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How Much Does Switching to a 360 Review System Cost
You might have heard that 360 degree employee review and evaluation systems
are a more accurate form of assessing workplace performance. It’s possible you’ve also heard that they’re a more costly way to evaluating employees. Determining costs isn’t always a black and white process, and there are also ways you can make a 360 review
more affordable for your company – read on to learn more.
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The Costs of Not Using a 360 Review
To understand the costs of a 360 evaluation, you have to consider how much a traditional performance assessment affects your company. That effect can be both financial and related to employee morale.
During a traditional review, a manager sits down with an employee and discusses the employee’s performance over the past year. Many employees feel as though the traditional performance assessment isn’t an accurate representation of what they’ve done since their last evaluation.
As a manager, you might not care whether your subordinates agree that your views on their performance are accurate or not. But, your employees do. In fact, they care so much that they can become preoccupied with your negative feedback that their productivity levels decrease. And that’s bad for the bottom line.
360 Reviews: More Expensive?
A traditional employee evaluation is considered cheaper than a 360 review
because it only requires the time of two people: the manager and the subordinate.
A 360 assessment
involves multiple employees providing feedback about one person. This form of evaluating performance takes a larger number of people away from their work, and it means that the manager and/or the human resources department has more feedback to analyze, which also takes time away from their primary duties.
Software and the Employee Evaluation Process
The 360 review process doesn’t have to be so costly, though. Technology can make assessing employees’ performance an affordable task.
When managers hear the words “software,” the next word that comes to mind is “expensive.” They believe that investing in 360 review software will cost the business a great deal of money.
That’s a mistaken assumption. Many 360 evaluation software programs are run in the cloud, which means that firms no longer have to pay exorbitant licensing fees. Instead, there are a number of economical pricing models available to fit your company’s needs.
The software can also automatically tabulate the results of 360-degree surveys, saving the valuable time of managers and staff in the HR department.
Grapevine Evaluations: Making the 360 Review Process Cost-Effective
Are you looking for an affordable and effective way to assess employee performance?
Contact Grapevine Evaluations today. Grapevine Evaluations are trusted by such companies as Pandora, Macy’s, and Thomson Reuters.
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