“We all need people who will give us feedback. That’s how we improve.” – Bill Gates
We have talked a lot about people who bring business to you, but what about the people who add value to your business a.k.a. employees? Not only are they the face of your organization, they help your business grow at every step. Hence, ignoring their needs, grievances and suggestions would be digging a long grave for yourself that you can’t get out of.
As a general point of view, often feedback is construed as a negative feature. Due to this perception, managers usually dodge out of giving feedback but little do they know that the employees covet it and it helps build employee engagement. Valuable feedback is the most powerful yet understated tool for management that facilitates productivity and efficiency.
The Concept and its Importance
Employee feedback involves reviews and analysis on a more frequent basis rather than being an annual concept. It is crucial for the employees, managers and the organization to build a more powerful team and work force. Appreciation makes employees more enthusiastic, but corrective feedback helps them reform their drawbacks and become more involved.
According to the studies conducted by OfficeVibe, companies who implement regular employee feedback have turnover rates that are 14.9% lower than for employees who receive no feedback.
Know the types: Positive, Corrective and Negative feedback
Positive feedback definitely boosts performance and is a motivation for workers to feel important at the workplace. It is a common belief amongst employees that the best managers deliver more positive feedback, praise and recognition than negative feedback. But, on the contrary a Zengar Folkman survey reveals “92% of respondents agreed with the assertion of negative (redirecting) feedback, if delivered appropriately is effective at improving performance.”
Those who prefer positive feedback do not necessarily believe that corrective or negative feedback should be abandoned by the leaders altogether. Many people believe in constructive criticism being imperative for career development. Effective feedback, both positive and negative, is very helpful. Hence, it is important to know when and what type of feedback to be given to the staff in order to be perceived as a useful one.
Employee Feedback Boosts Employee Engagement
Employee engagement is vital to ensure development and progress in a business. Lack of faith in the senior management and direct managers results in employee disengagement. A research concerning employee engagement published in OfficeVibe shows that 43% of highly engaged employees receive feedback at least once a week. Employee engagement is one of the easiest and influential strategies to increase productivity in the workplace which is why businesses need to invest in the same. The superiors can analyze the training opportunities and discuss the same with their staff so that it helps them improve their performance and in turn promote employee engagement.
Employee Feedback vs Performance Review
A study published in the LinkedIn Talent Blog suggests that 80% of Gen Y prefer on-the-spot recognition over formal reviews. This recognition involves employee feedback which is frequent and pushes them to implement changes spontaneously rather than being an annual performance review, which becomes a hurdle in employee productivity.
Annual reviews are obsolete and inefficient. In the present day and age, business owners cannot depend on vital conversations between the manager and employees being conducted once or twice a year. The ever-changing and fast growing marketplace requires new models for communication amongst the members of the organization, and it saves time.
So, if you wish to take your business to the desired heights and more, you take your employees with you too. That’s how you grow!