insight

What made us say yes: Towards a fair and transparent company culture – with up.lftd

In most companies, performance management still means conducting annual employee reviews that are stored in legacy systems. For those involved, the process is lengthy, resource-intensive, and offers a target for attack via distortions in the perceptions of individual players. The Corona crisis has led to permanent changes in the daily work routine at many companies and a shift to remote work or hybrid models. Using legacy systems, Face-to-face supervision and transparency about activity and performance have become increasingly difficult.

We believe Generation Y (born up to 1996) and Z (born up to 2012) will not only dominate the workforce in companies in the coming years but will also bring a cultural change to companies as managers. These factors combined create an immediate and growing need for and willingness to employ better, modern performance management software. We believe up.lftd can provide such a product.

The up.lftd system makes performance management low-threshold and accessible at any time, it reduces distortions of perception, democratizes the assessment of performance and development and integrates the process into the daily work routine instead of being a process done once a year retrospectively.

There are a variety of factors that make us believe new performance management software is needed and the market for such software will continue to grow. As we have already mentioned first and foremost Is the willingness to employ such software which we believe will increase as generational turnover in management structures takes place.

The Corona Pandemic has been a catalyst serving to accelerate the digitization and reshaping of the traditional workplace, we believe the majority of these changes are here to stay and the trend to continue. We believe, knowledge-based (and thus more easily organized in a distributed manner) occupational fields will take on a significantly higher share of productive society. Which will in turn increase the demand for HR Solutions enabling “New Work” frameworks. While on the one hand demand for such jobs is increasing, many of the jobs in the low-income/skill sector could be falling victim to automation. We believe this will lead to a need to reskill a large number of employees which requires transparency about their progress.

This confluence of factors will create demand for new innovative vertical HR Solutions which can be integrated into the existing HR stack on a best of breed basis. Which we believe sets the stage for solutions such as up.lftd to thrive.

 

Picture: FAZ