Performance appraisals are one of the most significant events managers and employees look forward to every year, however, conducting them once in a year has proven to yield no significant results due to the several months that elapse before employees get their performance evaluation and feedback.
QuercusApp Technologies AG brings a new solution for companies to enable them conduct regular performance appraisals. Thanks to the QuercusApp, managers now have the opportunity to evaluate and provide feedback on employee job performance anytime and anywhere. This allows employees to identify their weaknesses quickly, focus on their core strengths and areas of growth in order to improve their performance immediately. The ability to have 360-degree feedback allows employees to track personal or team development continuously. In addition, having performance data at hand allows companies to empower their employees through workshops and guide their development throughout the year in a transparent and data-driven approach.
In addition, the software allows managers and employees to give feedback anonymously, however, Mischa Riedo, Founder of QuercusApp said to startupticker that two-thirds of their clients have declined to give anonymous feedback because they aim to engage their employees in open discussions on their performance for their betterment. Riedo also highlighted that since he launched the QuercusApp, an employee gets feedback more than 90 times on average from their colleagues and managers with more than 200 comments.
“Due to the insights provided by our tool, one of our clients was able to identify lacking leadership competences among his employees, and was encouraged to organise a workshop direct to tackling that problem. We believe that our solutions will bring a positive change to both the companies and employees because it keeps up with the fast pace of ongoing feedback, engages, empowers and aligns employees to meet the company’s expectations”, says Riedo.
To-date, 20 companies from around Europe including Holland, England, Germany, Finland and Switzerland are using QercusApp and there are ongoing discussions with companies in South Africa.
In the fourth-quarter of last year, the startup closed their first financing round with private and institutional investors. The funds have enabled the startup to further develop and finance operations.