How important is to build performance culture for company’s success? Undoubtedly, you have millennial staff who can never get enough of performance feedback. The big question here is that how much feedback are apt for maintaining the productivity yet not wasting much time.
Before beginning with the blog, let’s have a quick glance at some of the feedback facts;
Approximately 8.9% greater profitability came from managers who have got regular feedback on their strengths.
Around 69% Employees feel that they can work harder if their efforts are recognized by the organization
92% employees feel that negative feedback delivered in an appropriate manner can result in immense improvement in the performance.
Undoubtedly when you began with building a company, it very tempting to override things such as performance reviews and management, as something that is supposedly for “The Big Guys”. Maintaining a chain of regular feedback and development transforms the focus towards creating a workforce for your organization that keeps up with the competitive edge. According to Josh Bersin (Business Researcher) about 70% multinational companies are opting for regular feedback methods.
So rather than wishing for performance culture, you can leverage few key tools in your spare time.
But before inculcating regular feedback to your practice, you need to address these questions:
Should companies focus on motivating strong ones and get rid off the weaker team members?
Are employees malleable?
Can you transform the performance way through effective management and coaching?
Do intrinsic rewards like sense of progress and personal growth of job work for you?
Now let’s jump into the benefits of maintaining regular feedback:
The benefit of assessing employee’s job performance points out their strengths. Regardless of the age factor, human crave for recognition for their hard work. Companies where leaders can master their talent assessment art and are committed towards coaching the weak team members develops fierce loyalty. Along with fierce loyalty, team members exhibit infectious enthusiasm towards their assigned work and see their careers aligned with the company’s objectives.
In the currents scenario where job salaries are not low, increased job satisfaction keeps employees going.
Maintaining a consistent touch with your employees allow you to maintain transparency on the expectation basis. Cases where any team members doesn’t perform as per the expectations, keeping them motivated in the right direction can help immensely.
This way a sheer transparency is maintained about the work and expectations among the individuals.
Indeed we all set new objectives in the beginning of the new quarter. However, these objectives might not be sufficient for over achievers in long run. Regular feedback help you discover such situations along with re-directing your efforts. This way companies never let employees trail off due to fulfillment of their objectives.
Its vital for companies to articulate why their employees are valuable for the company. This puts onus on team members to prove their worth and see their contribution to the bottom line of the company.
Shedding light on the improvement ares is the biggest purpose behind conducting regular feedback. For new recruiters, this works as constructive criticism, allowing you to take role of a mentor. Employers are grabbing the chance to direct employees in a direction where their personal objective set align with the objective of the company.
You may find it difficult to bring criticism from shyer members, but keeping a loop of feedback will help your breakthrough.
Frequent reviews allow you to have open communication platform to engage employees in a better way. This part doesn’t remain circumscribed to this aspect only but helps you address issues within the company. Offering employees a closed door opportunity helps tackling in-house issues smartly. Maintaining overall interaction helps you in the following ways:
Address performance and Pride first
Focus on struggling areas
Learn about future deals
Ask about company’s values and what is valuable for the employees
Maintaining powerful performance reviews benefits everyone in the company. As a team leader, one should be able to prioritize and guide the team. Many companies are opting for outsourcing their talent requirements to maintain sheer distance from regular feedback. This help your company know where company stands, its performance reflection and necessary changes.