Top performing companies are not only good at accepting feedback, they deliberately ask for feedback. — Susan E. DeFranzo
Is Feedback Important? We say it’s not only important but that it’s critical for organizational success and personal and professional growth. What do you think?
Don’t confuse giving feedback with annual performance reviews; while both serve a purpose, if you want to move the performance needle and improve behaviors and skill-sets, giving regular, honoring, and well intended feedback will do the trick.
officevibe published the following feedback statistics:
1. 14.9% lower turnover rates in companies that implement regular employee feedback.
2. 2X as likely to be actively disengaged if employees are ignored by their manager.
3. 4 out of 10 workers are actively disengaged when they get little or no feedback.
4. 82% of employees really appreciate receiving feedback, regardless if it’s positive or negative.
5. 43% of highly engaged employees receive feedback at least once a week compared to only 18% of employees with low engagement.
6. 65% of employees said they wanted more feedback
7. 58% of managers think they give enough.
So what can we as leaders do?
Make time
Regardless how busy you are, create a feedback calendar and take it seriously!
If you become aware of a “positive” or “negative” action, acknowledge it immediately
Make it honest and meaningful
Be prepared to provide specifics about both negative and positive feedback
Think in terms of praise and constructive criticism – both contribute to growth
Use goal tracking
If you don’t know how to get started, review how the individual has helped (or hindered) the achievement of organizational or team goals
Commit to supporting continual learning
Review what in house programs are available
Ensure your budget adequately includes development opportunities
Investigate external training that can address your focus areas
Feedback will make your top performers even stronger, and will help motivate and guide those that may be under-performing.
Are you committed to “improve and enhance” others?
Top performing companies know that feedback is helpful only when it highlights weaknesses as well as strengths.– Susan E. DeFranzo