Special tools help in understanding employee’s strengths, weaknesses, and develop their careers within the organization. And it’s the responsibility of company managers to implement an evaluation method that provides this data to the employees and allows the managers of the company to have a global idea of the company’s talents.
The 360-degree feedback method for collecting and providing this information must be better understood. So what should you know about this method? This article gives you a clear and precise idea of the 360-degree feedback essential to better engage your employees to propel your organization towards exceptional growth.
What does 360 degrees feedback mean?
360-degree feedback also called multi-rater feedback, multi-source feedback, or multi-source assessment is a system or process for obtaining performance ratings and collecting feedback from colleagues, subordinates, supervisors, customers, and suppliers in some respects.
In a 360-degree feedback process, employees have the opportunity to assess themselves. It provides feedback to the organizational leaders and managers. In practice, around eight to twelve people fill out an anonymous online feedback form. This form contains questions covering several aspects of workplace competencies. The feedback form does not only include questions with a rating scale but, most importantly, asks those who fill it out to provide written comments. Moreso, the person receiving feedback fills a self-rating survey that has the same questions others received in their form. It should be noted that these written comments are optional in some instances.
Now you know what 360-degree feedback is, the next question that should pop up in your mind should be what are the goals behind adopting 360-degree feedback?
The goals of 360-degree feedback
As opposed to managerial reviews, 360 degree feedback gives you a more comprehensive idea of employee strengths and weaknesses by collecting reviews from all angles of the company. Hence, receiving feedback from direct reports, and peers and even a self-assessment by the person being evaluated.
360-degree feedback makes it possible to study the behaviors and skills of each employee in a company in order to keep everyone aligned with the company vision and mission.
360-degree feedback aims to help each person understand their strengths and weaknesses and shed light on the aspects of their work requiring coaching or specific assistance. It should be noted that the entire process for receiving feedback must be supervised by a manager, coach, or trainer often outside the organization. At Happierco, we make it our business to oversee the process for you. By mutual agreement with you, we coordinate 360-degree feedback. We analyze and share processed data with the organization manager and employees as needed. However, what are the benefits of 360 reviews for your company?
The benefits of 360-degree feedback
According to Jack Zenger; ” More than 85% of all the Fortune 500 companies use the 360-degree feedback process as a cornerstone of their overall leadership development process”. So, here are 5 advantages of the 360-degree feedback:
A culture of performance:
360-degree feedback reveals the strengths and weaknesses of each person in the company. By implementing strategies to correct deficiencies, you strengthen the link between the skills, behaviors, and values that lead to the company’s success. Based on the feedback, you can make adequate plans for development and performance improvement.
Through feedback, each person in the company has an overview of their strengths and areas for improvement. This deep understanding of their personality allows them to realize their responsibility. They are now more committed and likely to do better. This self-awareness is further enhanced by the feeling of being valued by the organization after the feedback results.
Frank dialogue must follow after feedback. The appraiser and the employee’s manager must enter into a planning dialogue to agree on improvement objectives and plans. The frank dialogue establishment makes it possible to extinguish any sources of tension likely to arise within the company.
Encourages the search for new skills:
After feedback, each individual must set in motion a personal development plan that resolves their weaknesses. This plan should allow them to acquire new skills. As a result, your team members become more responsible and more engaged in the company. Also, 360-degree feedback can unearth employee strengths. Therefore, it’s necessary to put in place a tailor-made training plan consisting of making the employees who create these forces excel. In the end, the company gains efficiency, but employees also progress normally in their careers.
Promotes a culture of transparency and honesty:
These anonymous reviews foster a culture of openness. With an open heart, each employee freely comments. In the end, the leaders spread the spirit of transparency by publishing the comments made during the evaluations. The sustainability of these evaluations consecrates the honesty and openness necessary for the success of the company.
360-degree feedback is an instrument for improving performance and working relationships. It renders data that provides information on the state of behavior, skills, and values within the company. Thus, it is very advantageous to adopt it if you haven’t already done so.