Performance management platform Betterworks is branching out of the enterprise world with a new “Team Edition” designed for individual teams and, by the way, small and medium-sized businesses.
The company describes the product as “an economical, self-service package of selected performance management tools.” Up to 100 users can use Team Edition to set goals and track progress toward them. In addition, it hosts “continuous conversations” between managers and employees to facilitate skills development and performance improvement.
.@Betterworks describes its new Team Edition product as “an economical, self-service package of selected performance management tools.” #HR #HRTech #SMB Click To TweetTeam Edition is designed to make available the latest performance management technology to companies that may not have been able to afford it, Betterworks said. Such products were “often out of reach” for small teams and growing organizations, said Chief Product Officer Anup Yanamandra.
Team Edition’s features include:
- Tools to create and communicate company goals.
- Bring visibility to cross-functional team goals and progress, down to the employee level.
- Enable regular conversations for alignment and course corrections.
- Conversation templates to support managers in their interactions with employees.
- An online knowledge base and community support.
- In-product coaching.
When the time comes, Team Edition customers can scale to Betterworks’ full enterprise platform. When billed annually, the product costs $8 per user, per month.
Betterworks secured $27 million in Series B funding last March. That brought the company’s total funding to more than $65 million, a good war chest to have in a growing market. Zion Market Research recently estimated the market for performance software was worth $2.1 billion in 2018 and would reach a value of $5.6 billion by 2026.
That’s real potential, assuming employers truly buy in. According to Mercer’s 2019 Global Performance Management Study, just 2 percent of HR leaders world-wide say their existing systems deliver exceptional value, nearly unchanged from six years ago. And while claim to
understand how important performance management and workforce development are to improving retention efforts, middle and front-line managers say their leaders aren’t backing up those words with real action.
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