10 Benefits Of 360 Degree Feedback

My Post (32)“We all need people who will give us feedback. That’s how we improve.” –  says Bill Gates (Co-founder of Microsoft) on the importance of feedback.

Feedback is one of the most underrated aspects of employee management. Generally, employees receive feedback from their managers during their quarterly or annual performance reviews. But is this feedback enough? Peer feedback plays a very important role in improving employee performance. Sometimes co-workers know the nature of work better than the manager, so getting feedback from them is equally important.

In 360 degree feedback or multirater feedback, managers, peers, direct reports, and sometimes even customers are involved in the feedback process. It provides an overall analysis of the performance of the employee at the organization.

Organizations are slowly moving away from the traditional one-to-one feedback to the multirater or 360 degree feedback approach because of its multiple benefits. In this article, we will discuss the benefits of 360 degree feedback and why your organization should implement it immediately.

Increases Self-Awareness

“In a study conducted by Gallup among 65,672 employees, it was discovered that those who received feedback had 15.9% better turnover rates than employees who received no feedback.”

360 degree feedback helps in increasing the self-awareness of an employee and aids in identifying one’s strengths and highlights their weaknesses. It helps the employee in knowing their hidden strengths and weaknesses, which otherwise they would be unaware of. The 360 degree feedback process gives employees a better understanding of their behavior and their outlook towards how they work.

Multiple Sources of Feedback 

360 degree feedback provides the employee with a scope to get multiple inputs for their role, performance styles, and ideas. It provides a well-balanced view of the behavior and skills of the employee. It helps employees to know themselves from others’ perspectives and bridges the gap between what they think of themselves and what others think of them. This feedback is constructive and more acceptable to the employees.

Reduced Bias

In the 360 degree feedback process, feedback is collected not only from the manager but also from peers, subordinates, direct reports, and sometimes even customers. As a result, the feedback received in the 360-degree feedback process is completely impartial as it is not based on single person assessment. It helps in reducing managerial biases, which are often prevalent in the traditional feedback process. – Read more

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Creating A Performance Based Culture At Workplace During A Crisis

My Post (17)Most companies work hard to build and sustain a positive performance culture at their workplaces. Different companies have different kinds of culture.

While some companies tend to have a formal performance culture with fixed rules, some other companies prefer to have a casual culture that has flexible rules.

This totally depends on how the company is run and on a few other factors like how large the company is and how they measure the performance of their employees.

What do managers need for creating a performance based culture at workplaces? What does it mean and why is it important for an organization to focus on this aspect? Firstly, every organization’s success depends on the productivity of their staff. The productivity of teams in an organization depend on how engaged and satisfied the employees are with their current workplace culture.

Here are a few qualities of an ideal performance based workplace culture:

  1. Change is welcome
  2. Employees from different levels are allowed to make decisions
  3. Teamwork is the norm
  4. Constant effort to better the existing operational strategy
  5. A sense of accountability among the team members

While it is hard enough to create and sustain a high performance culture at a workplace during normal times, the current pandemic hasn’t made it any easier for the management. Here are a few tips to creating a performance based culture at workplace during the current Covid-19 crisis.

Clear And Open Communication

Communication is one of the most important aspects of running an organization. Communicate the values of your organization to your employees. It has become more important now more than ever to make your employees realize how their contribution affects the values of the organization.

Assign SMART, short-term goals to your employees and help them align those with the company values. Encourage your employees to come forward and communicate with the management. Make sure that you handle any sort of information from the employees sensibly.

Feedback Culture

Real-time feedback that is delivered throughout the year goes a long way towards fixing the damage caused by annual performance reviews. This makes the annual performance review a quick and short meeting because of having most of the groundwork laid before. A survey by Zenger and Folkman revealed 92% of respondents agreed, “Negative (redirecting) feedback, if delivered appropriately, is effective at improving performance.”

Continuous employee feedback has a direct impact on things like productivity, customer retention and has many benefits like employee retention, performance improvement, quick analysis of problem, open channels of communication, etc. Most companies these days want to invest in retaining their existing talent so that their employees are skilled enough to take care of the constantly changing needs of the industry. – Read more

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Is Lack Of Employee Recognition Damaging To The Company?

My Post (2).pngDon’t we all love a pat on the back when we put an extra effort into something? Though employee recognition is not always on the top of the list of an organization’s priorities, it does play an important role.

We all know the basic rule when it comes to employee appreciation or appraisal, you appreciate them in return for some extra effort. Every year, employees try to work a little harder during their annual performance reviews because that’s when they need recognition the most. Their pay raise usually depends on how they showcase their performance during the months closer to annual performance reviews.

Let’s understand why this approach is problematic. Various departments in every company constantly work on different deadlines from time to time. But their performance and efforts aren’t recognized always, the only time their performance matters is during the annual performance review, because it directly affects their pay raise.

Here, pay raise works both as a motivating factor as well as a demoralizing factor. Employees put all their effort only when there is a monetary factor involved. This approach might work for a few months, but to keep employees engaged and motivated in the long run, as a manager, you need something more.

What is it that employees actually need from managers to stay engaged at work? Well, the answer is quite simple, guidance, appreciation, monitoring and rewards.

Guidance

Though employees seem to understand and fulfill their job responsibilities, at times they can be really motivated when their managers give them guidance. When we say guidance, it doesn’t mean that you breathe down their neck always and micromanage them.

It is always good to get the manager’s perspective when you’re working on something. So, make sure that your employees get enough guidance from you through various channels available.

Managers tend to use learning management systems to help employees learn and develop their skills from time to time. At Engagedly, employees are given free access to online courses and managers assign them courses from time to time.

This approach creates in the employees a sense of being valued and feeling important for the organization. There are various LMS software out in the market that you can use to guide your employees.

Appreciation

When was the last time you appreciated your employees without expecting them to put an extra effort into the next big project that you want them to work on? Well, most managers cannot recall the answer to this question. That is because, appreciation is something that we don’t really focus on.

It is true that employees are paid for their work, but it should not be the reason for you to refrain from appreciating the efforts that they put into work from time to time. Understand that employees are human and have emotions. One of the most important things that employees crace for is, validation from the higher level. So, do not hold back, appreciate even the smallest accomplishments of your employees. But also make sure you don’t do the following mistakes when appreciating them:

  • Don’t be generic in appreciating your employees. Put some effort into understanding what they went through to achieve their goals
  • Don’t beat around the bush. Be clear and specific. Don’t leave employees wondering if you really appreciated them or if it was just a pep talk.
  • Don’t recognize the same employees always. Know how the efforts of other members on the team affect the success of your organization and acknowledge them.
  • Don’t be late. We all know that late recognition is equivalent to no recognition at all. It doesn’t really matter.

Monitoring

Like mentioned before, monitoring doesn’t mean that you micromanage your employees. But as a manager, it is important for you to know what your employees are working on. This is not monitoring someone’s performance but it is monitoring their progress, so that you can guide them if they need your help.  – Read more

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