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How can you use 360-degree feedback to improve your career development in Corporate Accounting?

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If you are a corporate accountant, you know that your performance is not only measured by your technical skills and knowledge, but also by your interpersonal and communication abilities, your leadership and teamwork, and your alignment with the organizational goals and values. That is why receiving 360-degree feedback, which involves getting input from your managers, peers, subordinates, and sometimes external stakeholders, can be a valuable tool for your career development. In this article, we will explain how you can use 360-degree feedback to identify your strengths and weaknesses, set realistic and actionable goals, and enhance your professional relationships in corporate accounting.

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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting | Unlocking Your Career Potential
Karan Chopra

CA | Risk Management, Business Consulting | 14k+
Mohammed Waseem

Manager FP&A @ du | Reporting, Planning & Business partnering | ACCA | Generative AI

1 What is 360-degree feedback?

360-degree feedback is a method of performance evaluation that collects data from multiple sources to provide a comprehensive and balanced view of your competencies and behaviors. Unlike traditional feedback, which usually comes from your direct supervisor, 360-degree feedback gives you a broader perspective of how you are perceived and valued by different people in your work environment. The feedback can be delivered through surveys, interviews, or observations, and it typically covers four domains: skills, knowledge, attitudes, and results.

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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting | Unlocking Your Career Potential
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360-degree feedback is the most effective means of feedback as it has the highest degeree of non-bias. Traditional feedback from the Supervisor is very limited because one or two persons are usually the ones giving feedbacks and they might have one bias or provde an inaccurate feedback due to several possible reasons.

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Karan Chopra

CA | Risk Management, Business Consulting | 14k+
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This feedback mechanism goes beyond traditional, top-down evaluations, providing a more comprehensive and nuanced perspective on an individual's contributions to the team and organization. In corporate accounting, where collaboration and interpersonal skills are vital, 360-degree feedback offers valuable insights into how an individual's actions impact their work environment.

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2 Why is 360-degree feedback important for corporate accountants?

360-degree feedback is important for corporate accountants because it can help you improve your professional performance and growth in several ways. First, it can help you identify your strengths and areas of improvement, and compare them with the expectations and standards of your role and organization. Second, it can help you create a personal development plan based on the feedback, and set specific, measurable, achievable, relevant, and time-bound (SMART) goals to address your gaps and enhance your skills. Third, it can help you build trust and rapport with your colleagues, managers, and clients, by showing them that you are open to feedback and willing to learn from them.

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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting | Unlocking Your Career Potential
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360-degree feedback important for corporate accountants so as to be able to improve on established weaknesses and also maximize on strenghts identified

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3 How to prepare for 360-degree feedback?

Before you receive 360-degree feedback, it's important to prepare yourself mentally and emotionally for the process. To do this, you should strive to be open-minded and receptive, rather than taking the feedback personally or defensively. Additionally, it's important to be realistic and objective, acknowledging that you have both strengths and weaknesses. Furthermore, don't wait for the feedback to come to you - be proactive and ask for it from different sources, and seek clarification if you don't understand something. Doing this will help ensure that you are getting the most out of the feedback process.

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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting | Unlocking Your Career Potential
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To prepare for 360-degree feedback, there must be an automated mechanism or questionaire that captures everyone's responses and also anonymously.

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Karan Chopra

CA | Risk Management, Business Consulting | 14k+
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Define the specific skills and competencies you want to assess, aligning them with your career development goals in corporate accounting. Communicate openly with those participating in the feedback process. Clearly explain the purpose, emphasize confidentiality, and encourage honest, constructive feedback. Choose raters who have direct knowledge of your work, including supervisors, peers, subordinates, and even external collaborators. This diverse range of perspectives ensures a holistic assessment.

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4 How to use 360-degree feedback effectively?

Once you receive 360-degree feedback, it’s essential to use it effectively to make positive changes in your performance and behavior. To do this, you should review and analyze the feedback for patterns, themes, and discrepancies. Identify what you are doing well and what needs improvement. Then prioritize and plan by choosing one or two areas that are most relevant to your role and organization and create a SMART action plan. Finally, implement and monitor the plan by tracking your progress and results. Additionally, seek feedback again to measure your improvement and adjust your plan if needed.

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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting | Unlocking Your Career Potential
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To use for 360-degree feedback effectively, there must also be an automated mechanism or questionaire that captures everyone's responses and collate the results to get an average value.

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Karan Chopra

CA | Risk Management, Business Consulting | 14k+
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Take time to thoroughly review the feedback received. Identify patterns and recurring themes across different raters. Reflect on the insights provided and compare them with your self-assessment. This process allows you to gain a comprehensive understanding of your strengths and areas needing improvement.

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Mohammed Waseem

Manager FP&A @ du | Reporting, Planning & Business partnering | ACCA | Generative AI
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1. Know Yourself: Before looking outward, look within. Reflect on your strengths and weaknesses :e.g., "presentation skills," "team collaboration. 2. Gather Feedback From All Angles: Don't just ask within finance! Cast a wide net outside finance, across different levels: This paints a diverse picture of how you're seen. To encourage honesty, keep it anonymous. 3. Turn Feedback into Action: Analyze and prioritize the most relevant points Set SMART goals: e.g. attend communication workshops and practice active listening in meetings within 3 months. 4. Continue: Track progress, celebrate successes, and adjust plan if needed. Be open to honest feedback, even the tough stuff. Focus on action, not blame. Thank everyone who helps you grow.

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5 How to give 360-degree feedback to others?

As a corporate accountant, you may also be asked to give 360-degree feedback to others, such as your peers, managers, or subordinates. Giving feedback can be difficult, but it can also be rewarding if done correctly. To ensure constructive and respectful feedback, be sure to be honest and specific with your examples and facts. Additionally, strive for balance and fairness in both praise and criticism. Lastly, be supportive and helpful by offering suggestions and recommendations instead of judgment or blame. Show your confidence in the feedback recipient and express your appreciation for their efforts.

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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting | Unlocking Your Career Potential
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Be objective and set aside any sentiments or emotions. Be bold in your evaluation without having fear of repercusion and retaliation

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you use 360-degree feedback to improve your career development in Corporate Accounting?

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1 What is 360-degree feedback?

2 Why is 360-degree feedback important for corporate accountants?

3 How to prepare for 360-degree feedback?

4 How to use 360-degree feedback effectively?

5 How to give 360-degree feedback to others?

6 Here’s what else to consider

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