THE BENEFITS A PERFORMANCE APPRAISAL SYSTEM CAN BRING TO YOUR BUSINESS

Feb 22, 2021

Businesses who wish to strive toward the overall improvement and growth of their organization may find that a robust performance management system can help them do so. These incredible tools ensure that all teams and individuals are working on their organizational objectives and goals as planned, resulting in increased overall productivity and increment planning. Employees can use the system to better understand their efforts and the benefits that come with them.



A performance appraisal system is a valuable management tool for receiving feedback, monitoring, and evaluating if a person's performance is effective and addressing what needs to be done to improve it. Managers conduct evaluations for the benefit of both the employees and the company. For the manager or department head, the most important benefit of the appraisal system is that it offers a record of employee performance over a set period of time. The following is a list of the performance appraisal system's advantages:

  1. Employees' performance is measured in performance appraisals, which allows them to discover their strengths and flaws. Employees will endeavor to overcome their deficiencies and develop their strengths as a result of this, which will help them grow personally. As a result, their performance will improve, and they will obtain new abilities and experience.


  2. Performance assessments have a beneficial impact on motivation because they recognize and reward hardworking and high-performing personnel. Employees feel valued and appreciated as a result of this job acknowledgment. Identifying strong achievers would also enable the organization to offer promotions, bonuses, awards, and raises to people who actually deserve them.


  3. Furthermore, performance appraisal is an important feedback and communication tool. Companies would be able to provide a feeling of direction to individuals who require it after gathering performance data. Employees will be able to discuss their concerns and challenges in their everyday responsibilities, which will help to boost their motivation.


  4. Companies can utilize data from appraisals to create training programs that are tailored to the specific needs of each employee. As a result, employees' abilities will improve, and their chances of advancement within the organization will increase. By monitoring employees' performance and comparing outcomes before and after implementing the program, performance appraisals can also be used to measure the success of the training.


In an essence, the performance appraisal system is an important instrument for setting organizational goals and implementing competitive human resource management strategies. It helps an organization's objectives and KPIs to be integrated and aligned horizontally and vertically across all levels and categories. If you wish to take benefit of the above perks, it might be time to invest in performance appraisal software as well. Not only will you be able to lessen the chance of performance appraisal errors, but you will also be able to avoid the trouble of completing it manually.

Testimonials for Wallet HR solutions

  • Lucas

    "We have implemented all the modules of Wallet-HR in our organization. We are very happy to mention that the product works great and the Crystal team implemented the solution at cheetah pace with good understanding. Very commendable job considering the size of our organization. We have integrated attendance devices across our 45 locations to centralised attendance software and integrated to payroll along with other modules. As a result of complete HR automation we were able to save atleast 7% on our turnover year on year. We are extremely delighted to have chosen Crystal HR as our solution provider."

    HR

  • Isha Foundation

    "We have 9 companies with almost 4000 employees Over all; managing employee’s records was very difficult. We have chosen wallet-HR after evaluating many products. Now we are using few modules of Wallet-HR, further we are planning to use all modules from this financial year. We are very satisfied with the Wallet-HR software, because of its updated technology, and the time it saves. Wallet-HR gives us accurate results and reports as per our requirements. Good Luck to Crystal team!"

    HR

  • Specsmakers

    "We tried different softwares before selecting Wallet-HR. Our challenge has been to integrate and monitor the attendance of 300 stores. We are highly impressed by the solution offered. We are now able to get real-time attendance with costing effortlessly. Managing the process from Entry to exit has been made simpler. Thanks to Wallet HR team."

    HR Head

  • Solara Active Pharma Science Ltd

    "Wallet HR has been implemented and integrated across all our 9 locations. We have strict FDI guidelines to follow in respect of access control and attendance, which we have tirelessly implemented with the help of Wallet HR suite."

    IT Head

  • Surin Automotive Pvt. Ltd.

    "We have nine factories across different locations in India. Wallet-HR is implemented for managing our entire employee lifecycle. We had huge challenges in managing workforce using attendance devices. Crystal with their proprietary technology was able to provide us a seamless solution. We have been using Wallet HR for 6 years now with excellent backup support from Crystal whenever required."

    HR Head

  • Pothys

    "We are amazed by the domain understanding of Crystal and the configuration capabilities of the product. They have been able to provide solution to all our issues without making any customization in the product. It is a great tool that helps to balance the entire process of our organization in an easy manner."

    HR Manager

  • Le Royal Meridian

    "Intuitive UI, dynamic functionality and robust technology is what made us choose Wallet HR amongst all other products in the market. Earlier we used to manually amend the attendance data before processing payroll, now everything is automatic, which in multiple ways has reduced the time and effort spent in validating the attendance. That is indeed great."

    IT head

  • CAMS

    "We are very impressed by the lightning speed of Wallet-HR’s payroll engine. We have been able to process payroll of around 4000 employees in less than two minutes."

    Functional Manager - HRD

  • Hyundai Hysco

    "Selection of vendor is a tough process in Hyundai. Wallet-HR has been selected by Hyundai software division to implement the solution across all Hyundai subsidiaries. As a first step we have implemented the solution at one of our subsidiaries in Sriperumbudur and we are happy that they have gone live without any fuss. Good job done by Team Crystal."

    HR Manager

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