Giving Feedback is Worth It! 6 Reasons Why Giving Feedback is a Win-Win Situation
This is one of the most powerful tools we have available literally at hand. Why giving feedback is so important today?
About it in the post below!
Today – improving business, you use advanced CRMs, hire new employees, create processes in the company, carry out an extremely selective recruitment process and so on. In this way, instead of solving problems, unknowingly you still have a lot of reserves to improve. Giving feedback is a key that can open many doors.
Don’t your employees require adequate training? Maybe their effectiveness is still drifting down, but you are too busy with other things? This is a simple example of the lack of feedback from employees or bystanders. Opportunities to improve business building efficiency are EVERYWHERE. You do not necessarily need to look for new solutions, improve what you have!
Giving Feedback – the cheapest form of business improvement
The cost of using this powerful tool is zero. After all a win-win situation for both parties. The self-awareness of employees or bosses often depends on the opinions of others. How do your employees know if they do their job well if they don’t get feedback? It’s free, do it – give feedback!
Reason 1 – Feedback is a kind of benchmark or freeze frame
How can your employees know if you as a company are going in the right direction if they can’t hear it from you? Every employee needs a freeze-frame, needs to stop and look at his work from a different perspective.
It is said that routine is the enemy of originality – that’s literally true. A comparison of previous activities is a great motivator for an employee. It is worth applying to it! Often, a gentle correction of your actions can increase employee efficiency by a considerable percentage!
Reason 2 – Give feedback and become a better leader today!
A leader who can appreciate an employee, assess his work objectively is very valuable. Often, employees perform work repeatedly and for a short period of time. You can remember about your employees in various ways, but support in the form of feedback is something very useful.
What about employees who have been doing their job repetitively for a long time?
These employees also need feedback! By giving feedback you show your people that you care for them, support their work and appreciate that they simply are. In a study made by Harvard Business Review, it turned out that 72% of employees said their work would be more effective if they received regular feedback from their managers.
Reason 3 – Do you know what’s going on in your company?
It is easy to assume that since you are in the company, you are perfectly aware of the quality of work of employees. It doesn’t quite work that way.
To be even more focused on people’s work and business development, you need to be up to date. Know the employees’ difficulties and appreciate their contributions. A simple, although short conversation about projects, difficulties or possible development can give you a new perspective.
By providing simple feedback and creating a benchmark for the employee, you can go deeper into the company structure and understand the needs of your people.
Reason 4 – You will teach your employees how to receive and give feedback correctly
Feedback is not advice based on the principle of “good work”, nor is it a focus on bad work. It is a tool whose process should be used regularly. Getting feedback is not that easy. Listening to and summarizing employee work is pleasant if the work is done properly.
However, implementing patches is no longer easy. Nobody wants general advice, everyone wants advice that will be able to be implemented immediately. That is why it is so important to look at each employee as a separate case.
Similarly to giving feedback. It’s not just patting on the back and saying that everything is alright. It is a process that has the task of reviewing the employee’s current achievements, highlighting his value and trying to improve his work.
Reason 5 – An employee with a sense of mission is a valuable employee
Creating a workplace where your employees will feel that their work makes sense. That all of you as a company are going in one direction is very important. It’s hard for a sense of mission in repetition, everyday life, which is often quite obvious. This problem is solved by feedbacks.
“We all need people who will give us feedback.
That’s how we improve.” – Bill Gates
It doesn’t matter if it’s a senior manager, new employee, trainee or co-owner. Conversation on fair terms is always a strong stimulus for development. Always such a conversation strengthens the sense of mission, during many months of repetitive work it is easy to lose a bigger picture from your head. You don’t want it.
Reason 6 – The ROI of giving feedback
- Unhappy Workers Cost the U.S. Up to $550 Billion a Year
According to a Gallup poll, actively disengaged employees cause U.S. companies between $450 – $550 billion in lost productivity per year. Did you know that 52% of US workers are present, but not inspired or engaged at work? Also, only 30% of US workers are engaged and inspired at work.
These statistics quite clearly point out a huge problem. This case causes losses of cash, in addition – you’re aware that a large part of your employees can be unmotivated.
Is feedback worth giving?
Yes, but not every form of feedback is feedback. It is worth considering this process carefully. This is not giving advice or reprimanding. Good feedback can improve the quality of work, solve a lot of problems or even motivate employees.
Remember that organizations with a high level of engagement report 22 % higher productivity – that’s a lot!
If you think that we should raise this topic further, please let us know and contact us!