14 Best Performance Management Tools in 2024 (2024)

Reading Time: 8 Minutes

Published : June 6, 2024

Last Updated: June 7, 2024

The global enterprise performance management market was valued at $4.7 million in 2016 and is estimated to reach $12.5 million by 2025. It is growing at a CAGR of 11.70% from 2018 to 2025. Clearly, the importance of an employee management tool can’t be undermined.

However, conducting performance reviews once or twice in a year is a thing of the past. It is now a continuous process, and managers are expected to keep track of their employees’ progress on a regular basis.

It can be quite overwhelming to keep track of each employee manually. Truth be told, it is hardly a feasible option. That’s why major global corporate giants are now leveraging performance management solutions in this field.

14 Best Performance Management Tools in 2024 (1)

Pro-tip

When choosing a performance management tool, prioritize integration with your existing HR systems and scalability to accommodate future growth. This ensures a seamless workflow and maximizes long-term value. This empowers you to efficiently manage performance at every stage of its development.

Here we will discuss the top 14 performance management tools that will help improve employee engagement. But before that, let’s first understand the concept of performance management thoroughly.

What is Performance Management, and Why is It Necessary?

Performance management is about establishing a channel of continuous communication (and feedback) between employers and employees.

The main purpose is to ensure that all employees are working efficiently towards achieving organizational goals. It helps solve problems that the employees might be facing to keep their productivity level intact. This can be easily conducted with the help of performance management tools.

This performance management tool is a set of tools designed to help employers or managers to create accurate job profiles and set expectations, draft organizational goals, and align them with their responsibilities. It helps bring transparency to the workplace.

Performance management tools are necessary for two reasons:

  • It makes it easy to conduct the annual performance review as both parties know what they can expect.
  • It indicates that the manager values their employees, and so they become more motivated than ever before.

How We Select & List Softwares?

Our selection of these Performance Management Tools is based on thorough research and analysis. We have listed these softwares based on usability and satisfaction score that include features, ease of use, customer support, ratings, and number of reviews from SoftwareSuggest. Our goal is to help businesses select the right softwares that can help them optimize their business processes. Learn more

Best Performance Management Tools

Tool NameFree Trail PeriodPricing

ReviewSnap

14 daysYou can visit their website

CRG emPerform

30 daysVisit their website to get a personalized quote

Trakstar Hire

14 daysCustom quote

Qandle

14 daysRegular: ₹3950/month/50 employees

PossibleWorks

7 daysContact the company for a quote

UltiPro

Contact the VendorContact the company for a quote

Impraise

14 daysPerformance and Development: $7/user/month

PeopleFluent

14 daysContact the company for a quote

Synergita

30 daysOKR Growth: ₹400/employee/month

15five

14 daysOne plan that costs $10 per user per month

Bamboo HR

14 daysContact the company for a custom quote

Engagedly

14 daysPerformance Suite: $9/user/month

Engagedly

14 daysContact the company for a custom quote

Oracle HCM

Contact the VendorTalent Management: $10/user/month

1. ReviewSnap

14 Best Performance Management Tools in 2024 (2)

Reviewsnap

5 out of 5 stars

4 Reviews

Learn More

An all-in-one performance management tool, ReviewSnap enables you to develop your staff by enhancing and automating performance review. With over 350 competencies and 360-degree reviews, your staff can get better, constant feedback that will enable them to improve 24/7. It is robust, flexible and user-friendly. It not only streamlines administration work and tedious performance appraisal processes but also improves communication and productivity.

Features

  • e-Signatures
  • Automatic notifications
  • Job specific templates
  • Custom templates
  • Self-appraisal
  • Peer appraisal
  • Self-service portal
  • Goal management+tracking
  • Ongoing performance management

Pricing

It offers customized quotes. You can visit their website to get a personalized quote per your requirements.

Customer support options: Email/Help Desk, Chat, Phone Support, FAQs/Forum

Pros

  • Individual development tracking with 9 Box Reporting
  • Users can review permissions for discretion
  • Keeps a record of annual reviews to ensure consistency

Cons

  • Customer service is not very prompt
  • Doesn’t integrate with most business tools

2. CRG emPerform

14 Best Performance Management Tools in 2024 (3)

CRG emPerform

5 out of 5 stars

1 Reviews

Learn More

CRG emPerform is an easy-to-use and flexible performance management tool for small and medium-sized companies. It helps you automate and streamline the appraisal process, manage goals, and plan development activities. Moreover, it lets you keep your entire organization on track with automatic reminders.

Features

  • 360- degree feedback
  • Compensation management
  • Customization capabilities
  • Goal management
  • Negative feedback management
  • On-going performance tracking

Pricing

Visit their website to get a personalized quote.

Customer support options: Email/Help Desk, FAQs/Forum, Phone Support (24/7), Chat

Pros

  • Excellent customer support
  • Fully customizable
  • Journalling and Tagging capabilities

Cons

  • No auto-save function
  • It needs a dedicated administrative user guide

3. Trakstar Hire

14 Best Performance Management Tools in 2024 (4)

Trakstar Hire

5 out of 5 stars

3 Reviews

Visit Website

This performance evaluation solution provides 360-degree feedback in a simplified, easy-to-grasp manner. Set goals and manage performance appraisals effortlessly with Trakstar Hire. HR executives can set SMART goals for employees, which can be strategically aligned with the organization’s objectives. If your organization is looking to take the leap from paper appraisals to automated, online appraisals, Trakstar is a wonderful choice.

Features

  • Real-time reporting
  • Custom workflows and forms
  • Automated email reminders to users for task completion
  • Performance trendsSelf appraisals
  • Peer appraisals
  • Applicant tracking
  • Job posting
  • Collaborated recruitment

Pricing

Since the pricing is based on the number of employees at your organization, you’ll have to request a custom quote.

Customer support options: Email/Help Desk, FAQs/Forum, Phone Support (24/7), Chat

Pros

  • Streamlined applicant tracking system to organize and monitor the hiring pipeline
  • Customizable with automation to simplify repetitive recruiting tasks
  • Analytics and reports to provide insights into recruiting performance

Cons

  • It can be complex for smaller companies without dedicated HR staff
  • Missing some features of larger applicant tracking systems like video interviewing

4. Qandle

An end-to-end performance management tool, Qandle is smart, fully configurable and has a mobile app that ensures connectivity on the move. It is a highly intuitive and holistic HR solution with talent management, payroll, compliance, expenses, and travel management modules.

Features

  • Customizable digital record
  • Customizable reports
  • Real-time feedback
  • Appraisal cycle management
  • Post-appraisal processes (promotions, transfers, and successions)
  • Social recognition
  • PIP – Performance Improvement Program
  • Custom training programs

Pricing

  • Foundation: ₹2450/month/50 employees
  • Regular: ₹3950/month/50 employees
  • Plus: ₹4950/month/50 employees
  • Premium: ₹6450/month/50 employees
  • Enterprise: Contact the company

Customer support options: Email Support, Phone Support, Help Desk

Pros

  • It has a 360-degree feedback provision
  • It consists of a powerful interactive calendar view
  • Offers smart and flexible leave management with fully customizable tracking
  • Has a visual dashboard with key metrics display for better decision-making

Cons

  • It may require some basic training and setup support
  • The plans seem expensive for mid-sized companies

14 Best Performance Management Tools in 2024 (6)You May Also Read: What is Performance Management Cycle? Stages and Challenges

5. PossibleWorks

14 Best Performance Management Tools in 2024 (7)

PossibleWorks

5 out of 5 stars

1 Reviews

Learn More

This artificial intelligence-powered performance management tool is popular due to comprehensive integrations, novel features, and agile goal management. PossibleWorks enhances workforce effectiveness by improving focus, transparency, and alignment of performance processes.

Features

  • 360-degree feedback system
  • Automated check-ins
  • Dynamic goal periods
  • Goal progress tracking
  • People analytics
  • Employee communication

Pricing

Contact the company for a quote.

Customer support options: Live chat, help center, Email, and FAQs

Pros

  • Multi-level reports with advanced HR analytics
  • Single sign-on for automatic logins
  • Regular check-ins and real-time feedback

Cons

  • Does not have a monthly pricing plan
  • Has a high learning curve

6. UltiPro

14 Best Performance Management Tools in 2024 (8)

UltiPro

4.2 out of 5 stars

5 Reviews

Learn More

This sophisticated SaaS-based financial performance management tool is designed to provide a superior employee experience. UltiPro is a great tool to enhance employee learning, facilitate accurate payroll, and leverage advanced surveys through intelligent business reporting.

Features

  • Payroll
  • Benefits administration
  • Recruiting and onboarding
  • Performance management
  • Succession management
  • Employee survey and sentiment analysis
  • Business intelligence and predictive analytics

Pricing

Its pricing is not readily available on its website. Contact the company for a quote.

Customer support options: Phone, Email, Live Chat, and Community Forums

Pros

  • Capable of measuring engagement through sentiment analysis
  • The platform is highly scalable and customizable
  • Provides 24/7 support through live representatives

Cons

  • The mobile app has some features missing from the PC software
  • Time management solutions lack key features for large organizations

7. Impraise

14 Best Performance Management Tools in 2024 (9)

Impraise

4.2 out of 5 stars

5 Reviews

Learn More

A multi-faceted performance management tool, Impraise accelerates professional growth through continuous reviews, structured goal alignment, check-ins, and real-time periodic feedback.

Features

  • 1-on-1 meetings
  • Rater selection
  • Employee progress tracking
  • On-going performance tracking
  • KPI monitoring
  • Individual development plan
  • Employee segmentation
  • Customizable templates

Pricing

  • Performance: $5/user/month
  • Performance and Development: $7/user/month
  • Enterprise: Custom pricing

Customer support options: Phone, Email, FAQs/Forum, 24/7 (Live reply)

Pros

  • 360-degree insights for comprehensive performance growth
  • Visual and navigable dashboard for informed decision-making
  • The platform has advanced visual and predictive and prescriptive analysis tools

Cons

  • The user interface and notifications can be improved
  • The support team could be more responsive

8. PeopleFluent

14 Best Performance Management Tools in 2024 (10)

PeopleFluent

4.2 out of 5 stars

5 Reviews

Learn More

An integrated human capital management tool, PeopleFluent ranks high amongst performance management tools due to its embedded analytics, social collaboration, and holistic performance management functions. It’s a talent management suite that includes recruiting, performance, succession planning, compliance, and vendor management.

Features

  • 360-degree feedback
  • Compensation management
  • Competency management
  • Employee management
  • Goal setting/tracking
  • Individual development plans
  • Learning management
  • On-going performance tracking
  • Peer appraisals
  • Performance appraisal

Pricing

Contact the company for a quote.

Customer support options: Knowledge Base, Phone Support, Email/Help Desk

Pros

  • Robust application tracking system that simplifies resume parsing workflows
  • High-quality system implementation with a responsive team
  • Intuitive, visual, and well-designed metrics dashboard
  • Streamlines formal appraisals, goal-setting, and competency assessments

Cons

  • Customized reporting is not robust
  • Does not always scale to the size of the user organization

9. Synergita

14 Best Performance Management Tools in 2024 (11)

Synergita

4.6 out of 5 stars

13 Reviews

Learn More

Synergita’s cloud-based performance management tool automates talent data management, goal alignment, continuous feedback, and employee development. It is user-friendly, customizable, and has great client support around the clock.

Features

  • Employee profile
  • Smart goals and OKRs
  • Progress tracking
  • Continuous check-ins
  • Peer recognition and awards
  • Culture score
  • 1-1 meeting
  • Training recommendations

Pricing

  • All in One: ₹460/employee/month
  • OKR Growth: ₹400/employee/month
  • Perform Plus: ₹80/employee/month
  • Engage: ₹30/employee/month

Customer support options: Knowledge Base, FAQs/Forum, Email/Help Desk, Chat, Phone Support

Pros

  • It can be easily integrated with any pre-existing HR system
  • ndividual development plans for employee feedback
  • The platform has continuous 360 feedback automation
  • Dashboard of advanced widgets for actionable insights

Cons

  • Turnaround time on service requests is a bit slow
  • It could take time to understand the tool

10. 15five

14 Best Performance Management Tools in 2024 (12)

15Five

4 out of 5 stars

1 Reviews

Learn More

15five is the top-leading performance management designed to bring more transparency to the workplace. It helps align individual goals to the company’s objectives and gain full visibility into their workforce. You can measure engagement anytime you want and uncover issues and challenges if any.

Further, it can be useful for managing remote teams as well.

Features

  • Multi-dimensional feedback
  • Self-review and manager review
  • 360º feedback
  • Competencies
  • Calibrations
  • Talent matrix
  • Org-wide tracking and management
  • Configurable, cross-functional goal alignment

Pricing

Its performance management tool has one plan that costs $10 per user per month.

Customer support options: FAQs/Forum, Knowledge Base, Email/Help Desk, Chat

Pros

  • Has advanced features at nominal costs
  • Integrates with most productivity tools
  • Employees can use mobile apps to manage their performance

Cons

  • Training materials are not as extensive.
  • Support response time needs improvement.

14 Best Performance Management Tools in 2024 (13)You May Also Read: 10 Types of Performance Appraisal Systems: A Detailed Guide

11. Bamboo HR

14 Best Performance Management Tools in 2024 (14)

BambooHR

4.5 out of 5 stars

31 Reviews

Visit Website

Bamboo HR offers a robust HR solution that comes well-equipped with the resources and tools required to carry out performance management efficiently. It generates employee performance reports whereby managers get deep insights into how their team members are performing. These reports are simple and enable you to compare performance individually as well as by department.

Moreover, its continuous feedback system is something to look for. It sends out automated reminders and notifications to inform employees about their progress and goal completion.

Features

  • Goal status report
  • Centralized database
  • Talent management
  • Check-ins
  • Automates alerts and reminders

Pricing

Contact the company for a custom quote.

Customer support options: Email/Help Desk, FAQs/Forum, Phone Support, Knowledge Base, Chat

Pros

  • Easy access for employees and managers alike
  • Maps out the company’s organizational structure
  • Customizable reporting and policies

Cons

  • The mobile version can be better
  • It does not have an employee attendance feature

12. Engagedly

14 Best Performance Management Tools in 2024 (15)

Engagedly

4.4 out of 5 stars

5 Reviews

Learn More

Engagedly is a real-time performance management tool that is refreshingly simple and intuitive to use. It can be used by all sizes of businesses — small, medium, and large. Engagedly makes it easy to set up a 360 review process in just a matter of a few minutes.

It can also help with setting up OKRs and keeping your employees engaged.

Features

  • Performance reviews
  • Real-time feedback
  • Ongoing check-ins
  • Goals
  • 360 Feedback
  • Recognition
  • Social learning

Pricing

Performance Suite: $9/user/month

Customer support options: Email/Help Desk, Chat, Phone Support

Pros

  • The interface is easy to use and has a low learning curve
  • Customer service is prompt and knowledgeable
  • It has in-built templates for seamless performance management

Cons

  • The analytics could go into more detail
  • Its learning management system is not up to the mark

13. PeopleHum

14 Best Performance Management Tools in 2024 (16)

peopleHum

4.7 out of 5 stars

23 Reviews

Learn More

Recognize top talent, align your strategy and goals, and support forward-looking performance through ongoing feedback with peopleHum’s AI-powered performance management tool. Motivate employees, align training with company goals, and identify, analyze, and manage skills gaps within your organization. Move towards a people-focused evaluation, built around resilience and agility!

Kickstart meaningful conversations between your employees and managers instantly with self, peer, and leadership feedback and drive purposeful one-on-one meetings, set and track goals in real-time, and get the flexibility in choosing and setting up review cycles. peopleHum adapts to fit your company’s performance management model whether you run annual performance reviews or quarterly development cycles.

Features

  • OKRs
  • 1-on-1s
  • Real-time goal setting and tracking
  • Competency groups
  • 360-degree feedback
  • Self, peer, and leadership feedback

Pricing

14-day free trial available. Pick and choose what you need and contact them directly for a quote.

Customer support options: Chat, Email/Help Desk, 24/7 (Live rep), Phone Support

Pros

  • Performance analytics and insights
  • Easy to use interface
  • Customizable feedback templates
  • Continuous 360 feedback automation
  • Regular check-ins and real-time feedback
  • 24*7 customer support

Cons

  • No successful planning

14. Oracle HCM

Oracle HCM is a complete solution for all your HR needs — from hiring and onboarding to tracking and measuring the performance of employees. What makes it unique is that it offers a guided, step-by-step workflow to make it simple. It enables you to create a personalized experience for every individual with relevant content and insights to drive productivity.

Besides, it provides complete, accurate, and real-time visibility across your workforce, allowing you to make faster and better decisions.

Features

  • Compliance regulation
  • Absence management
  • Workforce health and safety
  • Create SMART goals
  • Reporting and analytics
  • Career planning
  • Time and labor

Pricing

  • Help Desk: $4/user/month
  • Talent Management: $10/user/month
  • Global HR: $15/user/month

Customer support options: Phone Support, Email/Help Desk, Chat, FAQs/Forum, Knowledge Base

Pros

  • It has easy approval flows and self-service
  • Seamless management of promotions and salary scales
  • The platform has good documentation and manuals

Cons

  • A bit on the expensive side
  • Limited customization possible

14 Best Performance Management Tools in 2024 (17)You May Also Read: What is a Performance Management System? Key Components and Benefits

How does Performance Management Tools Work?

Performance management tools help align your workforce to organizational objectives and measure and evaluate individual employee performance continually against results.

It digitally tracks all activities to ensure that the progress graph is going in the right direction. To understand how it works, let’s look at its workflow chart. The Workflow of Performance Management Tools :

1. Planning

In this stage, managers are expected to lay out their expectations from their team members individually. They should communicate the goals and objectives and tie them to specific metrics to measure them.

2. Monitoring

Managers need to track their employees’ work progress towards those goals. That’s why the goals need to be measurable.

Monitoring tools make it easy to track progress.

3. Assessing and Reviewing

This is the stage in which each employee’s performance is rated periodically and then at the time of appraisal.

Every staff member can give ratings for 360-degree feedback. This data is then analyzed to provide detailed insights on how to improve your employees’ performance.

4. Rewarding

Tracking employee performance and rewarding high achievers proves to be extrinsic motivation beyond goal-setting.

These rewards can be promotions, bonuses, social recognition, and others.

Final Thoughts

The performance management process is continuously evolving. If you want success, you should follow these three best practices –

  • Create a culture of open and effective communication
  • Develop an effective performance management strategy
  • Conduct continuous monitoring

Implementing performance management tools can lead to a dramatic upswing in productivity and business revenues.

Frequently Asked Questions

What are good questions about performance management?

Some good questions about performance management include how to set meaningful performance objectives, how to give constructive performance feedback, and how to adequately document employee performance issues. Additional key questions surround how to better align employee performance with organizational goals.

How is performance management a strategic tool?

Performance management tool is strategic because it allows organizations to clearly communicate performance expectations that ladder up to broader organizational objectives. This strategic alignment ensures all employees work towards the same overarching goals. It also provides data to inform larger strategic decisions about resource allocation, talent development, and more.

What are the components of a performance management tool?

Typical components of a performance management tool include goal setting and planning features to align objectives, performance assessment functionalities to measure progress, feedback and check-in capabilities, and performance reporting analytics. Many also have development planning and career growth features.

What is the purpose of conducting a performance review?

The purposes of a performance review include providing employee feedback, aligning individual objectives with organizational goals, identifying training/development needs, informing promotion and succession planning decisions, determining performance ratings, and guiding performance improvement plans when necessary.

How does a performance management tool link to career planning?

Performance tools link to career planning by gathering data and insights on employee strengths/development areas, which inform succession planning. Leadership can identify top talent through performance patterns and provide growth opportunities aligned with organizational needs and employees' skills. The tools also allow employees to have clearer conversations about their career goals and development.

14 Best Performance Management Tools in 2024 (18)

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Paras Kela is a highly skilled SaaS content writer with over 7 years of experience in the IT field. His expertise lies in simplifying complex technical concepts for easy comprehension. With a portfolio of over 100 high-quality blogs covering various SaaS topics, Paras’s writing style is engaging, informative, and SEO-friendly, ensuring maximum effectiveness. He continuously updates his skills and knowledge to stay current with industry trends, making his writing relevant and reliable.

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