Value in People
People are the most important asset of any company. Yet, human resources represents the single most costly asset, consuming up to 40% of total operating costs for most organisations. In today's globalisation of the labour force it is becoming increasingly difficult to hire, cultivate and retain a workforce.
Engine provides a HR Performance Management solution that empowers employees and managers alike. It allows them to set shared goals and objectives, track and measure achievement and shift the focus from a basic review process to an ongoing constructive dialogue. The system is delivered via an intuitive web based interface, and can be deployed as part of a new or existing HR system, helping you analyse your human capital costs, whilst managing and developing your workforce talent and potential.
At the start of the process, employees and managers use the system to create objectives for the coming year/review period. At the end of the review period, employees rate themselves and their achievements against those objectives and fill out a self evaluation form. Similarly, managers also rate the objectives and complete a performance review form. At any time during the review period both parties can collaborate to review and amend any objectives, making the process a continuing performance dialogue rather than just an annual or periodic event.
Based on the results or final rating of the performance review managers can distribute their compensation budget across their team. The finance dept or the senior managers set compensation budget limits that the line managers must work within. The system also handles different payment types such as bonus or equity payments. Final individual payment approval can go to senior executive management or board level if required.
At all times managers have a hierarchical view of their employees’ reviews, their status in the process and any compensation they were awarded.
All review and compensation data is automatically submitted and archived to HR. The system also contains an extensive reporting function allowing all data to be searched and reported on, enabling managers to generate specific or ad hoc reports as required.
The HR Performance Management solution is an end-to-end online solution that integrates with your existing HR systems. It facilitates the development and measurement of your workforce talent and potential.
To talk about the benefits of Performance Management, contact our experts at email@example.com