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The Evolution of HR EPM Software
Companies worldwide understand that employees are the most
important component in business, and now growth is being driven
by pressure to get more value from existing employees. However,
until recently, methods and technologies to measure and quantify
employee performance have been inadequate, largely because the
measurement of employee performance has not been tied and
measured with company goals. To remedy this, the concept of
employee performance management (EPM) recently emerged as a new
frontier in human capital management (HCM). EPM models place
individuals at the heart of the enterprise. The model aligns
employee performance with organizational goals through the
collaboration of employees and management, and human resources
(HR) and line managers.
The aim of performance management systems is to both automate
the employee review process and link reviews to organizational
performance. The aim is to ascertain whether employees are
taking definitive steps to achieve their determined performance
goals; whether there are succession plans in place for top
managers; what kinds of skills the organization will need in the
next few years; and so on. Those are the kinds of questions (and
hopefully appropriate answers) that performance management
systems should put on the desktops of both managers and
employees.
EPM and Incentive Management
Performance management systems often include or feed into
compensation (sometimes also called employee incentive
management [EIM]) systems in order to more justly distribute
merit-based pay increases. Incentive management, also referred
to as sales compensation management, is used by sales
compensation executives to model and forecast commission
spending, and align pay-for-performance strategy with
organizational goals.
EPM and Compensation Management
Compensation management and related employee performance
management (EPM) are key components in a broader suite of talent
management applications. These applications are used by HR
professionals to gauge workforce performance, and improve their
ability to assess and deploy talent. Compensation management
software provides the modeling to allow fair compensation for
employee competencies and performance, and is used as a
strategic tool for retaining critical talent.
EPM Vendor Selection
EPM vendors are specializing in different aspects of
performance-related functionalities, so it is crucial to know
what the company's priorities are.
Performance-related functionalities include:
- performance and competency management
- performance management and surveying
- talent management
- recruitment and performance management
- competency management
- call center performance management
- employee relationship management
EPM solutions are widely used in the retail, pharmaceutical, banking, fashion, and manufacturing industries.
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