They say “Good feedback is the key to Improvement”… a known and affirmative quote we’ve often heard. At Microimage we believe that feedback is literally the most important facet in the internal communication system.
A conversation, project, assignment or any exercise that happens without clear feedback will probably end up delivering an outcome that does not favor the company or the employee.
Employees crave for both helpful and constructive feedback. They want to know how they are doing in the company, their strengths and weaknesses, and where they stand in the company. Employees do use feedback as an indicator to understand how fast they can climb up the career ladder in the company and to understand whether they have potential to become a successor for a leadership role.
There are many eye-opening statistics and real life examples for companies which benefited and being benefited by proving continuous feedback to employees. According to the “Predictions for 2016” report of Bersin by Deloitte, over 60% of all businesses are redesigning their performance management system, ideally shifting from top-down ranking to a feedback-centric mechanism. This too shows that feedback is becoming fundamental in the performance management process. As a leader in the HR Software solutions domain and being a veteran in Human Capital Management domain we suggest companies to instigate systems to make feedback a regular process instead of having it integrated only to performance management.
Continuous employee feedback focused on telling them about their strengths and weaknesses will help them improve further to achieve better. Also feedback given on achievements will make employees realize that they are appreciated at work. Employee satisfaction earned through feedback and the guidance they receive on how to improve will ultimately result in building a workforce with a sharp skill set, thus reducing the turnover.
We believe that regular employee feedback also could be a new model of employee engagement. We see how regular feedback generates transformative business ideas and how feedback leads to better and strengthened relationships between superiors and employees. Feedback given to new recruits is the best supporter for them to ensure they are on track, which feedback certainly comes handy for experienced employees to gain guidance from superiors and co-workers on expediting their results. Hence feedback favours companies by building strong employee engagement.
Microimage HCM HR Software – mihcm.com offers a complete suite of HR functionality for your business including performance management, and we use workswiftly.com to foster the culture surrounded by regular feedback!