What is Workday Performance Management?
Workday Performance Management is a module within the Workday Human Capital Management (HCM) suite, offered by Workday, Inc. Workday Performance Management is specifically designed to help organizations manage and improve employee performance, align individual goals with organizational objectives, and foster ongoing development and feedback.
Key Features of Workday Performance Management
Goal Setting
Enables employees and managers to set and align performance goals with organizational objectives, creating a clear path for individual and team success.
Performance Reviews
Supports the scheduling, completion, and tracking of performance reviews and evaluations. It includes manager assessments, self-assessments, and peer reviews, facilitating the feedback and appraisal process.
Continuous Feedback
Promotes ongoing feedback and coaching between employees and managers, encouraging real-time communication about performance and development.
Development Planning
Helps employees and managers create and manage individual development plans based on performance feedback and career aspirations. It supports skill development and career growth.
Competency Management
Allows organizations to define, track, and assess core competencies and skills relevant to each role, aiding in the assessment and development of employee capabilities.
360-Degree Feedback
Provides a comprehensive view of employee performance by collecting feedback from multiple sources, including peers, managers, and direct reports.
Talent Calibration
Supports talent calibration meetings where HR and leadership teams review and discuss employee performance and potential for development, ensuring fair and consistent assessments.
Compensation Management
May integrate with compensation management features to align performance with compensation decisions, such as merit increases and bonuses.
Document Management
Offers secure document storage for performance-related documents, including performance appraisals, development plans, and coaching notes.
Analytics and Reporting
Provides reporting and analytics tools to track HR data, assess talent management effectiveness, and make data-driven decisions to optimize talent strategies.
Mobile Accessibility
Typically allows employees and managers to access performance management tools and information via mobile devices for greater flexibility and accessibility.
Integration
The platform is designed to integrate with other Workday HCM modules, such as payroll, HR, and benefits administration, as well as with third-party applications, ensuring data accuracy and streamlining HR processes.
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