Benefits of continuous feedback based Performance Management
In today’s modern world, we all seek feedback and validation from the external world. In our personal lives, we give importance to likes, comments and shares we receive socially. So isn’t it important on our professional front too? Positive social comments motivate us and help in building a confident personality, likewise, regular feedback and reviews can help in evaluating an employee’s work and let him grow professionally.
Nowadays, the corporate world is moving at a fast pace and everyone wants to climb the ladder as fast as possible. For this purpose, the employees seek regular feedback about their work along with career advice. This prevents their careers from being stagnant.
Benefits of a Continuous Feedback System:
# 1 On-going feedback give employees a clear picture of where they stand and points out their areas of improvements for further developments. This works for the benefit of both the employee and the organizational goals.
#2 Yearly feedback often lacks considering all the highlights of an employee’s performance and hence stand a chance of a vague evaluation. This calls for timely feedback which is given immediately after a situation so that employees learn their strengths and weaknesses as per different situations.
#3 Feedback can help employees fast track their careers by identifying the right fit for them by their managers. This can help in focusing on the right and most suitable career paths for an employee. This also let employees locate future opportunities and work towards them enthusiastically.
#4 Not only employees are benefited through this system, but managers also get to have a richer picture of an employee’s performance. He/she can evaluate them timely and assign them suitable jobs according to their competencies. This also helps in having more fruitful conversations when discussing work and designing future projects.
#5 Personal growth and business growth are entwined in an organization unless you are a copy machine. One without the other is unsustainable. Continuous Feedback reinforces both performance and self-development. Adobe is one of the early adopter of continuous feedback-based performance management process. It helped their employees have meaningful conversations on work and career goals through check-ins.
#6 Feedback should be multi-directional and include peer-to-peer feedback and upward feedback for holistic adaptation of feedback culture within the organization. It makes more sense to train and make your entire workforce ready to give and receive feedback in a constructive way. Only if you train your people on feedback, you can systematically and successfully integrate it into their culture and reap benefits. A Bersin research on continuous feedback concludes that peer-to-peer feedback has a strong positive impact on collaboration.
Above benefits points to the need for continuous feedback and demands to be implemented in organisations lacking in effective performance management. It is evident that such a practice not only helps in raising employee morale but also align their personal goals to that of the organisation’s.