Many high-performing companies, especially in the startup and tech sectors, are happily dropping the traditional performance review.
Instead, they favour giving and requesting feedback when it can have the most impact on performance — both at the individual and business level.
“If you want feedback to be constructive, give it close in time to the relevant action.” (If you have children or a dog, you have no doubt already discovered this!)
As external markets, including the labour market, change rapidly, the one sustainable competitive advantage a business can rely on is its staff.
To unlock value, employers need to engage their employees. We are fortunate today to have employees who are more educated, more mobile and who expect to apply their skills. They want to be involved, recognised and developed at work.
Implementing timely feedback builds engagement, grows skills and enhances productivity, which leads to better overall business performance.
Even if your business is not a fast-growing startup, in some instances you’d probably like to raise certain issues or topics well before the next round of performance reviews or staff surveys.
In situations, a timely feedback approach could pick up early signs so you can take appropriate action. At the same time, the organisation is showing employees that someone is listening. Both outcomes allow your business to become more agile and productive while engaging employees.
In the past five years, a completely new category of apps and online programs has emerged for this purpose.
If you already use a software package for performance appraisals or staff engagement surveys, it’s possible your provider also has a simplified feedback tool in their catalogue.
With more options coming onto the market all the time, you can find one that precisely suits your needs – if you know what you’re after. A few points to consider are:
Time spent with your staff setting ground rules and training at all levels will make your feedback system much more meaningful and productive.
To feel confident using the new feedback process, every user must be clear about the expected feedback standards. They also need to believe someone will appreciate their opinions and ideas and take action based on them. With the most advanced — or most simple — feedback process, covering the basics first is the key to uncovering better performance through timely feedback.
Now’s a good time to consider what you could gain through timely feedback. Would you want to risk losing people because they feel their input is rarely required and mostly ignored, but will be valued by one of your competitors? Alternatively, would you prefer to tap into the knowledge, skills, experience and creativity of your staff through timely feedback?
The choice is yours.
This article was originally published on MYOB’s blog, The Pulse. For more business news and tips, visit www.myob.com/blog.
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