Performance Review Software: 5 Best Tools for 2024

The majority of companies state that improving talent progression and promotion is one of their top priorities when it comes to attracting and keeping talent.

But if you want to promote talents and help them develop, you first need to get an accurate overview of your current workforce, and that’s when a good performance review software and learning and development asssessment tool comes into the picture.

In this article, we’ll provide you with the best performance review tools for all types of businesses to help you choose the right one for you.



5 best performance review software: Our overview


Effy AI

Effy AI

Effy AI is one of the fastest and most user-friendly performance review tools that comes with plenty of templates for different purposes. It has an excellent free plan that comes with an unlimited number of reviews and users.

Key features:

  • Templates and question banks: This tool comes with plenty of customizable templates and pre-made questions, making it the best performance management software for busy HRs who don’t have time to create everything from scratch.
  • AI reports: Their built-in AI tool can save you a lot of time as it automatically analyzes and summarizes survey responses and comes up with a comprehensive report for each employee that would otherwise take hours to create.
  • Slack integration: To increase your completion rate, you can embed your reviews and surveys to a place where your employees already hang out – of course, Slack!

Pricing:

  • Free forever: unlimited users and unlimited reviews
  • Pro: $75/space/month or $900/space/year (including 30 AI reports, anonymous reviews and priority support)

Lattice

Lattice

Source: G2.com

Lattice is a performance review software ideal for enterprise-level companies that already have established performance management processes and HR teams to facilitate them.

Key features:

  • 360-degree feedback: This comprehensive tool allows you to combine and analyze feedback from different sources, including peer reviews, anonymous surveys and client feedback.
  • OKR & Goals: It can also be used for setting and tracking goals and breaking them down into manageable tasks for each team or individual.
  • Sentiment analysis: Lattice can automatically analyze open-ended questions and discover hidden messages thanks to sentiment analysis and NLP.

On the con side, this tool may not be suitable for small businesses or non-tech-savvy teams. Also, the price quickly adds up if you want to use all its features

Pricing:

  • Performance Management + OKRs & Goals: $11/person/month (or $8 if bought separately)

It’s possible to include additional features in the main plan:

  • Engagement: $4/person/month
  • Grow: $4/person/month
  • Compensation: $6/person/month

Trakstar

Trakstar

Source: Capterra.com

Trakstar is a comprehensive employee platform for performance reviews and talent management, with a special focus on learning and development.

It provides you with robust employee and recruiting metrics, but its analytics and reports have a bit steep learning curve in the beginning.

Key features:

  • 360-degree performance reviews: Trakstar combines feedback from multiple sources, including detailed self-evaluation surveys that employees must complete before the performance review.
  • Automated reminders: You can set reminders for your monthly or biannual performance reviews so you don’t have to worry about them.
  • Benchmarking: You can not only analyze your teams’ performance but also benchmark it against companies from your industry and their performance, thanks to Trakstar’s comprehensive database.

Pricing:

Custom prices are available upon filling out the form on their website.


PerformYard

PerformYard

Source: G2.com

PerformYard is a performance review software focused on continuous improvement and building company culture around your main goals and visions.

Key features:

  • Continuous feedback: Rather than doing performance reviews once a year and then forgetting about them, PerformYard stands for documenting feedback all year long and continuously comparing and analyzing performance.
  • Cascade goal setting: You can make sure that everyone is on the same page and working towards the same vision by setting goals from the top down and then assigning tasks to your team members.
  • Visual progress: This tool has excellent graphs and charts showing the progress or setbacks of individuals, teams and departments.

PerformYard may be great for large corporations, but it’s not the best option for agile teams due to its rigid and hierarchical nature.

Pricing:

  • Performance Management: from $5 to $10 per user per month, depending on the number of users
  • Employee Engagement: you can add this feature for an additional $1-3 per user per month

15Five

15Five

Source: G2.com

This software can be an excellent option if you’re just starting with performance reviews and need something that’s quick and easy or if you want to implement gamification in HR to motivate your employees to participate in surveys.

On the con side, given that reviews take only 15 minutes to complete, the results you get may not be as thorough as some other tools and you may want to combine it with a more robust software at least once a year for more detailed company-wide performance reviews.

Key features:

  • 5-15 reports: The premise of this tool is that all reviews take no more than 15 minutes for writing and 5 minutes for reading, making them easy to adopt on a regular basis, even for very busy teams.
  • Engagement surveys: Their employee pulse surveys are backed by science, and they focus on preventing the most common issues and take no longer than 6 minutes to complete, making their response rate super high.
  • Coaching sessions: The tool creates user-friendly, bite-sized learning and coaching sessions based on the individual needs of every employee.

Pricing:

  • Engage: $4 per user per month (engagement surveys)
  • Perform: $10 per user per month (360-degree feedback)
  • Total platform: $16 per user per month (Engage + Perform + HR dashboard)

Best performance review software: Comparison table

ToolFeaturesPricingG2 ratingBest for
Effy AITemplates and question banksAI reportsSlack integrationForever free version, or paid version for $75/space/month or $900/space/year4.9Small to medium businesses looking for quick and user-friendly software
Lattice360-degree feedbackOKR & GoalsSentiment analysis$11/person/month + various add-ons you can purchase4.7Large enterprises with robust performance review systems
Trakstar360-degree performance reviewsAutomated remindersBenchmarkingCustom price available upon request4.2Talent management and learning
PerformYardContinuous feedbackCascade goal settingVisual progressFrom $5 to $10 per user per month + add-ons4.7Continuous feedback
15Five5-15 reportsEngagement surveysQuick coaching sessionsEngage: $4/user/month Perform: $10 /user/month Total platform: $16/user/month4.6Very quick performance review sessions

Conclusion

We hope that this article helped you to better understand the key characteristics of performance review software and figure out what you actually need. Before making your final decision, don’t forget to consider the features you need, your budget, the size of your team and their technical proficiency, as that’s the best way to understand which tool may be the best for you.

Featured Image by rawpixel.com on Freepik

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