Employees are more engaged when they receive regular feedback on their performance, with an eye toward growing their career. A new SuitePeople solution, Performance Management, helps employees stay engaged with active, real-time goal monitoring, reflections on past performance and recognition for achievements by peers and managers. HR leaders now have a more efficient way to administer a continuous, consistent review process, resulting in higher retention.
NetSuite 2020 Release 2 introduces some additional enhancements to SuitePeople that make manager self-service more efficient and add flexibility with payroll direct deposits, helping lower the cost of processing common HR transactions while providing better service to employees.
New Performance Management solution
Used with SuitePeople HR and comprised of goals management and a tightly coupled review process, this new solution puts employees in charge of career development and encourages frequent feedback from managers to drive better employee outcomes. Employees create goals and, once approved by their manager, get automatic updates on progress from NetSuite data, resulting in more objective performance reviews.
The solution includes 12 performance metrics with the added flexibility to create your own metrics. During the review period, employee’s self-rate their performance with commentary in a threaded conversation with their managers who then, in turn, rate and provide feedback to complete the process before sending on to HR for final approval. As business environments change, managers can reprioritize goals and reengage with employees, providing the company with more agility.
HR leaders will enjoy a much-needed, centralized place to initiate and administer the review process with better automation and reporting. With performance review templates and the ability to schedule reviews, HR leaders will spend more time on developing the workforce. Review templates can be designed for subsidiaries, locations, departments or jobs to give HR staff the flexibility to create one review template for the entire company or additional templates based on these parameters.
Aligning individual goals with company goals becomes easier and consistent with standardized review questions with one system to manage the entire process. With continuous performance management, employees will be more engaged with their work, feel more valued and be more loyal and productive.
Increased flexibility with direct deposit
Common tasks such as adding or updating direct deposit accounts in SuitePeople Payroll can slow down an HR department. Through employee self-service, employees can now add, remove or reorder up to 10 bank accounts for direct deposit, specified using dollar amounts. With this added flexibility, HR staff save some time while employees have more options to allocate paychecks.
Compensation history on a visual timeline
The Employee Timeline provides HR staff with a quick, easy and visual way to see an employee’s journey, highlighting major milestones, compensation and achievements, without having to run a report. With this release, authorized users now have visibility into variable payments made, complete with effective dates. Variable payments such as commissions, profit sharing, stocks, bonuses and others are now included on the timeline. HR staff and other authorized users have a faster, more efficient way of answering questions about total compensation history or to recognize an employee for reaching a career milestone.
More efficient employee change requests
Adopting a self-service model for managers not only reduces the burden on HR staff but also increases the efficiency of processing employee change requests. Managers now have three new templates for common change requests: promotions, transfers and base pay changes. For companies that need multiple levels of approval for such changes for better control and accuracy, this release provides three new workflow templates: first approver, intermediate approver and final approver. Together, these enhancements give managers the ability to request changes while giving the company tighter approval controls to ensure changes are authorized and completed on time.
Added access controls
Companies with more sophisticated permission requirements now have two additional parameters to use to control access to HR data. In addition to subsidiary and location, this release introduces department and class as new controls. Users have access to only the information they need to do their work, making them more productive. In tandem with roles and permissions, these enhancements enable administrators to create user-specific restrictions, develop robust permission models for the company and control user access of confidential employee data.
Learn More About NetSuite 2020 Release 2
These are just the highlights; there's much more for software companies in NetSuite 2020 Release 2 than can be covered in a single blog post. For more specifics on the complete list of new features, be sure to read the Release Notes.
New to the release process? Learn more about it here.
Finally, be sure to request access to your Release Preview account. There, you can test and see how the new features will work with your own data and get a jumpstart on maximizing the impact of NetSuite 2020 Release 2.
The preceding is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, timing, and pricing of any features or functionality described for Oracle’s products may change and remains at the sole discretion of Oracle Corporation.