Importance of Feedback
Feedback and recognition are some of the most powerful (and cost efficient) tools to improve employee productivity and retention. Let's dive deeper into some of the reasons why.
1) Clarify expectations
Feedback can clarify expectations for employees. It's not always easy to communicate precisely what you want to communicate to other people. (Continuous) feedback is a great way to make sure that everyone is executing the right tasks to accomplish the right goals.
2) Develop skills
Feedback helps employees develop their skills and perform better. How else will employees learn what they are doing well and not doing well? A study by Harvard Business Review found that, while most people do not like giving corrective feedback, people generally want to receive corrective feedback.
"When asked what was most helpful in their career, fully 72% said they thought their performance would improve if their managers would provide corrective feedback." - Harvard Business Review
3) Motivate employees
Feedback and recognition act as strong motivators for employees. In fact, psychologists have identified a neural circuit that is activated by performance feedback. This part of the brain that responds to feedback is strongly associated with motivation and reward! In fact, 69% of employees say they would work harder if they felt their efforts were better recognized.
4) Build relationships
Engaging in open dialogues with colleagues, recognizing efforts after a job well done, and helping them meet goals create meaningful relationships. Fostering these types of relationships among employees is a huge driver of retention.
Still not convinced? Well, ask your employees! Research shows that 65% of employees want more feedback. They want feedback. They want to grow. They want to know that you care.