Are You Giving Your Employees Frequent Feedback?
One of the hallmarks of leadership is supporting and encouraging the strengths of every team member – because true leaders understand they’re only as successful as the people who work for them. Equally if not more important is the fact that, if you want to attract and retain top talent, frequent feedback really matters. Consider these statistics, compiled by LinkedIn:
- In a recent study, 60% of respondents said they would like feedback on a daily or weekly basis. This number grew to 72 percent for employees under the age of 30. In another study, 80% of Gen Y employees said they preferred on-the-spot recognition over a formal review.
- Seventy-five percent of respondents said feedback from management was valuable to them.
- A recent Gallup study of more than 65,000 employees showed at the companies of those who received ongoing strengths feedback, turnover rates were 14.9% lower than at other companies.
- A similar study of 530 work units found that teams with managers who received strengths feedback demonstrated 12.5% higher productivity than teams that received no feedback.
Create a Culture of Feedback
Employee feedback should be provided early and often. Train both your managers and yourself on how to give – and receive – it on a regular basis. It’s important because frequent feedback on the part of management:
- Keeps people going. Whether it’s positive or negative, feedback should always be constructive. This helps develop people’s self-esteem, motivation and engagement. In the words of renowned entrepreneur Sam Walton, “Outstanding leaders go out of the way to boost the self-esteem of their personnel. If people believe in themselves, it’s amazing what they can accomplish.”
- Provides a sense of purpose and belonging. It’s human nature: Everyone wants to feel needed, appreciated, and part of something bigger than themselves. Feedback reassures employees that what they do is meaningful and valuable. Often, it can be more fulfilling than even monetary bonuses or material rewards.
- Enhances performance. Well-delivered constructive criticism can produce better decisions and thus enhance overall performance. This holds true as long as management feedback is frequent, candid, and of high quality. Plus, managers need to be confident enough to provide feedback frequently and honestly, even if it’s unpleasant or challenging. This candor is critical to employees’ and managers’ growth, and also to the overall success of your business.
- Is an effective tool for career development. As reported in Harvard Business Review, “Accountability should be collective … and supervisors need to do a better job of coaching and developing their subordinates.” Frequent feedback aids managers in creating individual employee development plans that include the right training, goals, and role-supportive knowledge. Training, in particular, contributes to developing an employee’s career track and building their loyalty to their manager and your organization.
Do you need more tips on how to provide frequent, effective feedback throughout your company? Frontline Source Group will help you foster the culture your company needs for long-term growth and success. Read our related posts or contact us today to learn more.