NEXTCHIP modernizes performance management processes with Oracle HCM Cloud
NEXTCHIP shortens review cycle by 50%, gains 360-Degree view of employee performance, and supports talent development strategy with Oracle.
NEXTCHIP Co., Ltd. is a fabless company that specializes in designing semiconductor chips for video security systems, automotive-specific imaging solutions, and next-generation consumer products. NEXTCHIP strives to become a world leader by continuously developing innovative imaging technology products and creating value for customers.
Previously, NEXTCHIP relied on paperwork to manage its performance review processes. It was unreliable and time consuming for employees to complete appraisals and for the HR team to update and store performance documents. NEXTCHIP wanted to establish a structured evaluation workflow to improve process efficiency and gain valuable insight into workforce performance.
“By standardizing the evaluation workflow with Oracle Human Capital Management Cloud, we halved the review cycle time and gained broader employee performance feedback from multiple-rater assessments. This enabled managers to rapidly identify and retain talent and support our growing business.”
Business challenges
- Enable managers to easily share and evaluate employees’ ratings and comments in a shorter cycle by replacing the paper-based processes with a modern and robust performance management system
- Improve talent management by gaining a holistic view of review feedback from multiple people, such as subordinates and peers, and providing managers with immediate insight into employee performance
- Establish a systematic approach to manage and align employee goals with the company objectives, such as delivering more innovative image processing products in the video security market
Why NEXTCHIP Co., Ltd. chose Oracle
—Choi Jong Hyun, CFO, NEXTCHIP Co., Ltd.
Results
NEXTCHIP’s in-house IT team worked with Oracle Korea’s consultants to configure review processes and talent management workflows in Oracle Performance Management Cloud Service. It successfully went live with the new platform in just six weeks.
- Halved the review cycle time—from 20 days to 10 days—by automating the performance management process with Oracle Performance Management Cloud Service and enabling employees and managers to quickly view and provide appraisal feedback and rating
- Gained broader insight into employee competencies, such as experience in the imaging technology market, and improved talent retention by providing a comprehensive view of employee data and multiple-rater reviews with Oracle Performance Management Cloud Service instead of using the traditional top-down appraisal system
- Enabled managers to conduct more frequent evaluations rather than just once a year by adopting a flexible and configurable performance review template to define the employee review cycle
- Enhanced decision making by making it easier for managers to analyze and monitor employee performance progress via executive dashboards and quickly respond by, for example, giving further training to underperforming employees
- Supported business growth by empowering managers to measure employee achievement against the assigned goals and employees to understand the importance of their individual contribution to the company vision
- Improved performance management process by leveraging Oracle Human Capital Management (HCM) Cloud to formalize the evaluation workflow and helping the HR team to easily track and review employee data and manage performance reviews