Sharing effective employee feedback is essential to the systemic prosperity of all businesses, especially start-ups. If the exchange of functional feedback becomes part of the corporate culture, everyone benefits. Even the most talented and passionate employees need guidance from their managers. Interestingly, most goal-oriented employees want feedback.
According to Hubspot, more than 60 percent of employees look forward to more feedback. They accept evaluations and consider feedback as an important way to improve their performance. Even most HR managers know the importance of sharing feedback. According to SHRM/Globoforce survey results, nearly 90 percent of HR leaders agree that peer feedback improves results.
Effective exchange of feedback is one of the most important foundations for high employee engagement. Likewise, cultivating a positive feedback culture will benefit the organization in a number of ways. To elaborate, this post highlights some of the key benefits of consistently sharing feedback.
Ways feedback drives business success:
Feedback ensures the continuous development of employees
When supervisors regularly exchange constructive feedback, it encourages active learning. Employees who are new to the organization can identify their strengths and weaknesses. Based on this awareness of their area of improvement, they will work to improve performance. However, one thing managers must ensure is that feedback is not taken as a direct criticism. The purpose of feedback should not be to discourage employees but to make them believe they can do a better job.
According to a Glassdoor survey, nearly 90 percent of employees expect support from their boss. As an employer, the best way to support them is to share feedback with them. This allows you to create a positive work environment that encourages learning and growth. Employees will feel that the organization is making a conscious effort to add value to their education. They will not be afraid that they will not be offered an education. In addition, this trust in them has a positive effect on employee retention.
Feedback creates a high productivity culture
Productivity is very important for all entrepreneurs and organizations. Company culture can get dark sometimes. People can lose their job and value in the organization if they cannot meet performance standards. Such scenarios are also problematic for organizations. Organizations must regularly hire new employees and also cover replacement costs. As the Society for Human Resource Management explains, replacement costs can be high. It is estimated that this fee can reach 60 percent of the employee’s salary. However, employee productivity can be targeted by sharing feedback directly.
Managers and leaders must make significant efforts to provide guidance to subordinates. As mentioned above, this will allow employees to increase their productivity consistently. Here the character of a true leader is tested. Sharing valuable feedback and motivating employees are two different things. But a good leader must have the courage to combine these two things. When a leader rewards employees in an inspiring way, it boosts their confidence. This trust will continue to contribute greatly to their commitment and performance.
Feedback encourages collaboration in the workplace
Healthy relationships at work are critical to organizational success. When employees in an organization treat each other with the right attitude, a positive culture is created. But can good employee relations exist without meaningful interactions? This is another area where a feedback culture is beneficial to organizations.
When employees and employers engage in peer-to-peer feedback, it leads to meaningful discussions. Employers can build working relationships with their employees. In addition, employers can find out if their employees are facing problems that affect their performance.
Relations improved around the discussion during the feedback session. Employers and employees trust each other. Plus, they can work together in meaningful ways. All of these factors are very important for a company’s culture and also for its success.
Positive feedback enriches employee loyalty
Another benefit of establishing a regular feedback system is that it can improve employee retention. This increase in employee retention will continue to increase happiness and satisfaction. When employees realize that the organization is investing time in their personal growth, they become more engaged. This gives them the impression that the organization values inclusivity and individuality.
So, receiving helpful feedback instills more love and respect for the company. They will be able to increase their presence in the organization. Also, they will be able to develop a sense of gratitude towards the organization. But again, when feedback is shared in harsh terms, it can backfire.
Feedback improves employee stress management
As quoted by the American Institute of Stress, more than 80 percent of US workers experience stress. It’s possible that more of this stress is related to performance issues. Employees may face certain problems at work or may not work well without direction. In addition, these employees may be reluctant to seek help or a review from their manager. In such a situation, employees will sink into stress. This stress affects their health and the overall performance of the team or organization.
However, when regular feedback conversations are held, employees can find ways to improve their performance. You no longer feel stuck and long for help or guidance. Regular feedback sessions keep the flow going and they can share their ideas and concerns. Feedback in the organization should be two-way. Constructive feedback should be provided to employees and their feedback should also be solicited on some topics. This will put them at ease and give them confidence that their perspective and thoughts matter. It will also help them express themselves at work and manage stress better.
In summary, as explained above, effective exchange of feedback is very important for companies. This passion is becoming increasingly important for startups, where passion needs to follow the right guidelines. Feedback not only contributes to the learning and development of individual employees but also creates an ideal work environment. Feedback creates useful workplace communication and employee engagement, and gives employees a sense of ownership.