Wachovia licenses SuccessFactors performance management software

Privately-held SuccessFactors says 85,000 Wachovia employees are now using its Performance and Talent Management Suite, which helps employers manage staff objectives and evaluations.

The software automates a company's 'performance and talent management' processes, providing modules that use performance data to help firms manage compensation, succession and learning and recruiting planning.

The vendor says Wachovia implemented the product across the enterprise in a bid to "maximise employee productivity as well as increase employee engagement and retention".

Sharon Smart, Wachovia EVP, human resources, says the SuccessFactors technology "has been key in our drive to define and excel at our performance management goals and ultimately provide the best experience for our employees".

SuccessFactors says the Wachovia implementation is one of the largest ever deployments of on-demand software.

In February CRM software vendor Salesforce.com said that Merrill Lynch had bought 25,000 licenses of its on-demand system, which would be used by financial advisors at the investment bank.