The performance management system is the ongoing process used for enhancing the performance of an individual. The software enables users in tracking and monitoring employee performance and ensures that the individual goals are aligned to organizational goals. With the performance management system, it becomes possible to understand when training is required and for which employee. It boosts employee morale, recognizes an employee for achieving his goals, supports workforce planning, and retains employees.
360Quadrants shortlisted the top companies offering the best Performance Management Systems in the performance management systems market. With this study, buyers are able to choose the right software for their businesses and can take quick decisions. 360Quadrants released this quadrant after assessing companies depending on their products and business strategies. This assessment is updated every quarter. 360Quadrants conducts in-depth SWOT analysis for analyzing these vendors and enables them to know about the opportunities in the market and business strategies.
The global performance management systems market is projected to grow at a CAGR of 10% at USD 7.28Bn in 2018 to USD 11.72Bn by 2023. The major factors driving the best performance management systems market are increasing need for lower operational costs in companies and trusting cloud solutions, enhancing company performance, and implementing data-driven decision-making processes with united staff and company goals.
Performance Management Systems Companies Quadrant Placement
360Quadrants has evaluated 34 software vendors that offer performance management systems, of which, the top 17 were positioned on a quadrant under Visionary leaders, Innovators, Dynamic Differentiators, and Emerging Companies.
Paylocity, ADP Workforce Now, Lattice, 15Five, Reflektive, Workday HCM, Paycom, PerformYard, BambooHR, and UltiPro have been identified as Visionary Leaders in the performance management system space.
Oracle PeopleSoft, Namely, SAP SuccessFactors, and Saba TalentSpace have been recognized as the Innovators in the performance management system space.
OrangeHRMhas been positioned as the Emerging Company in the performance management system space. Kazoo and Bridge have been identified as the Dynamic Differentiators in the performance management system space.
360Quadrants Evaluation Approach
360Quadrants shortlisted and analyzed the top performance management systems vendors. These companies were assessed on more than 60parameters gathered from product offerings and business strategy analysis of companies. A few important parameters are geographic footprint, appraisal management, 360-degree feedback, and development planning.
Geographic Footprint- Geographic footprint parameter analysis is based on the geographic presence of the company. Companies with more offices globally are given more points compared to others.
Appraisal Management- Appraisal management is the parameter considered for analyzing the product offered by the vendor. Appraisal management means managing the assessment of the employee by his manager. This is done by maintaining all the records of feedback in the system itself. It helps managers and employees keep track of these feedbacks.
360-degree Feedback-360-degree feedback is the process in which feedback is received from peers, managers, as well as self-evaluation.
All such parameters were allocated weightages, post which the inputs were assessed. This enabled analysts in computing the score depending on which performance management system providers were ranked and placed on the 360Quadrants.
About 360Quadrants
360Quadrants is the largest marketplace looking to disrupt USD 3.7 trillion of technology spend and is the only rating platform for vendors in the technology space. The platform provides users access to unbiased information that helps them make qualified business decisions. The platform facilitates deeper insights using direct engagement with 650+ industry experts and analysts and allows buyers to discuss their requirements with 7,500 vendors. Companies get to win ideal new customers, customize their quadrants, decide key parameters, and position themselves strategically in niche spaces, to be consumed by giants and startups alike. Experts get to grow their brand and increase their thought leadership. The platform targets the building of a social network that links industry experts with companies worldwide.
360Quadrants will also be launching quadrants in fields such as Reporting software, Employee monitoring software, and HR software.
