About Performance Appraisal and Management Software
Performance appraisal is the process of the evaluation of the employees by the manager. Evaluation is based on the employee's overall contribution to the organization. It also aids in analyzing the abilities and skills of an employee for their future growth. Web-based performance management software system offers performance review, 360-degree feedback, learning content integration and compensation.
Technavio’s analysts forecast the global performance appraisal and management software market to grow at a CAGR of 8.45% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global performance appraisal and management software market for 2016-2020. To calculate the market size, the report considers the revenue of large, small, and medium enterprises that provide the performance appraisal and management software across the globe.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Performance Appraisal and Management Software Market 2016-2020
Technavio recognizes the following companies as the key players in the global performance appraisal and management software market: Oracle, Saba, SAP SuccessFactors, SumTotal Systems, and Ultimate Software.
Other Prominent Vendors in the market are: Actus, bambooHR, breatheHR, Cornerstone OnDemand, Hirezon Corporation, Impraise, Insperity, Performly, Namely, RedSpotHR.com, Reviewsnap, Trakstar, and Zoho Corporation.
Commenting on the report, an analyst from Technavio’s team said: “The performance management is no more viewed as a one-off annual meeting. The new performance management trends are emphasising the fact that performance management should be a constant process. Managers are giving in-the-moment feedback to employees on their work and continuous coaching to improve performance. Several companies are renovating their employee strategies in line with new trends.”
According to the report, need for simplified performance appraisal process will drive the market. The traditional performance management has been criticised because it was a tedious task for managers. Many companies are deploying performance management software to ensure that managers can easily supervise the employee goals and track the progress of the employees
Further, the report states that Open-source recruitment software is posing as stiff competition for on-premises and cloud-based performance appraisal software. It is especially popular in developing economies such as India and China. This is mainly because of inadequate capital to invest in the expensive on-premises and cloud-based performance appraisal software. Thus, open source software tends to be a very economical solution for organizations with limited resources and expertise availability.
Oracle, Saba, SAP SuccessFactors, SumTotal Systems, Ultimate Software, Actus, bambooHR, breatheHR, Cornerstone OnDemand, Hirezon Corporation, Impraise, Insperity, Performly, Namely, RedSpotHR.com, Reviewsnap, Trakstar, Zoho Corporation.