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The Value of Employee Performance Management Software

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The value of automating performance management may seem obvious to HR professionals, but providing key numbers and ROI on such a product can be a little tricky to articulate. This presentation helps …

The value of automating performance management may seem obvious to HR professionals, but providing key numbers and ROI on such a product can be a little tricky to articulate. This presentation helps to highlight those key, measurable benefits.

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  • 1. The Value of Performance Management Software
  • 2. “Why do I need to prove the value...“ “the benefits are clear?”
  • 3. Most human resources professionals understand the value of automating performance management. But more often than not, it is a struggle to prove the business benefits of an investment in an employee performance management solution (EPM) to executive management.
  • 4. Numerous studies find that companies with the highest levels of employee engagement and development outperform competitors on many levels. Including...
  • 5. Outperform in: Financial Performance Productivity Innovation Employee Retention It’s even been cited that companies that focus on employee performance can realize significant returns on talent investment. Upwards of 300-400 percent!
  • 6. How can an Employee Performance Management solution help?
  • 7. Having an EPM in place gives you a holistic view of your employees’ performance and assists with proper goal alignment to keep employees engaged, leveraging existing employees to fill gaps where possible, and helps you identify where skill gaps exist and how to address them.
  • 8. Fast Fact Gallup Estimates the cost to the economy for disengaged employees to be $350 Billion!
  • 9. Reduced Employee Turnover Time Savings Increased Productivity Three Areas To Calculate ROI
  • 10. Reduced Employee Turnover Experts estimate that it can cost up to twice an employee’s salary to find and train a replacement! Ensuring that employee turnover stays low is going to save the company a large chunk of money. One of the best ways to lower turnover is to ensure your employees understand how they are contributing to the company’s goals. Ensuring individual goals are aligned to corporate goals will give employees confidence that their roles in the company are important and serve a key purpose.
  • 11. “Studies have shown that ‘Purpose’ is the number one driver of job satisfaction”
  • 12. A cornerstone of increasing productivity is focusing on the process of effective performance management. • Goal Setting & Alignment • Frequent Reviews & Touch Points • Employee Ownership of the Review Process Which requires HR, managers, and employees have a clear line of sight into: • Reviews • Performance • Goals • Development plans Increased Productivity An EPM system offers...
  • 13. Reduction in time... • HR spends generating appraisal reports • HR spends tracking down managers for appraisals • HR spends resolving issues with performance appraisals • Managers and employees spend executing appraisals And Increased... • Engagement by giving employees meaningful feedback • Employee motivation by setting goals which affect future compensation and promotions • Efficiency of HR with custom workflows and dashboards that allow managers to easily monitor task completion
  • 14. Fast Fact At Kearney & Company, more than 92% of performance reviews were completed on time after implementing SilkRoad’s performance management solution.
  • 15. Time Savings The time savings of an employee performance management system is probably the easiest value to show. Do you spend a lot of time sorting through paper appraisals, or even trying to track them down? How much time is spent hounding managers to complete appraisals? How many hours or days does it take to run a report? Implementing an EPM will make the entire process faster and easier by removing uncertainty, providing automatic task notifications to employees and managers, and simplifying report generation, just to name a few.
  • 16. Aligning your business strategy with your employees is a difficult task without a system to manage the performance of your talent. You need the necessary tools to determine how employees are performing and how to help them improve in order to generate bottom-line business results for the company and give employees the career growth and development they crave.
  • 17. Take the next step: Use this ROI Calculator to see the value of an EPM for your organization. Download “Calculating the ROI of an Employee Performance Management Solution.”
  • 18. About SilkRoad SilkRoad® is a leading global provider of cloud-based, end-to-end talent management solutions that enable customers to find, attract, develop, and retain the best talent. The award-winning SilkRoad® Life Suite® includes Talent Acquisition, Talent Development, and HRMS solutions that are delivered through a Talent Portal to drive greater engagement, collaboration, and user adoption. The suite is easy to deploy, easy to use, and affordable for businesses of every size. Visit www.silkroad.com for more information. @SilkRoadTweets Follow us on Twitter
  • 19. Thank you!

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