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factoHR Advantage
Performance Management Software Made Interactive
Performance-Driven Culture
Create a work culture where each task assigned to the employees will be measured, and feedback will be taken continuously.
Integrated
The built-in integration with payroll and HR software will make entire performance process smoother and give the flexibility to review each performance differently.
Mobile Driven
The performance management system is now available in your pocket, so everybody will be on the same page anytime, anywhere.
Goals Management (OKRs)
Align Goal With The Company’s Vision
factoHR lets you create and track any number of goals and subgoals with different measurement parameters to ensure everybody is working toward achieving the company’s vision.
Templates
Create and save goal templates and assign them to employees of different categories or departments based on capabilities and roles. So that the performance of the employees in the same role and position will be measured at the same level.
Multi-Level Goal Creation
To efficiently track larger goals, goals must be divided into other sub-goals, so factoHR gives you the flexibility to create and track goals and sub-goals with aggregate targets and weights.
Competency Parameters
Along with multiple goal creations, factoHR also offers the flexibility to set observable and measurable competencies based on different parameters like behaviors, decision-making, etc., as per your organization’s requirements.
Various Measurement Parameters
factoHR also allows you to set various performance measurement parameters, like weights, numbers, ratings, or stars, against each goal to measure goals in multiple dimensions flexibly.
Review Cycle
Flexibility to Suit Your Needs
Whether you are following a traditional, OKR-based, or 360-degree review process, you can easily set up and conduct all kinds of reviews, give continuous feedback, or plan one-to-one meetings with factoHR.
Flexible Review Cycle
With factoHR, managers can configure the review cycle for a specific period, including the approval hierarchy, types of incentives, and employees to be considered for each cycle. As a result, the distinct needs of your organization’s review cycle will be fulfilled.
360-Degree Feedback
Feedback from multiple sources, like internal and external stakeholders, can be collected, bringing multi-dimensional opinions to monitor employees’ performance. Additionally, for an unbiased process, feedback can be kept anonymous.
Continuous Feedback
Using factoHR’s continuous feedback, employees can receive or give feedback to anyone in the organization in real time. Regular and frequent communication between the team and managers will help to take corrective action and improve employee performance.
One-To-One Meeting Feedback
Address employees’ concerns while keeping records to reach your objectives on time. You can maintain a track record and summary of objectives and goals set during one-on-one meetings, along with the necessary attachments.
Mobile App
Performance in Your Pockets
With factoHR’s mobile application, managers can create goals or OKRs for their employees, carry out a review cycle at their convenience, and set an approval method for measuring employees’ performance.
Create Goals (Goal Master)
Managers using the mobile app can create goals for employees, and even employees can create and initiate goals for themselves, which their respective managers will further approve.
Review Cycle
Create review cycles for different departments and employee categories based on frequencies like weekly, quarterly, monthly or daily. This will help managers create review cycles, gather feedback, and align employees with companies’ goals.
Integration
Performance Linked-Payroll
factoHR’s performance-linked payroll software allows you to configure the formulas for incentives and bonuses against the set goals and calculate salary and incentives based on the performance data, which will help the organization engage and motivate its employees.
Bell Curve
Normalize Employee’s Performance
factoHR lets you identify and retain top talent at your workplace by allowing you to regularize performance ratings and weights with the normalization curve assessment framework.
Enhance Workforce Growth With factoHR Today
Workflow
Multi-Level Reviews
factoHR’s solution allows you to define up to a four-level review workflow where managers, subordinates, and HR can submit reviews in a hierarchical way.
Informative Dashboard
Rich Analytics for a Comprehensive View
Our pre-built dashboards give you a holistic view of the entire performance management process.
Status
Get a 360-degree view of the performance management process with the real-time status of the entire process, like goal creation, approval, and review submission. This insight will help identify hotspot areas where corrective actions need to be taken.
Perception Gap Analysis
Analyze the gap between the employee’s self-review and reviews submitted by their managers to obtain a clear picture of expectations versus reality. Additionally, it allows managers to identify the alignment issue of employees’s goals with the company’s vision.
Bell Curve
The bell curve will give you a bird’s-eye view of an employee’s performance rating distribution in excellent, average, or poor categories. It will help you identify whom to reward and who needs training.
Reports
Meaningful and Actionable Insights
Generate reports as per your need to get a deeper insight into your workforce, evaluate their performance objectively, and empower them to push their boundaries.
Goal (KRA) Report
Generate reports based on department, designation, or skills that help managers and employees get a birds-eye view of defined goals and their status.
Performance Review Report
The performance review report gives managers detailed analytics of subordinates’ goals and their completion based on predefined parameters. This will help managers identify the employees’ core strengths and the areas in which they need training.
MIS Report
Management information system reports will provide holistic information on selected review cycles based on departmental or category-objective decision-making.
Frequently Asked Questions About Performance Management Solution
What Is a Cloud Based Performance Management Software?
Cloud based performance management software popularly known as PMS is a mechanism for tracking the performance of your employees consistently. It allows you to ensure that the employees and departments across the organization are working effectively to achieve the businesses’ strategic goal.
Organizations today are starting to move towards modern performance software, away from the complex manual performance measuring tools. The complete integration with the HR management software and automated payroll software helps you get the best output of HR operations and ensures overall business growth.
What Do You Mean By KRAs and KPIs?
Key Result Areas (KRAs) refer to a list of overall goals that guide the way an individual does his/ her job. It may also be understood as the general achievement and progress goals for an organization or one of its divisions. They help in defining the scope of a job or a department and define the prime outcomes and results of day-to-day work. KRAs are critical for an organization’s or an employee’s success.
Key Performance Indicators (KPI) are the metrics that measure if the organization is meeting certain objectives and goals that were set to help the organization succeed. KPIs might involve sales figures, return on certain organizational investments, product performance, or a wide range of other areas. They are often the measurements associated with the general goals outlined in a Key Result Area.
Is KPI / Performance Management Solution Is Suitable for All Types of Organizations?
Every organization needs to measure the productivity of all its employees. The methods may vary depending on the organization’s policies.
The performance tracking system is compatible with all types of organizations irrespective of type, size, or scale. They can be configured to match your business needs.
To know more contact sales@factohr.com or schedule a demo at https://factohr.com/schedule-demo/
What Are the Main Features to Look for in an Automated Performance Solution?
A quality PMS would help you measure the worker’s performance and save enough time for you to focus on organizational strength. It would give you the perfect benefits of an automated solution in resolving the manual loopholes. The automated system you look for should have the following main features.
- Easy to understand interface
- Varieties of metrics
- 360-degree feedback
- Evaluation tools
- OKRs and goals setup
- Ready-to-download reports
- Device compatibility
- Data security
What Is the Goal of a Performance Tracking System?
The KPI management solution for managing performance aims at developing clear role definitions, expectations, and goals to increase employee engagement and develop leadership and coaching skills. Their purpose is to boost productivity through improved performance and develop a performance reward program that incentivizes accomplishment
What Are the Benefits of a Performance Tracking System?
An efficient online performance management software helps organizations evaluate their workforce’s performance in the jobs and appraise them for their contribution to the goals. Automated performance evaluation tools benefit a company in the following ways.
- Managers can bifurcate between weak and skilled employees based on their achieved performance.
- Based on the performance, it can be decided whether employees need proper training or not.
- Employees get a better knowledge of how their contribution boosts organizational growth.
- Helps in decisions for promotions and appraisals.
- Helps in motivating employees towards the goals and increases the rate of retention.
- Efficient in providing timely feedback and developing transparency in the workplace.
- Helps develop opportunities for career advancement in the workforce.
What Should I Be Looking for in Online Performance Management Software?
Here is a list of features you should look for while looking for an ideal performance administration solution:
- Your performance tracking software should provide easy-to-understand measures for success.
- It has a user-friendly interface and is easy to use.
- It allows you to take 360-degree feedback from a wide range of people.
- It should allow your employees to conduct self-evaluations regularly to track their personal progress.
- It should let you set dynamic goals that you can modify over time, with changes in the employees’ competencies and ambitions.
- It should allow real-time feedback to allow the managers to fix the problems as and when they are reported.
- It should assist the managers in having a manager log that records the employees’ performance
Configure Your Organizational Goals With factoHR Today
Implement 360-degree goal management with advanced tools that motivate managers and employees to achieve the organizational targets.
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