Performance management — is anyone actually getting value out of vendor PM modules?

Our HCM has a performance management module included. We've used it for 2 years. Adoption is poor. Managers complete reviews to check a box and the data is essentially unused downstream.

For anyone who's gotten real value from PM as a feature of their HCM (not a standalone like Lattice/Culture Amp): what was the change — leadership buy-in, simpler workflow, integration with comp planning? Or is the answer that bundled PM is just structurally weak?