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Workforce management is a crucial and challenging task for an organisation. Since they are the major contributors to the productivity of the organisation, their performance should be monitored regularly. With technology to assist, we have several automated tools that make the task of performance management simple and streamlined.
There are a wide range of software providers with several unique features that monitor, track and efficiently manage the performance. With over 80% of employees welcoming immediate feedback rather than annual reviews, the role of performance management software is key. In this blog, we have listed 10 of the best performance management software for the banking sector to help your HR team in the process of managing your employees.
List of Best 10 Performance Management Software for the Banking Sector
Here is the list of 10 performance management software with many unique features for the banking sector:
1. factoHR
factoHR is an all-in-one platform that streamlines the performance of the employees through its performance management software for the banking sector. It helps align individual goals with that of the organisation. This comprehensive platform is interactive and focused on promoting a performance-driven culture.
It is highly flexible and integrated with other HR software for smooth functioning. It can be easily accessed through your mobile and gives the best performance across devices. Multiple review cycles are available that organisations can choose according to needs.
The dashboard provided by the software is highly intuitive, with valuable insights that help in taking informed decisions.
Features
| Configurable review cycles to facilitate flexible and continuous reviews | Create and track goals with different parameters and align them to company goals |
| Visually appealing pre-built dashboard for a holistic view of entire performance management process | Multi-level reviews to define up to four levels of review workflow |
| 360-degree feedback for multi-dimensional and unbiased feedback to improve employee performance | Seamless integration with other HR tools for smooth functioning of performance management |
| Holistic information on review cycles through MIS for objective performance evaluation |
Benefits
- Built-in integration with payroll and HR software for flexible review of performances
- Mobile-driven solutions for easy access anytime
- Continuous feedback promoting performance of employees
- Alignment of organisational goals with employee’s goal through effective assessment
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2. Synergita
Synergita is a simple, futuristic, and powerful performance management solution. There is end-to-end automation in the tool that facilitates employee engagement and development. With its comprehensive goal management feature, setting and tracking of employee goals is a breeze. With the use of automation, Synergita simplifies performance reviews and makes the process of appraisal easy.
Features
- Continuous feedback tagged to specific goals
- Instant and fully automated performance review
- Comprehensive performance evaluation through self and multi-level manager feedback
- Insightful dashboards that are ready-to-use
- Offers a variety of performance management status reports, summary reports for improving HR practices
- AI-powered sentiment analysis to detect the tonal sentiment of feedback from employees and managers
3. ClearCompany
ClearCompany offers performance management software with an employee-first approach for banking. This time-saving software focuses on improving employee growth. The software provides 306-degree reviews, annual/semi-annual reviews, new hire reviews and goal-based reviews.
It enables better employee-manager collaboration and feedback. It has a wide suite of pre-built reports that facilitate the review process.
Features
- Goal planning tools to stimulate employee engagement
- Simplified review cycle management
- Easy to customise review cycle workflows
- More effective review cycles with complete automation
- Facility to complete reviews on mobile phones and in the language of employee’s choice
- Facilitates informal coaching and problem-solving
4. OfficeNet
OfficeNet performance management solutions makes the journey toward your organisational goals easy through efficient management of employees. With complete automation, it is easy to track and monitor individual performance.
The software facilitates customisation as per your organisational requirements. The systematic report generation feature helps evaluate individual performances to align them with the goals of the business.
Features
- Panoramic view of the performance processes through a comprehensive dashboard
- Create hierarchical and multi-level goals for various departments
- Facilitate 360-degree feedback
- Auto-generated notifications to complete pending reviews
- Customisable reviews for each employee
5. Samplex24
The performance management platform from Samplex24 enables effective and real-time collaboration between admin, managers, and executive level employees. Tracking performance reviews is easier with a high level of automation.
The software has been built with a specific focus on the goals of the business and aligning the same with the roles of employees. The software from Samplex24 is very friendly towards the employees and assists in retaining skilled talent.
Features
- Quick analysis and report generation
- 3D dashboards that capture attention
- User-defined parameters guide performance evaluation
- Analyses capabilities to find unique talents
- Real-time and timely feedback
6. Personio
Personio’s performance appraisal software offers regular and transparent reviews to tap the unexplored potential of employees. It helps in setting up regular cycles for reviews to avoid any delays.
With a standardised appraisal form, the software allows fair reviews and thereby streamlines the process. A distinct feature of the software is that it tracks quantitative and qualitative goals.
Features
- 360-degree feedback to create a better impact on performance
- Visual analytics to view distribution of ratings across teams
- Performance review templates for maintaining a smooth process
- Reminders to complete reviews in each cycle
- Fair reviews across teams with consistent rating scales
7. Intelliob
Intelliob offers efficient performance management solutions to maximise the performance of employees. It helps the leaders to record, maintain and manage the internal development of the resources of the organisation.
Based on performance reviews, training needs can be identified by the management. This automated tool manages individual performance in detail and offers continuous appraisals.
Features
- Training interventions through performance appraisal
- Self-service portal for employees
- Easy report generation process
- Seamless integration of employees with the strategic initiatives of the organisation
8. Elite HRMS
Elite HRMS is one of the popular performance management solutions with a focus on improving employee productivity. It is suitable for small and medium-sized businesses. The platform offers comprehensive solutions for all HR operations.
The software offers regular updates and reliable customer support to keep your operations active. Decision-making is made easy with access to real-time data through centralised dashboards.
Features
- Customisable and adjustable feedback questionnaires
- Access to employees to fill out their objective sheets
- Aligns individual capabilities with organisational goals
- Supports multiple devices
9. Humi
Humi is one of the best performance management solutions that offer personalised reviews matched to goals. It provides a recurring cycle of reviews to keep the process active with actionable insights.
The review formats are easy-to-use and customisable. An interesting feature is that the platform offers anonymous surveys to protect the privacy of employees.
Features
- Flexible reviews without predefined questions
- Holistic overviews of employee’s strengths
- 360-degree feedback throughout the year
- Review scheduling facility with automated reminders
- Goal setting with timelines for better tracking
10. EmployeeVibes
EmployeeVibes offers one of the most robust solutions for performance management to reward the best human resources. It facilitates easy form creation from scratch to suit each organisation’s KPIs and objectives.
The platform also facilitates the creation of custom rating tables and makes the process transparent. It provides for continuous review cycles with constant reminders for notifications.
Features
- Flexible feedback form configuration
- Easy-to-use platform
- Facilitates inclusion of multiple people in the appraisal process
- The platform is integrated with position management to pull KRA’s from job description
- Uniform performance across all devices
How to choose performance management software for the banking sector?
The following are some of the guidelines to be followed while choosing performance management software for banking sector:
Features
Research and analyse the various features available in the software to see if it is suitable for your organisational needs.
Budget
You should also consider your budget while looking for a good performance management system. There are several software available at varied price ranges. Some solutions with exceptional features may be beyond your budget. You should analyse whether you can accommodate the best by spending a little extra.
Reporting capabilities
The software you choose should have good reporting features to analyse performance. It should be able to present all information in a single dashboard.
Reviews
Always look for reviews online before you select software for your organisation. These reviews guide you in the right direction to buy the best product with excellent features.
Support from vendor
Support after sales is another important point you should consider while choosing a supplier. You may need assistance if there is any issue with the software so that it does not affect the continuous operation of your organisation.
User-friendly
The software you choose should be easy to use and navigate. There should be minimum dependence on the vendor during the regular course of use. This will help in hassle-free operations.
Conclusion
On the whole, we can say that performance management software for the banking sector is of immense help to organisations in the periodic review and timely assessment of employee performance. We have provided you with the list of top 10 performance management software for banking that can help improve your productivity and streamline your employee’s performance.
FAQs
1. What should you look for in an effective performance management tool?
The software you choose should be flexible, scalable, and easy-to-use. It should have excellent reporting features to help in decision-making.
2. Why should multinational banks choose performance management software?
Performance management system keeps track of the employee’s performance and offers timely reviews. This helps in making sure that the employees’ roles are aligned with the common objectives of the organisation. It facilitates the feedback mechanism.
3. What are the goals of a performance management system?
The main aim of the software is to have clear goal definitions and accelerate employee productivity through a continuous review system.
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