Performance Review Software: Our Top 5 Picks

While experts are talking about the importance of continuous improvement, only one-third of in-person employees believe that their team’s performance has improved over the last two years. There are various possible reasons to explain this, and the lack of regular performance reviews may be one of them.

The good news is that creating a culture of regular feedback in your organization doesn’t have to be complicated. In fact, good performance review software can help you automate the whole process, resulting in increased productivity and engagement. In this article, we’ll present some of the best tools to help you make an informed decision.

5 best performance review software reviewed

Effy AI

Effy AI is performance evaluation software known for its exceptional ease of use and speed, as it allows you to run a 360-degree review in only one minute.

Key features:

• 360-degree templates: Effy AI comes with plenty of highly customizable templates backed up by science and ready to use, as well as a comprehensive question bank that can provide actionable insights on your employee performance.
• AI-generated reports: This tool can save you hours by analyzing large quantities of performance reviews, summarizing user responses and automatically generating comprehensive reports for each employee.
• Integrations: You can remove friction by running a performance review or survey directly on Slack and give kudos to the team or Microsoft Teams, thus saving a lot of time and increasing the response rate.

Pricing:

• Free plan: for teams with up to 10 team members
• Startup: $75 per month (up to 30 reviews per quarter)*
• Company: $300 per month (up to 100 reviews per quarter)*
• Enterprise: custom price available upon request (unlimited reviews)
  

*It’s possible to expand these plans to include more reviews.

Lattice

Source: G2.com

Lattice is a performance review tool ideal for larger companies that have mature performance management processes in place.

Key features:

• 360-degree feedback: Lattice integrates and combines multiple feedback sources, including peer feedback, public recognition and employee surveys, providing a holistic review of employee performance.
• OKR management: You can also use the tool for goal-setting and breaking big goals into smaller milestones for each team or individual.
• Sentiments analysis: Lattice relies on NLP and machine learning to interpret open-ended questions, uncovering valuable insights.

Pricing:

• Performance management: $8 per person per month
• OKRs: $8 per person per month
• Performance management + OKRs: $11 per person per month
• Employee engagement: additional $4 per person per month
• Grow: additional $4 per person per month
• Compensation management: additional $6 per person per month

Leapsome

Source: G2.com

Leapsome combines performance management with learning and development, helping you nurture your talents.

Key features:

• Automating and scheduling: You can schedule annual, bi-annual or monthly performance reviews and compare their results in a single dashboard without using one more AI scheduling software.
• Growth roadmaps: With this tool, you can measure key skills and competencies of teams or individuals to understand skill gaps and automatically generate roadmaps for professional development.
• Anonymous leadership surveys: This feature incentivizes employees to provide honest feedback to their superiors.

Pricing:

Pricing is modular, depending on the features you want to purchase and the number of employees.

15Five

Source: G2.com

As the name says, this tool is ideal for companies that want to implement quick 5-15 performance reviews on a weekly basis, but it may not be the best option for more in-depth employee evaluations.

Key features:

• 5-15 reports: This tool comes with plenty of customizable review templates that take a maximum of 15 minutes to write and 5 minutes to read.
• Outcome dashboard: 15Five analyzes large amounts of data and breaks it down into understandable charts that you can use to identify trends and make informed predictions.
• Training & Coaching: With 15Five, you can create and automate bite-sized training and coaching sessions, making continuous improvement less overwhelming and time-consuming.

Pricing:

• Engage: $4 per user per month
• Perform: $10 per user per month
• Total platform: $16 per user per month

Trakstar

Source: Capterra.com

Trakstar is a talent management platform that supports you throughout the whole employee lifecycle, from hiring to performance reviews and professional development.

Key features:

• 360-degree performance review: A particular thing about this tool is that it also includes a detailed self-evaluation process that employees can use before official peer feedback.
• Competency management: You can measure and track your employees’ progress in 100 key competencies, which can help identify skill gaps but also spot top talents and future leaders.
• Benchmarking: Trackstar’s advanced analytics allows you to compare and benchmark your performance against data from companies similar in size and industry.

Pricing:

Custom price available upon request.

Best performance review software: Comparison table

Conclusion

Choosing the right performance evaluation software for your organization is crucial because the goal is to find a tool that will simplify the process instead of making it even more complex.

Some key factors to consider include your company size, ease of use, level of customization, budget and any industry-specific requirements.

We hope that this article provided you with valuable information to help you make a decision!