LONDON--(BUSINESS WIRE)--The global performance appraisal software market is expected to grow at a CAGR of above 8% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global performance appraisal software market by deployment model, including cloud-based performance appraisal software and on-premises performance appraisal software. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: need for 360-degree feedback
Several performance appraisal rating systems comprise numerical scale that requires managers to rank employees on a scale of one to five in quantitative scale and parameters such as met expectations or exceeded expectations in qualitative scale. Such traditional methods of rating employees based on generic competencies and skills fail to provide adequate information about employee values or actual feedback.
Performance appraisal software helps the line managers to provide 360-degree feedback to their employees. It also monitors and retains top performers by regularly keeping track of the employee’s performance. Acknowledging employees for their work and conferring rewards and compensation for their achievements helps in retaining employees, which simultaneously reduces the employee turnover in organizations.
According to a senior analyst at Technavio for enterprise application research, “With automated notifications and clear guidance, the performance appraisal software helps managers to provide 360-degree feedback without interrupting the work. The managers can access the software on their desktops or mobiles, and employees can start the review process on one device and finish it on another. Such benefits associated with 360-degree feedback and its popularity in the IT and manufacturing industries is driving the growth of the global performance appraisal software market.”
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Market trend: emergence of cloud computing services
Cloud computing has improved and simplified the capabilities of performance appraisal software. It provides central administration and controls all resources and HR-related activities. The need for users to update and maintain their IT infrastructure is eliminated in cloud computing. Services and maintenance are provided by the vendors that offered the performance appraisal software. Users do not have to install additional software to access applications and services. Reliability on delivery, management, and maintenance of service is ensured by the service level agreements (SLAs).
Market challenge: availability of open-source performance appraisal software
The availability of several open-source performance appraisal softwares is a major challenge for the global performance appraisal software market. The advent of many open-source vendors that provide a range of performance appraisal tools and applications, which are economical solutions for organizations with limited resources and expertise is also affecting the market. A combination of multiple products from various open-source vendors can cover almost all functionalities provided by on-premise or on-demand performance appraisal software vendors. Open-source vendors provide features such as performance appraisal, reporting, analysis, and data warehouse generation platforms. This has an adverse effect on the growth of the global performance appraisal software market.
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