Employee evaluations are a unique process for every company. The effort of tracking, documenting, and measuring performance is something of an art that HR departments across the world deal with in their own special way. Often data is not structured and personal opinions and prejudices dilute the results.
Employee evaluation can be as simple or as complex as an organization needs. Linking employee performance to actual results devoid of prejudice is what HR professionals try to achieve. Performance can be defined as a number of lines of code written, design quality, products delivered or simply hours billed. However, true performance can often only be quantified with profitability analysis.
Why do most companies keep profits separate from employee evaluations? They don’t! They generalize employee evaluations to the overall business profitability and create a reward structure that is driven by inputs provided by supervisors.
Managing data systems, investing time in analysis and investing hundreds of hours in tracking profitability per team is only possible when the organization has a large HR department devoted to business intelligence. This leads to most companies making evaluations an exercise that is generic and puts the onus of success or failure on all employees in the organization.
Profitability by a person or by a team is unheard of in small and medium sized enterprises (SMEs) and is seen in large businesses, the success of which depends on the accurate gathering of profitability data and business decisions which are taken based on the project profitability analysis.
Tools are available now for SMEs to get the same advantage that large organizations have with accurate project profitability analysis. Tracking persons, teams and project profitability is possible without paying an arm or a leg!
AssessTEAM makes this possible using a continuous feedback employee evaluation system coupled with an award winning time tracking system to measure project costs in real time and generate powerful business intelligence reports that show you a true employee performance picture.
Job goals are the foundation of the evaluation matrix, 360-degree reviews, peer reviews or supervisor reviews and these add to the details required to measure profitability. Time sheets provide the costs that are compared with project budgets to ascertain accurate real time profit margins.
AssessTEAM delivers a powerful tool to measure costs across the organization on projects undertaken as well as general business management tasks like accounting, housekeeping, human resources and more.