By Benjamin Lee for iqDynamics
Many Small and Medium enterprises (SME)in Singapore have been facing labor shortage lately. Furthermore, with the increasing trend of picking the jobs that provide the most benefits, training and flexibility in pursuing their ideal roles, most SMEs are challenged in attracting, developing and retaining good talent within the company in the long run.
While SME owners and managers understand that the company should provide good training, a conducive working environment and an equitable reward system, there may not be any formal process of a performance management, and if there is, it may be paper based and cumbersome to carry out.
Case Study (IT Company)
To show a clear example of the steps needed to implement a cloud appraisal system, below is a case study of a client we have worked with previously.
A company providing IT consulting Services with approximately 60 headcount, decided to implement the performance management process using a cloud appraisal system with the objective of improving both the retention and development of the employees.
These were the simple 7 steps taken to implement their performance management:
As this is a cloud appraisal system, the upfront hardware and software investment is negligible and the company is only paying for the usage of the system. A cloud appraisal system offers more flexibility in terms financial outlay.
The benefits of implementing and having used a cloud based systems are:
One of the biggest benefits of the cloud appraisal system is that it can be implemented across the region should there be any employees working in other countries. The management can still get the consolidated view of the company and perform moderation of the results of the appraisal score at the end of the year.
All in all, most SMEs should implement a cloud appraisal management system as the effort and financial outlay is manageable and there are many benefits. It will greatly enhance the business performance and competitiveness. With an integrated HRIS and performance management system, the HR and management can efficiently manage and develop talent easily.
The iqDynamics group consist of companies that specializes in providing integrated human capital management software, cloud hosting and IT services and HR services such as payroll and HR processing and advisory services.