Constant Feedback Isn't Enough
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Many businesses have chosen to abandon yearly assessments in favor of quarterly check-ins and ongoing feedback. This is mainly attributable to a generational shift in the workforce.
Millennials and Generation Z now make up almost half of the workforce. While all workers desire feedback, the younger generations are the most eager to get it.
They want praise for good work, constructive criticism for areas where they can improve, and openness about their career prospects. Continuous feedback, however, is insufficient to grow and encourage these employees.
1) It must be constructive feedback
It is necessary for feedback to be constructive. Great work and praises, to put it another way, do not grow or inspire workers.
To really alter employee behavior and behaviors, feedback must be action-based, effort-based, and forward-looking. Greater feedback will lead to better performance in the end.
2) There should be many sources of input
Throughout the year, an increasing number of workers work in various jobs, across multiple teams, and with multiple supervisors. Employees may not even work with their immediate supervisors for months at a time in certain companies.
Feedback from a direct boss who seldom interacts with employees is likely to be inaccurate and biased. If an employee gets feedback from several sources, such as their team leaders and peers (known as 360 feedback), a more accurate picture of their performance may be obtained.
As a result, more strategic training and talent choices are made.
Over time, 360 feedback has grown in popularity. Over 85% of Fortune 500 organizations utilize 360-degree feedback as part of their overall leadership development strategy.
This feedback data may be captured and stored using 360 feedback software. Furthermore, many 360 feedback softwares include people analytics, which may assist companies in making better hiring and training choices.
Each piece of software has its own personality and idiosyncrasies, so making sure it fits with your business culture is critical if you want broad employee adoption.
3) Provide real-time feedback
Some companies will have a weekly or bi-weekly reminder in order to foster a feedback culture. This is a wonderful start toward establishing and maintaining a feedback culture, but in order for feedback to be more effective, it should be given in real time.
Consider this: would getting feedback two weeks after completing a presentation have a greater or lesser effect than receiving feedback immediately after completing a presentation? The sooner the appropriate actions are reinforced, supported, or rectified, the better.
Allowing for ongoing input is a good start, but companies can do more. To effectively grow and inspire workers, companies must ensure that feedback is positive, includes various viewpoints, and is provided in real time.