Five Benefits of fostering a culture of efficient feedback
For all businesses, especially startups, to prosper systematically, sharing feedback effectively is essential. When functional feedback sharing is made a part of the company culture, it turns out to be beneficial for everyone. Even the most talented and passionate employees need a sense of direction from their superiors.
It is interesting to note that most goal-oriented employees are keen to receive feedback. As per insights from Hubspot, more than 60% of workers look forward to receiving more feedback. They are receptive to assessments and find feedback a salient way of improving their performance.
Moving forward, even most HR managers understand the vitality of feedback sharing. As per the findings of a survey by SHRM/Globoforce, almost 90% of HR leaders agree that peer-to-peer feedback improves outcomes. Effectual feedback sharing is one of the key fundamentals of high employee engagement. Similarly, fostering a culture of conducive feedbacks benefits an organisation in umpteen ways. To elaborate further, this post highlights some essential advantages of consistent feedback sharing.
Ways in which feedback facilitates organisational success
Feedback ensures constant development of employees
When superiors constructively share regular feedback, it inspires active learning. Employees who are new to the organisation can identify their strengths and shortcomings. Based on this realisation of their areas of improvement, they will then work on performance enhancement. However, one thing that managers need to ensure is that feedback should not seem like outright criticism. The purpose of feedback should not be to demotivate a worker but to make him believe that he can do better.
As per a survey by Glassdoor, almost 90 percent of employees anticipate support from their employers. As an employer, you can support them the best by sharing peer-to-peer feedback with them. By doing so, you can create a positive work environment that facilitates learning and growth. The employees will feel that the organisation is making a conscious effort to add value to their learning. They would not be apprehensive of the fact that they are being offered no learning. Furthermore, this assurance in them will have a positive impact on employee retention.
- Feedback creates a culture of high productivity
Productivity is of utmost importance to all employers and organisations. The corporate culture can be grim sometimes. People can lose their jobs and worth in the organisation if they cannot meet the benchmark of performance. Such a scenario is problematic for the organisation as well. The organisation will have to rehire employees regularly and also incur the costs of replacement. As explained by the Society for Human Resource Management, the costs of replacement can be high. It is estimated that these costs can go up to 60 percent of the employee’s salary. However, the productivity of employees can be sought after with practical feedback sharing.
Managers and leaders should make a meaningful effort to give a sense of direction to subordinates. As stated above, this will enable employees to enhance their productivity consistently. This is where the character of a true leader will be put to the test. Sharing valuable feedback and motivating the workers are two different things. But a good leader should have the prowess to blend these two. When a leader evaluates employees in an inspiring way, it will add to their confidence. This confidence will further add to their engagement and performance immensely.
- Feedback promotes workplace collaboration
Healthy workplace relationships to are imperative for an organisation’s success. When employees within an organisation hold each other in suitable regard, it creates a positive culture. But can good employee relationships exist without meaningful interactions? This is another realm where the culture of feedback exchange benefits an organisation. When employees and employers indulge in peer-to-peer feedback, it leads to substantial discussions. Employers can build working relationships with their employees. Besides, employers can understand if their workers are facing any issues that affect their performance.
Around the discussions held during feedback sessions, relationships improve. Employers and employees find confidence in each other. Moreover, they can collaborate helpfully. All these factors are crucial to the culture of a company and also its success.
- Conducive feedbacks enrich employee loyalty
Another merit of creating a system of regular feedback is that it can enhance loyalty among employees. This increment in employee loyalty will further augment satisfaction and happiness. When employees realise that the organisation is investing time in their personal growth, they will commit themselves better. It will give them an impression that the organisation values inclusion and individuality.
In this way, receiving helpful feedback will inspire them greater affection and respect for the company. They will be able to attach value to their presence in the organisation. Besides, they will be able to develop a feeling of gratitude towards the organisation. However, again, if the feedback is shared in harsh words, it can do the complete opposite.
- Feedback improves stress management in employees
As cited by the American Institute of Stress, more than 80 percent of US workers reel under stress. It is possible that a more significant part of this stress-related to performance issues. Employees may be facing specific workplace issues or may not be performing well in the absence of a sense of direction. Moreover, it is also feasible that these employees may be too reluctant to ask for help or reviews from their superiors. In such a situation, the employees will end up immersing themselves in stress. This stress will affect their wellness and the overall performance of the team or the organisation.
However, when regular feedback sessions are conducted, employees can find ways to enhance performance. They will no longer feel stuck and yearning for help or guidance. Regular feedback sessions will keep the flow going, and they will be able to share their ideas and concerns. Feedback within the organisation should be two-way. Employees should be given constructive feedback, and also, their feedback ought to be sought on some matters. This will soothe them, giving them the assurance that their perspectives and thoughts matter. This, too, will help them to express themselves in the workplace and manage stress better.
To conclude, as explained above, effectual feedback sharing is of great significance for businesses. This vitality becomes even more significant for startups where passion should meet the proper guidance. Not only feedbacks add to the learning and development of individual employees but create an ideal work environment. Feedback ensures fruitful workplace communication, employee engagement and gives workers a sense of belonging.