Today enterprises are increasingly focusing on Performance Management, to improve the productivity of their workforce. The challenge they face is to implement an effective performance management system.
To help enterprises set SMART individual goals to match with their business goals and growth strategy, Oracle Performance Management (OPM) provides an integrated set of performance management functions.
Using Oracle Performance Management, enterprises can:
Define objectives and track them throughout the year.
Align individual objectives with those of the enterprise
Evaluate an individual's competencies and progress on objectives at a point in time.
Enable feedback on an individual's performance by multiple participants.
You can create an objectives library, for the entire enterprise. All employees can access the objectives library and copy objectives from it, into their personal score cards (Scorecards are used to track objectives throughout the year). Objectives can also be imported to the library, from other performance management systems.
Automatic objective allocation
You can automatically allocate objectives to groups of employees, based on certain defined eligibility criteria.
Managers can cascade their own objectives, to their employees, either by duplicating their objectives or creating new objectives that are associated or linked to their own objectives.
Set parallel objectives
You have the flexibility to allow managers and employees to set their objectives in parallel, at the same time.
Record and track objective progress
Employees can record progress against each of their objectives in the personal scorecards. Managers can review and track the progress of employee objectives, provide feedback and take any action if required.
Automatic creation of appraisals
Oracle Performance Management creates appraisals automatically on a specified date for all members of the user designated population. Objectives in the employee personal scorecards are automatically included in the objectives section of the appraisals.
Support for multiple types of appraisals
Oracle Performance Management supports self-appraisals, manager appraisals and multi-participant appraisals.
Collaborative appraisal system
Information is shared between the main appraiser and the appraisee. Based on the policy of the enterprise, the main appraiser can specify the parts of the appraisal that should be shared with the appraisee.
Include competencies and objectives in the appraisal
You can include competencies based on an employee's job to be evaluated in the appraisal. You can include objectives from the employee's personal scorecards to be rated in the appraisal.
Create and maintain appraisal and assessment templates
HR professionals can easily create and maintain appraisal templates, competency-assessment, and objective-assessment templates.
Evaluate employee advancement potential
Managers can comment on an employee's career advancement potential within the appraisal.
Oracle Performance Management enables you to create and administer questionnaires for the various potential participants in the appraisal process, the main appraiser, appraisee, reviewers, and other participants.
Calculate final ratings using formulas
You can use fast formulas to perform calculations to derive the final rating. For example, you can combine competency and objectives ratings to arrive at the final rating value.
Integration with Learning Management
You can recommend a learning path for the appraisee using Oracle Learning Management (OLM).