Workplace incentive and bonus programs come in many forms. But they tend to serve the same purposes—to motivate employees to hit goals and, ultimately, drive profits. Managing those programs and incentives is time consuming and cumbersome.
Performology, a Nashua company, hopes to make that easier with a software product aimed at tracking employee and company performance in real time. The company has signed on several thousand users and officially launches this fall.
Bilal Jordan, M.D., CEO and founder, says his staff works with business owners to load their company’s objectives and key performance indicators. “Each employee has their own dashboard, and they can see their metrics and incentive compensation that is being adjusted based on those metrics.” Managers receive weekly reports analyzing employee performance so outliers can be helped, he says. “It allows you to develop a coaching environment.”
The company also helps managers improve their compensation plans. Jordan says Performology analyzes best practices when it comes to employee engagement and incentive programs and uses that data to help employers align their programs with employee and company goals. “It’s a relationship we have with our clients. Most software companies expect you to sign up yourself, watch videos and never have any real contact. We assess what is and is not working and develop solutions,” Jordan says.
Performology has won several accolades, including the 2016 Flatley Challenge, securing free space in Nashua, a finalist in the 2017 NH Tech Alliance’s “TechOut” and, first place at the alliance’s 2019 Startup Shindig netting a $200,000 investment from Millworks Fund II.
Jordan expects to grow his team to 20 by 2020, hiring sales and customer support personnel. The company kicked off its first round of funding with an investment from York IE in Manchester.