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5 Best Performance Review Software Options

Image source: Freepik

82% of employees say they feel valued when someone takes the time to provide feedback. However, many managers refrain from conducting performance reviews because they are time-consuming and energy-intensive.

If you also need help finding time to run performance reviews and consider the traditional appraisal process ineffective and not inspiring, read our guide to find the best performance review software for your company. Such a tool can automate and simplify the creation of performance reviews, resulting in consistent and more effective performance management. Let’s dive in!

5 best performance review software overview

Here’s our curated list of the best software to conduct performance reviews:

Effy AIalt

Effy AI is AI-powered performance evaluation software that allows you to launch a review in minutes without HR expertise.

Features

  • Ready-to-use templates: Take advantage of our templates and a vast question bank and forget about the struggle of creating reviews from scratch.

  • AI-generated review reports: Save hours of analyzing and summarizing review responses using our AI-powered software that processes reviewers’ answers to generate comprehensive reports.

  • Integration capabilities: Integrate Effy AI with corporate messengers like Slack and Microsoft Teams to receive notifications and submit reviews directly through these platforms.

  • Flexible reviewer nominations: Collect reviews from different sources to create self, manager, peer and subordinate evaluations. Effy AI lets employees suggest particular peers and seek approval from their manager.

Pricing

Effy AI offers a free plan for teams allowing them to create up to 10 reviews per quarter and the following pricing plans:

  • Startup: $75 per month for 30 reviews

  • Company: $300 per month for 100 reviews

  • Enterprise: Custom pricing available upon request

Latticealt

Image source: G2

Lattice is a performance management tool for companies with established performance management processes. It covers the full cycle from managing goals and conducting reviews to calculating compensations.

Features

  • Communication: Use Lattice tools like email alerts, instant messaging, and mobile alerts to communicate effectively within the organization.

  • Goal creation: Set and track goals, helping your employees align around the right priorities.

  • Performance management: Run performance reviews, get the context you need for productive 1:1s, recognize and celebrate employee wins with the Praise feature and use Updates to prioritize the most important work and remove obstacles.

  • Analytics: Make confident decisions using DEIB analytics, uncover employee sentiment, monitor and report employee participation with Adoption Dashboard and build healthy teams with team analytics.

Pricing

  • Performance management + OKRs and Goals: $11 per person per month (or $8 if bought separately), including 360°, manager and peer performance reviews and tracking goals and OKRs

  • Engagement: +$4 per person per month, including employee engagement and automated pulse surveys

  • Grow: +$4 per person per month, including competency matrices and growth plans

  • Compensation: +$6 per person per month, allows to run compensation reviews and include salary, bonus and equity in compensation cycles

Trakstaralt

Image source: Software Advice

Trakstar is an employee performance management platform that helps HR professionals manage the employee lifecycle, train top performers, uncover better prospects and reduce employee turnover.

Features

  • Engagement surveys: Use engagement surveys to understand employee sentiment and identify areas of improvement within the employee experience. You can break down the results by questions, time or departments.

  • 360° performance review feedback: Get a more complete picture of your employees by collecting feedback from various sources, including peer reviews.

  • Goal setting and tracking: Easily set SMART goals, make assessments and manage talents effectively with Trakstar’s performance management system.

  • Analytics: Benchmark your peer groups and get the information you need from easy-to-read data visualizations.

Pricing

Trakstar offers custom pricing for their software. The cost depends on the number of users and the features included in the plan.

Folks HR

Capture d’écran, le 2024-04-25 à 10.51.39 (1)

Folks HR offers a comprehensive HR platform with flexible performance management features and functions that cover the entire employee experience.
Features:
  • Performance management system: Adaptable to your specific performance appraisal system, with templates, goal-tracking and detailed search features.
  • Certificate and training management: Track your training hours and budget, receive automated reminders when certificate expire, and manage your employee’s career in a few clicks.
  • Employee profiles and e-signature: Benefit from employee self-service, centralize HR and employee information on a secure platform, and simplify document management with e-signatures accessible on your HR software.
  • HR reports: Visualize Key Performance Indicators in real-time and make relevant decisions based on reliable insight.
  • PTO and leave requests: Validate PTO requests in a matter of seconds and track employee timesheets and time banks.
Pricing: Folks offers two feature plans and you can request your custom pricing at any time on their website.
As for the comparison table at the end of the article, here is the necessary information if you want to add Folks HR to the table: 
 
Tool Features Pricing G2 Rating  Best for
Folks HR Onboarding Performance management PTO and leave requests HR KPIs and reports Certificate and training management

 

Pricing available on demand 4,5 SMBs that need to streamline core HR processes

15Fivealt

Image source: Software Advice

15Five is a performance management solution best suited for companies that want to implement short 5-15 weekly reviews.

Features

  • 5-15 reviews: Build a culture of weekly feedback with reports that take 15 minutes to write and 5 minutes to read.

  • Employee engagement: Survey the workforce to understand what works and what doesn’t. Set objectives and key results (OKRs) to improve the areas where scores are low.

  • Reporting and dashboards: Analyze performance and engagement through engagement heatmap, historical engagement benchmarks, HR Outcomes Dashboard and Management Effectiveness Indicator.

  • Communication and feedback: Arrange 1-on-1 meetings, track employee progress and offer customized feedback.

  • Objectives: Help employees achieve career goals by providing visibility into company priorities, changes and updates that impact individual work.

Pricing

15Five provides three pricing plans:

  • Engage: $4 per user per month, includes engagement surveys with actionable insights

  • Perform: $10 per user per month, includes 360º feedback, career paths and plans

  • Total Platform: $16 per user per month, includes AI-synthesized feedback insights

HiBobalt

HiBob helps companies manage their workforce more effectively by offering various HR solutions.

Features

  • Performance management: Incorporate employee career timelines, goals, achievements and activities into the performance review. Collect reviews from different angles: self, manager and direct reports.

  • Streamlining core HR tasks: Automate your paperwork, request docs and signatures from employees, and easily manage benefits packages.

  • Unlimited customizable workflows: Manage the onboarding process by creating flows customized for different sites, roles and levels.

  • Employee engagement: Inspire a remarkable experience for every employee by setting actionable short- and long-term goals for your employees. Keep employees on track and drive success by including goal tracing in a performance review.

  • Time and attendance tracking: Monitor attendance, employee hours and time off through a central hub.

  • Establish regular check-ins: Schedule 1-on-1s with your employees to facilitate meaningful dialogue and increase retention.

Pricing

HiBob offers custom pricing available upon request.

Best performance review software: Comparison table

Tool

Features

Pricing

G2 rating

Best for

Effy AI

Ready-to-use templates

AI-generated review reports

Integrations with Slack and Microsoft Teams

Flexible reviewer nominations

Offers a free plan for creating up to 10 reviews per quarter, then starts at $75 per month for 30 reviews

4.9

Small and medium-sized companies that want to run reviews in their teams

Lattice

Communication

Goal creation

Performance management

Analytics

Starting at $11 per user per month

4.7

Companies with mature performance management processes

Trakstar

Performance reviews

Engagement surveys

360° review feedback

Goal setting and tracking

Custom pricing depending on the number of users and features included in the plan

4.2

Mid-sized organizations interested in performance management, applicant tracking and learning management

15Five

Employee engagement

Performance management

Reporting and dashboards

Communication and feedback

Starting at $4 per user per month

4.6

Companies that want to implement weekly reviews

HiBob

Streamlining core HR tasks

Unlimited customizable workflows

Employee engagement

Time and attendance tracking

Custom pricing available upon request

4.5

Mid-sized companies that need to tackle complex global HR processes

Conclusion

Using performance review software, you can escape the routine of creating time-consuming employee appraisals. One of them is Effy AI, which uses the power of artificial intelligence to generate summaries and valuable review reports. After you sign up, you can launch a review in minutes, even without having HR expertise.

IEMA IEMLabs
IEMA IEMLabshttps://iemlabs.com
IEMLabs is an ISO 27001:2013 and ISO 9001:2015 certified company, we are also a proud member of EC Council, NASSCOM, Data Security Council of India (DSCI), Indian Chamber of Commerce (ICC), U.S. Chamber of Commerce, and Confederation of Indian Industry (CII). The company was established in 2016 with a vision in mind to provide Cyber Security to the digital world and make them Hack Proof. The question is why are we suddenly talking about Cyber Security and all this stuff? With the development of technology, more and more companies are shifting their business to Digital World which is resulting in the increase in Cyber Crimes.
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