Does your company offer feedback? If so, how often? It is normal for employees to want feedback often, to know what they are doing right and what they need to do to progress to the next stage. This need has come into conflict with the older model of a once a year review. When employees are keen to stand out among their peers, is speaking with the manager once a year really in their best interest? Time to face reality – recent statistics have shown that despite employees making it clear that they want real-time feedback, only 24% of employers are giving it. And worse, 54% of companies think they are giving employees the feedback they want, but in truth are not. It is time for companies to come to grips that the annual review is a thing of the past, and real-time feedback has taken its place.
Here are just a few reasons why you must incorporate this into your review process:
- Motivation is the number one reason to conduct feedback in real-time. Imagine waiting for information on how you are performing for a whole year. During that time, you could have had information given to you to not only help your performance but give you the opportunity to advance and more. When employees can get information immediately, it motivates them to do better and continue striving for advancement.
- Continuous feedback creates a learning atmosphere. This is critical to increase productivity, increase awareness, and allow employees to learn additional skills. In addition, it can save a company thousands of dollars by correcting mistakes immediately rather than waiting for review time.
- Every company is constantly looking for new leaders to emerge. When you are able to provide real-time feedback, you are giving employees the opportunity to learn, grow, and lead. This type of coaching mentality is great for grooming new leaders within your organization.
- Employees today are looking to work for companies that have excellent communication. Real-time feedback is an open form of communication that most candidates are not only looking for but thrive on once hired.
It is time to accept the fact that real-time feedback is the wave of the future. If you have not embraced it, you must. If you have been using it, perfect it. It will help you build an incredible workforce!
Merito Group is a small women-owned business providing excellence in outsourced talent acquisition solutions including retained executive search, RPO, and consulting services. Looking to hire exceptional talent? Contact us by email or 703-734-6340. To view our current career opportunities click here.