“Don’t just criticize, condemn or complain, give a constructive feedback instead”- Dale Carnegie
Don’t we all like instant gratification? We all crave for it at various levels, both consciously and subconsciously. It is not only true for our personal lives but professional lives too. Employees love to receive feedback and recognition for the work they do. It gives them validation that they are good and keeps them engaged. Additionally, it also helps in enhancing productivity.
Continuous feedback is not a new concept or a different type of feedback process. It is the act of sharing feedback with your employees more frequently. Companies like Goldman Sachs, Adobe, GE, and Deloitte have already made this a part of the process long before the COVID era. But the COVID and post-COVID era has made continuous feedback even more important and a necessity that every organization should adopt.
Also Read: Why These 8 Top Companies Redefined Their Performance Management Systems?
Working remotely, employees face numerous disturbances. So it can be quite common for someone to be stressed, disturbed, disengaged, or anxious at work. As a manager, continuous feedback acts as a great tool for you to keep a check on your remote employees. It opens up a channel of two-way communication between the employee and the employer.
Here are some of the common benefits of practicing continuous feedback.
Reduces Attrition Rate
A recent survey by McKinsey highlights that 74 percent of employees who were receiving continuous feedback and coaching from their managers have an effective performance management system. Additionally, they are able to control and reduce attrition.
When employees receive too little feedback, what happens? They leave. A lack of feedback is reason enough for employees to change jobs. It is also important to note the difference between feedback and constructive and meaningful feedback. Feedback can mean anything, even noise. On the other hand, constructive feedback not only takes into account the person receiving the feedback but also their skills and competency and the work they are doing. When feedback is given correctly it reduces attrition and improves retention.
One of the main benefits of having a culture of continuous feedback is, it increases employee engagement. Multiple studies and statistics reveal that employees are much happier when they receive meaningful feedback. It helps them stay motivated and work better. Here are a few statistics to take a look at:
- 27% strongly agree the feedback they receive helps them do their work better.
- Gallup found that only 21% of millennials and 18% of non-millennials meet with their manager weekly. The majority of employees say they meet with their manager as infrequently as less than once a month (56% of millennials and 53% of non-millennials)
Continuous feedback enables managers and the organization to reward their employees right away. Instant recognition brings a sense of satisfaction and fulfillment at work among employees. They feel that their hard work is not going unnoticed, and the company values them for their work. It instills a different level of energy in them and boosts their morale. They strive to work harder to fulfill business objectives and goals. They tend to remain continuously engaged and happy at work.
Also Read: Employee Rewards And Recognition For An Engaged Workforce
Continuous feedback is not only for certain employees. The main motive behind it is to help the employees to improve consistently with time. Good employees become better, and struggling employees find direction for improvement. It need not be criticism or praise always. Instead, it can be small suggestions or feedback that will make their work easy.
When there’s consistent feedback to rely on, there’s always room for improvement. There’s also the desire to improve not only performance but also productivity. Continuous feedback motivates us in more ways than one. Feedback encourages employees to keep trying new and challenging things. Feedback is a sign for the employees that their managers are paying attention to their work and want them to improve.
Also Read: People Development Goes Virtual And More Feedback Focused
Helps Track Growth Of Employees
Do you know which factor can have a marked impact on performance reviews? Documented feedback. Continuous feedback shows a trajectory of performance and indicates employee growth. It provides a representation of an employee’s work overtime. Moreover, it helps employees to identify where they made mistakes or what they could have improved.
Continuous feedback makes the performance review process a whole lot easier. It becomes easy to make performance-related decisions.
Want to know how Engagedly can help you with implementing continuous feedback? Then request for a live demo
Request A Demo