Feedback is commonly understood like giving an advice ‘’try harder next time’’, praise ‘’great job’’, or blame ‘’you made us lose the client’’, but it is not just that. Feedback is a process of performance management, and it’s a part of how we work. It’s a piece of useful information about what happened in relation to actions towards a goal that was set.
Feedback can be a simple comment or a detailed and structured discussion on what’s done and what can be better. Feedback should be exchanged amongst everyone in the company.
Unfortunately, many companies spend less time on the feedback process. While some companies don’t have a good channel for exchanging feedback. The truth has been that everyone is occupied with other duties that take their valuable time.
The 5 reasons below shows how feedback improves your team performance and engagement.
1- Increase retention
Most times, an employee will only remain in a company for two reasons, self-development and career advancement. Employees will stay at a company if there’s an opportunity for success.
When feedback is ongoing and effective, it contributes to the development and advancement of the employees.
“Feedback is the breakfast of champions” – Ken Blanchard
2- Improve performance
Both negative and positive feedback is useful in a team.
Clear and positive feedback provides direction on what has to be done and what was done well. It makes employees more confident and pushes them to do more.
Negative feedback can help in making better decisions that can improve and increase performance. When employees know the areas where need improvement, they can work on them to be more effective in their job.
“I think it’s very important to have a feedback loop, where you are constantly thinking about what you’ve done and how you could be doing it better” -Elon Musk
3- Motivate employee
Asking or giving feedback motivates employees to perform better. Employees want to feel recognized and valued. They appreciate exchanging feedback that can help them improve their work and make better decisions within the company.
“We all need people who will give us feedback. That’s how we improve.” -Bill Gates
4- Continuous learning
Ongoing feedback is important within the organization as it keeps everyone aligned. Everyone gets to create strategies, develop products, improve services, improve relationships, and so on, that will help in the growth of the company.
The moment an employee gets feedback is an opportunity for them to learn something they didn’t know before.
“There’s a huge value in learning with instant feedback” – Anant Agarwal
5- Increase engagement
When an employee has a clear understanding of how they help in making the organization achieve its objectives, it keeps them engaged. But employees can only know how they do and how they contribute to the growth of the company through regular and effective feedback.
According to the survey, 43% of highly engaged employees receive feedback at least once a week, but 18% of employees with low engagement don’t receive feedback.
The importance of employee feedback can never be overemphasized. Fortunately, 65% of employees said they wanted more feedback. But unfortunately, only 58% of managers think they give enough feedback.
This says a lot about why plenty of companies are pulling out of the race.
It should be noted that successful companies today have an employee feedback solution implemented. It guarantees to an extent the growth of the company.
If you’re in need of a feedback solution which will make the process simple and effective for your team, in the right place with Happierco.