Employee engagement is critical for retention, satisfaction, and increased productivity. Many employers and managers are leveraging 360-degree feedback to improve and manage performance.
360-degree feedback tools like Wellbee are popular in organizations due to their ease of integration into operations and their cost-effectiveness. 360-degree feedback supports development through the collection of feedback from multiple sources. Due to the collection of feedback and perspectives from a wide range of sources, it is also referred to as multi-rater assessment or feedback.
The feedback comes from various respondents ranging from peers, subordinates, managers, supervisors, human resources, and clients.
Here is what embracing 360-degree feedback means for your organization.
Overall empowerment
360-degree feedback empowers both leaders and employees in an organization as it allows their voices to be heard. When your workforce feels that their opinions are not valued, and voices are not heard, they feel demotivated, disempowered, and eventually disengaged.
360-degree feedback makes employees feel empowered and that they have a voice, and that they matter to the organization. It is a great tool to increase employee engagement, morale, and motivation.
Increased accountability
Accountability is witnessed in an organization when employees are responsible enough to do what they are expected. Accountability within a team increases trust and makes the team comfortable around each other.
Whether it is meeting deadlines, supporting tasks, or fulfilling job roles, accountability makes it easy for the team to approach each other for support.
One of the key benefits of 360-degree feedback is that it improves accountability within a team. How does the tool do it? The feedback approach makes the team aware of the company’s goals and objectives and aware of their weaknesses and strengths. This clarity makes them more responsible and accountable for their performance.
The multi-rater assessment system makes employees aware of each other more, further promoting accountability.
Employee retention
There are several causes of employee turnover in an organization. It could be stress resulting from poor performance, disempowerment due to the lack of opportunity to voice their opinions, and conflict.
360-degree feedback allows the team to speak and feel valued by the organization. It also gives raters and the managers deeper insights into the existing team behavior and behaviors the organization can adopt to drive success.
Collectively, the outcome creates a thriving culture in the organization that motivates both employers and employees to stay.
Continuous improvement
Continuous employee improvement equals the improvement of the organization as a whole. 360-degree feedback is designed to give useful insights that can inform individual and organizational improvement. Change and continuous improvement is key to the growth of your organization.
Take Away
360-degree feedback is beneficial for both large corporates and small businesses. Businesses that adopt the tool enjoy increased self-awareness among employees, which allows them to tap into their strengths and continuously improve on their weaknesses.
It helps organizations identify training and improvement gaps, increase transparency, and enhance productivity. 360-degree feedback can be instrumental for your succession planning, performance appraisals, and employee development.
