Performance Management SWOT - Lattice
Lattice's unique value proposition, employee-centric product, and connection with HR leaders are its key strengths. The company is, however, suitable for only start-ups and mid-sized organizations. The preference of leaders for a continuous performance management model and growing performance management software market are some opportunities that the brand can look forward to leverage.
- Lattice, a San Francisco based company, develops performance management software that works as a people management platform for forward-thinking organizations.
- Lattice has a unique value proposition in the market that helps its clients to streamline its performance management processes.
- The platform gives a clear vision to the HR leaders by providing regular feedback of their employees, i.e., where they need to grow, where they stand, and provides a clear idea of how their work can move their organization forward.
- One of the key strengths of the company is its employee-centric product. The product adapts to fit in the client’s performance management model for annual performance reviews or quarterly development cycles.
- Lattice offers user-friendly product experience, which enables HR teams to save time and resources.
- The company is in existence since 2015 and is trusted by over 1,850 organizations to drive employees' performance and engagement.
- Lattice helps to launch 360º performance review cycles and engagement surveys, track objectives and key results, gather real-time feedback, and encourage manager for 1-on-1 meetings. This makes the company's product to stand out among its competitors, thereby adding on to its strength.
- The company's attention-grabbing managers-centric advertisements and branding are another of its key strengths and stand out features. Its ability to effectively connect with the managers through social and digital platforms has helped the company in becoming the most favored 'performance management software' in the majority of the markets it operates.
- One of the key weaknesses of the company is its limited target market. The company primarily caters to the mid-sized businesses and start-ups only, which restricts the sales growth and market expansion opportunities for the company.
- The company offers third-party integration for a few key areas but doesn't support extensively in HR software services like its competitors, such as Namely and Workday.
- According to Capterra reviews, the software is considered pricey for simple reviews. It is considered a bit pricey for start-ups and mid-sized businesses that have a small or low budget.
- Several users have complained that Lattice takes time to set up while configuring reports and insights. Users also face problems in navigating organizational charts.
- According to GetApp reviews, the key results and objectives are confusing, which are hard to visualize in a broader context.
- The companies operating in the objectives and key results (OKR) software market (performance management software market) are trying to broaden the applications of performance management software, which provides the opportunity for the Lattice to build software with some changes in technology.
- The proliferating global market for performance management software presents an immense expansion opportunity for the brand. The global market is expected to grow in Europe, North America, and Asia-Pacific regions, which allows Lattice to tap the unexplored market.
- Identifying the top priorities for human resources departments while improving employee performance, coupled with boosting staff retention, are expected to fuel the growth of performance management software in the forthcoming years, which provides an excellent growth opportunity to Lattice.
- The preference of HR leaders is shifting from an old model to a continuous performance management model, which provides an opportunity for the company to build a model for modern HR leaders.
- The performance management software market is highly competitive, and the company faces a threat from various established global brands, including Betterworks, Reflektiv, HighGround, Glint, Lattice, Impraise, Standout, Zugata, 15Five, and 7Geese.
- The lack of awareness and knowledge regarding OKR software among small and medium-sized enterprises may hinder Lattice's growth.
- Many large enterprise planning companies such as SuccessFactors, Workday, and Oracle are entering the emerging performance management software market, which poses a threat to the company.
- Rising demand for continuous performance management models has led to constant product innovation, thereby increasing market pressure on the brand.
- The temporary shutdown of industries during COVID-19 has affected the industry's production process and is expected to have a detrimental impact on the OKR software market worldwide. The shutdown may hinder the growth of the company to some extent.