Getting rid of the annual performance review
Companies of all sizes are doing away the traditional annual performance review. In a recent Deloitte survey, only 12% of HR leaders reported their performance process was highly effective in driving business value. As such, the performance management space is heating up, with tons of new players receiving funding and attention.
Performance development and career advancement
Enterprise software provider, BetterWorks, is announcing two full product additions to its goal setting suite— Performance Development and Strategic Planning. The new performance development modules by BetterWorks allow for more frequent, two-way conversations between managers and their employees. This way, performance conversations can now center around the employee’s goals and top work priorities. By doing so, BetterWorks hopes these conversations can facilitate the real time coaching employees need to become high performers, stay engaged in their work, and advance their careers.
Doing more with less
Kris Duggan, CEO of BetterWorks said, “The modern workforce is demanding a more frequent, open and collaborative solution to workplace operations. We’re giving businesses everything they need to become high performers and execute on strategic plans–both by operationalizing their business and developing employees. This has become vital in today’s climate, where leaders are chartered with doing more with less.”
Betterworks is a long term, all-in-one platform
BetterWorks comes at a time when the modern workforce is demanding a more frequent and open way of measuring and communicating performance. The company has become the first to combine goals, employee development, and long term planning onto one platform. Until now, there’s been a gap in business because no platform has been able to successfully connect the dots between all three. This is where ButterWorks’s Performance Development and Strategic Planning additions really make an impact. The new features let companies take an annual plan and automatically break it into sizable, easy to understand quarterly goals. The BetterWorks platform could be a game-changing comprehensive business operating system for modern businesses. Both modules will be available to BetterWorks users for an additional monthly fee.
Over the next year, BetterWorks plans to launch an additional peer feedback capabilities focused on individual work as well as contributions to company values. The company also has plans to expand their product to Europe, the Middle East, and Africa by the second quarter of this year.