Paycor launched a performance management module that emphasizes coaching conversations and continuous employee development. The company said the product, Paycor Talent Development, is designed to “create the right level of focus” among employees as a way to improve business outcomes and align the workforce with company priorities.
Paycor believes the trials and tribulations of 2020 have forced managers to seek new ways of conducting performance discussions. It cited Gartner research that said 82% of HR leaders believe performance management isn’t effectively achieving its primary objective. Meanwhile, just 38% said it keeps pace with business needs..@Paycor's new Talent Development solution emphasizes coaching conversations and continuous employee development. Click To Tweet
Paycor describes Talent Development as a low-touch platform that provides automated workflows to support performance management processes. Key features include:
- 1:1s streamline continuous conversation between managers and employees to keep everyone focused on their top priorities.
- Feedback improves the communication loop involving peers, teams and management to facilitate engagement, self-improvement and team development.
- Employee Ratings use a nine-box grid to visualize individual performance and develop coaching strategies.
- OKRs/Goals presents aligned objectives and key results (OKRs) to aid in clear alignment of priorities.
- Performance Reviews pulls data from 1:1s, feedback and goals to facilitate reviews based on historical performance data to reduce bias.
In October 2020, Paycor acquired 7Geese, which provides goal-setting and performance management solutions. At the time, the company said 7Geese’s platform would be integrated into its product portfolio. Today, Paycor said Talent Development was developed “in conjunction” with the acquisition.
In July, it launched Paycor Pulse, which uses natural language processing to convert written information into data around employee sentiment.
Other companies have been developing new performance management solutions, as well. In February, ADP launched a customized coaching tool for its StandOut engagement and performance platform, allowing it to integrate customized insights into conversations between employees and managers. Also, Oracle NetSuite added a new performance management application to SuitePeople.
Updated to add Talent Development “in conjunction” with 7Geese.