Will The Employee Feedback System Enhance The Performance And Productivity Of Your Company?

Employee, the intangible asset, plays a vital role in differentiating an organization from its competitors. Whether it’s a small firm or a big tycoon, an organization will be as good as the people it keeps. The knowledge, expertise, skill-sets, abilities, and experience of an employee are the gems that secure an organization’s future. Toughest goals can be achieved when everyone in the boat row vigorously in the same direction. The happier the employees are, the higher will be your stock prices and the healthier will be the companies’ performance. When employees are recognized they whole-heartedly compete in the race and overtake competitors. Motivated employees make a significant difference in an organization.

In such a case an organization is obligatory towards the happiness and satisfaction of its employees. Beautiful office space, holiday trips, bonus plans, appraisal are some of the staff appreciation perks that companies provide to their employees.

i) But do you think they are enough?

ii) Will these perks alone provide long term benefits to the organization?

At a certain point, it is very important to review that these perks are not a substitute for healthy communication and one-on-one interaction. Along with the perks when an organization works on the clogged arteries of communication it is providing an employee much more than incentives. The cornerstone of employee engagement is regular communication that creates energizing and healthy work culture.

Here comes the need for a proper Employee Feedback System in the organization where a two-way communication will enhance the employee’s performance and the organization’s productivity. Feedback acts as a mechanism that constantly helps employees get better at their job and for an organization to develop an exceptional workplace culture. There are many types of feedback systems amongst which an organization can select the best suited.

360 –Degree Feedback

This approach is an efficient, effectual, and accurate method that focuses on the holistic development of an employee and leverages the untapped potential in them. It envelopes all areas and forms of interactions they are involved in the organization. The employee receives feedback from managers, superior, and peers to identify his strengths and weaknesses and take immediate corrective measures. It’s a source of real and reliable data about employee’s performance that allows them to enhance their performance and productivity. The results of these reviews are considered to make decisions regarding levels of remuneration hike, training, promotion, or mentorship. Its advantages include-

· Provides an overall-all assessment of employees performance

· Assess the productivity of employee within the team and organization

· Providing impartial and data-driven reviews

· Conducting periodic reviews and appraisal process

Guidelines to make 360-Degree Feedback truly work

1. Feedback for one and all – The process should be conducted for one and all. Right from the top management, CEO and senior leaders must be on board for the same. Employees get a positive impact and leaders get a better understanding when they go through the feedback process.

2. Employees need guidance – Only the rating the employees based on their good or bad work is not just enough. What they need is guidance to improve them, what more or less they need to do. Managers should also keep in mind not to get influenced by self-ratings or comparisons with peers for the review process.

3. Measure core competencies – The metrics should include all, the core competencies required to succeed within an organization. Right from communication to leadership ability, metrics should include all required skills.

4. Confidentiality – Assessment must be confidential so that the raters can provide genuine feedback without any hesitation.

Growth and Development must be the ultimate purpose – The feedback process must focus on the growth and development of employees by providing that would contribute to the overall productivity of an organization. Performance management, salary reviews, appraisals are a part of this process but the main focus has to be working on loopholes and provide proper guidance.

Action plan – The process is incomplete if the 360-degree report is not converted into an action plan at the end. Only giving and receiving feedback is not enough. A proper wrap up of the process will be done when an action plan is ready to be worked on the flaws. The organization has to provide employees with tools, courses, and development opportunities.

360 Degree Feedback System gives incredible results when conducted at regular intervals and goes a long way in enabling organizations to achieve their short and long term goals. A productive and motivated workforce is the result of this process.

Continuous Feedback Mechanism

It’s a process where an employee receives feedback on a timely basis and is guided systematically through open discussions. It is built to shorten the feedback loop in an organization. A better understanding of current performance and scope of improvement is developed by the number of feedback sessions. One of the foremost reasons for adopting this process is the proliferation of digital technologies and digital business models all over the world. Traditionally companies conducted annual employees’ surveys and identified with best practices that made the best place to work. But they failed in providing employee engagement scores and areas of improvement for them. The changing nature of work forced companies to switch on such type of feedback system that is highly beneficial. The importance of continuous feedback includes-

· It focuses on day to day performance improvement

· Better work engagement with constructive feedback

· Regular feedbacks improve performance resulting in greater job satisfaction

· Retain top talent and lesser staff turnover

· Better workplace and healthier work culture

· Improves the overall efficiency of an organization

Guidelines to make Continuous Feedback truly work

Start with a small group – If the organization is following any other feedback system a sudden change in this may require some time to be accepted. Start with few peoples first especially the ones who are comfortable with change. Let them share their experience with peers and then gradually keep going until everyone is a part of the new feedback culture.

Encourage timelines – Other jobs and responsibilities should not let feedback take a back seat. It’s a continuous process therefore conducting it timely is a must. Offering rewards and benefits can boost employee morale and keep them engaged for the same.

Action plan- The process is not complete by only giving and receiving feedback. A proper framework is necessary where an employee knows where exactly he has to focus.

Keep up the momentum – Ensure that employees continue to deliver and receive feedback. Switching up the review format occasionally will keep things fresh and interesting.

Multiple changes in technology and tools along with building employee and managerial capabilities of receiving and giving feedback have to be embraced in the organization. As it’s a two-way process building a mechanism is required wherein people are accountable for the feedback they give and receive. Here the organization is obligatory to continuously educated people and develop processes to identify best practices while helping employees to understand manage and cope with positive and negative feedback.

Feedback Loop

It’s a reciprocal form of communication where both parties are fully engaged and actively listening to each other. This process of action and reaction includes four components.

Gathering information – Employees have to be encouraged to speak up their mind. Ask tough questions that will reveal companies' blind spots. Open-ended discussions are a must to gather as much information as you can. This will help you reach to the heart of the problem in the organization.

Analysis - Look at the information gathered with an objective eye, analyze it, and compare it with the performance feedback to pinpoint trends that you may not have seen.

Action plan – An effective feedback loop has to illustrate things that need to be done. Brief the actions that need to be changed immediately and that need to address head-on. Don’t just share, make a plan, commit to a change, and stick to it.

Notification – Addressing the needs of the team by improving team communication is necessary. Employees should feel that their feedbacks are taken seriously and the organization is working on them. This creates everlasting belongingness with the organization. This creates an organization of mutual trust and encourages a culture of transparency.

Whether it is any method of giving and receiving feedback it must create a sense of ownership in employees. A greater workforce engagement by compelling top performers to be emotionally invested in the success of the business will take an organization to its heights. An effective Feedback System will enhance the performance and productivity of any company.