful terms in the tech world. Growth hacking is the process to make experiments in product development, sales department and other areas to identify how to efficiently grow the business faster. Every startup business is looking for a way to achieve growth hacking. Because, they too want to grow fast, and achieve success and earn lots of money. There are lots of possible ways to measure business, but the best practice includes the following steps:

How to achieve growth hacking through performance management?

All small to large size business needs quick growth in their company. This growth can be achieved not only through sales business but also through the HR department. And the first step to growth hacks the business in HR is by improving employee performance. This can be done through monitoring.

Performance Management Software

If you can measure the performance of your employees efficiently, it becomes easy to track and rectify loopholes which are hindering the productivity in working. You can quickly achieve the growth in your company by removing the bottleneck. To identify the factor responsible for a departments under-performance in a specified area, you need to measure your employees performance individually. After identifying & taking steps accordingly, you can observe the growth which you have expected from your business and may be more than your expectation.

Now let us understand how to achieve growth hacking through employee performance management:

Payroll Software

1. Goal setting: How do you set goals for your employees to measure growth of your business?

The first and foremost step to achieve success in any business is setting a benchmark to measure the growth. This benchmark helps a company to identify and set goals. Have you ever wondered what are the goals that can be set as a benchmark to measure employee performance? Is it possible to measure performance goals using a cloud-based software?

The answer to the question is “YES.” Using a cloud-based performance management software, HR can easily decide and define the goals to measure the performance of an individual employee. It is a standard method to evaluate performance as system driven analysis leads to an error-free result. An individual department can easily identify their goals and perform accordingly.

2. KRA and KPI – Are your employees having their pre-defined goals from the starting of a month?

After setting and identifying the goals for your business, you need to identify the areas and measure the development of individual department in a company. After identifying the goals and having pre-defined areas to measure the performance of a department, the evaluation of individual employee must be carried out and that too on a regular time of interval. Say, for example, the area in which developers need to work is developing a software or an application. But the roles they need to play is developing correct code and solve bugs in it.

It is done through KPI, which means Key Performance Indicators. Employees must have a predefined set of goals starting from the month that makes their work easy. It helps HR to measure the performance of an employee easily. In short, it fills all the loopholes that arise regarding the performance of the department as well as an individual.

To know more on KPI, you can also refer the blog: https://factohr.com/blog/kpi-strategic-tool/

3. Performance measurement and feedback: Can your employees rely on the measurement made through the performance management software?

In the above example, the role of programmers was identified. The next step is measuring the performance of employees and giving feedback on it. Earlier, it was done manually that is senior provides feedback for juniors. It may also lead to a biased result. This can be avoided using employee performance management software.

A motivated and skilled employee is an asset that will definitely bring a good fortune to you and progress of your company. As performance is measured from KPI, the decision is bias-free. It is measured on an individual basis, not according to a department. As the measurement is made on the cloud-based performance management software [PMS], employees can easily rely on it. At the time of appraisal, HR can quickly review the monthly work carried out by an employee. Thus, through a good PMS, employees feel motivated which in turn increases the productivity of a company.

4. Training: Are your employees trained according to their performance?

Filling the loopholes of your employees leads to better performance. Measuring or identifying the employees performance does not fill the loopholes in the department. In order to improve the performance, a proper training should be arranged.

After having a clear analysis, training should be given to your employees to fulfill their goals efficiently and faster. Training given to a department helps in the growth of a company as employees can stay with the latest technology. Their knowledge gets regularly updated that increases their performance. The salary is calculated according to the performance, and so the employee satisfaction can be achieved easily. Satisfied employees lead to work better which in turn helps in company growth.

Wrap up

Considering performance management as a part of growth hacking, you can easily observe a change in your business growth. factoHR’s HR and Payroll software can help you achieve growth in your company. It provides a module of performance management integrated with payroll so measurement of performance, as well as the salary of employees, can be calculated easily. You can visualize and measure the performance of a department as well as the individual employee. Through a clear view, you can quickly change the growth of your company. So why not give it a shot through our free demo?

To know more about factoHR – Payroll & HR Software, please contact +91 782 000 3100 or visit www.factohr.com.

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Kinjal Oza

Kinjal Oza is content editor and digital marketer at factoHR. She writes about search, selection and implementation of trending HRMS technologies. She is a part of the business community through factoHR’s social media network. She helps factoHR to keep up to date with latest digital trends.

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