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Change is good. It can be a sign of progress, moving forward, and is inevitable in every aspect of our lives. But try telling that to a gang of frustrated employees who just found out their company is being restructured! The task of managing change is a difficult one and will most certainly be resisted, which is why it’s so important for managers to do everything in their power to have a workforce that is conditioned to expect, accept and embrace change. But how do they do this? Well, in a broader sense, it begins with relationships and how managers instill trust in their people. The greatest way to instill that kind of trust?
Ongoing, constructive communication AKA continuous feedback! But, the benefits don’t stop there. Feedback of any kind can be extremely beneficial to both you and your employees in more ways than one. Aside from helping your team to manage and accept change in a productive manner, continuous feedback also helps with:
- Performance reviews
- Improved performance
- Better communication
- Continuous learning
- Employee satisfaction
- Employee engagement
To drive these points home, here are just a few reasons continuous feedback is the way to go.
Continuous Feedback Is The New Performance Review
Aside from the time, money and organization required to carry out dreaded annual performance reviews, research has shown them to have a negative impact on employee performance and engagement. According to recent CEB research, 77% of HR execs believe performance reviews aren’t an accurate representation of employee performance. What’s even more startling is that there is no verifiable evidence to prove performance reviews have an effect on business goals. And this has been a business norm for how long?
So, basically performance reviews, at least done traditionally and once a year, are a huge waste of resources. This is the reason companies like Adobe, Microsoft and Google are reevaluating their current processes and switching to monthly or quarterly performance reviews. With continuous feedback, managers can assess and correct performance as it’s happening, saving employers a lot of time and money. Not to mention your employees hate it.
For a second, put yourself in their shoes. Twice a year, you go see a manager you rarely talk to and get told what you’re doing wrong and/or what you’re doing right. That doesn’t exactly seem fair, does it? But, allowing for this continuous feedback means you are always in the know about what your employers are thinking and they can easily provide you with insight and advice so you can work to improve.
Putting our HR hats back on, this helps not only in the resources department, but it helps with your profits. Companies who implement continuous feedback and employee engagement instead of annual performance reviews experience a 22% increase in profitability as compared to those who do not invest in those areas. Continuous feedback pays for itself and then some, in addition to all the other benefits!
It’s A Two-Way Street
Another valuable benefit of continuous performance feedback is that it is less formal Go to the full article.
Source:: Business 2 Community