Why Feedback Matters In The Workplace
Good leaders know the value of feedback. And the stats back it up: with 65% of employees looking for more performance evaluation from their managers, it’s no surprise that companies that invest in regular employee feedback have 15% lower turnover rates than organizations where employees aren’t getting feedback on a regular basis.
Four out of ten employees who receive little to no feedback are actively disengaged from their work, whereas 43% of employees who receive feedback at least once a week are highly engaged.
So not only is it important for managers to regularly provide feedback to their direct reports and teams, but likewise, encouraging your employees to share it upwards and with their peers is a good idea too.
It’s clear that feedback is necessary for career growth. Giving and receiving feedback is crucial for the long-term success of any organisation or relationship. Companies are built on professional relationships, and the strongest of those will be founded on effective, valuable communication.
Feedback doesn’t always have to be positive. Negative feedback identifies areas where your team needs to make improvements, and helps to make work much better in the long run. However, it’s important that you give feedback thoughtfully and productively, otherwise it provides no basis for development.
Regular, constructive feedback affects several areas of the work environment positively. You’ll begin to see the positive changes below as you integrate steady feedback into your employee relationships. Discover some action points below.
Improve Productivity
By creating a clear and honest line of communication during any kind of teamwork, it saves time that might be spent correcting someone’s work, reduces errors caused by miscommunication, and prevents regrets for those who feel like they failed.
Feedback is often mistaken for criticism. In fact, what is viewed as negative criticism is actually constructive criticism and is the best find of feedback that can help to formulate better decisions to improve and increase performance and productivity within a business.
Staff Motivation
We all like to be told when we’re doing a good job, right? By evaluating employees, it can actually motivate them to perform better. People like to feel valued and appreciated. Also, giving feedback promotes trust and honesty. Even if it’s not so positive, when given in the right way, feedback can help people to grow and evolve in the workplace.
Employee Retention
Feedback is about listening actively, and thinking of the best possible solutions to help your team to perform better. Having a regular feedback schedule can help with the provision of positive reinforcement, allows people to come together and it creates a healthy communication flow. This kind of atmosphere is key to employee retention. If managers are invested in helping their people through challenging times to ensure they reach their full potential, then fewer employees may feel disillusioned, and therefore are less likely to quit.
When your employees feel listened to and valued, they tend to be more focused and productive. Often, their commitment to their jobs and the company itself increases too.
If you want to foster company loyalty, get in touch with our branding experts today!