(From Business Wire) -- For mid-sized organizations, performance management may seem like an unnecessary bureaucratic exercise, in part because of manual, paper-based processes. But a solid performance management strategy, coupled with the automation of key processes, can give organizations a significant competitive advantage and help to drive business growth. A new white paper from learning and talent management software provider Cornerstone OnDemand, "Performance Management Solutions for the Midmarket Organization: Why Bother?" examines the business benefits of - and best practices for - creating a performance-oriented culture in mid-size organizations.

Readers of Cornerstone's white paper will learn how the right performance strategy and technology support can help midmarket organizations achieve the following:

  • Improve efficiency and compliance. According to CedarCrestone research, automating the performance management process can reduce operational costs by 20 percent.1 These cost savings are due in part to the reduction of errors inherent in manual processes. Automation also helps managers to provide constructive feedback to employees on a more frequent basis - and in less time.
  • Make performance reviews relevant. Organizations with best-in-class performance management processes are 47 percent more likely to reinforce formal annual reviews, supplemented with informal reviews at least once per quarter.2 Technology can transform performance management from a once-a-year event into an ongoing process that also includes development plans and learning opportunities.
  • Maximize productivity and pay for performance. Top performers almost always exceed the performance of average workers by at least 25 percent - making them valuable assets to an organization.3 Technology solutions can nurture better performance, focus individual efforts on key business strategies, and make it easier to recognize and reward superior performance.

Download the complimentary whitepaper here.