NetSuite Performance Management functionality helps drive employee growth

NetSuite has released a new Performance Management module that is part of SuitePeople. This new module includes goal management and performance review functionality that allows employees and management to monitor employee goals and performance in real-time.

SuitePeople Performance Management increases employee engagement by allowing employee ownership of goals. Employees, with management collaboration and approval, can create and monitor their own goals. Once employees have named their goals, set target values, and set target completion dates, managers can approve and interact with those goals. Notifications can be setup to provide both employees and managers visibility to when goals are created and completed.

One of the most exciting features of SuitePeople Performance Management is that it is directly integrated with the rest of NetSuite to provide real-time updates of progress towards goals. For example, a salesperson could have a goal of adding 15 new customers in a year, and that data would update directly from the data in NetSuite CRM. This allows employees to track the progress towards their goals and for management to evaluate employees on qualitative measures. NetSuite provides standard performance metrics out of the box or you can create your own. The following metrics are available out of the box as of the 2020.2 release of NetSuite:

Financials

• % Budget Adherence
• % Headcount Location Mix

Project Service

• Project Margin Achievement
• % Projects Completed on Budget
• % On-time Timesheet Completion
• % Projects Completed on Time
• Billable Hours

Commerce

• Employee POS Productivity
• Sales by Department Manager
• Customer Satisfaction

Sales

• % of Sales Target Achieved
• % Win / Loss Rate
• % Forecast Accuracy
• % Average Discount
• % Win Rate
• Revenue Target
• % Quote Conversion
• Average Opportunity Duration by Win
• # New Customers
• # Opportunities Won

SuitePeople Performance Management allows you to manage the performance review cycle entirely within NetSuite. You can create performance review questions and define the scale for rating employees. You can also create templates to make it easier to setup performance reviews in the future. Once you have completed the initial setup, you can assign performance reviews to individual employees or a group of employees and select a reviewer. The goals that were setup for employees, as well as the real time data associated with those goals is also available within the performance review. Employees have the opportunity to complete a self-review and then reviewers can read an employee’s responses and add in-line responses. Reviews can be approved individually or en masse and employees are required to acknowledge the review. Additionally, all performance data is available for reporting and export.

If you have any questions about the new SuitePeople Performance Management functionality, our team of certified NetSuite experts can help. Contact a Rand Group representative to answer your questions today.