The Power of Employee Feedback Surveys
Finding new employees is expensive and time-consuming; according to Zane Benefits, it can cost up to 9 months of an employee’s salary to replace them. Happy, challenged employees with a future are more likely to be productive and to stick around – and a 360 feedback review can help ensure your team is on the right track. Learning more about employee feedback surveys and how they can help boost employee engagement can help you improve your retention rates and your bottom line.
What is a 360 Feedback Review?
Different from a traditional performance review, a 360 review is designed to help develop an employee’s latent or dormant skills and to measure that employee’s development over time. A 360 review is more “big picture” and intensive than a performance review and when used properly, can help with employee retention, productivity, and performance. Regular employee feedback can help you get a handle on what is working at your facility or at a specific branch of your business and to learn what you can do to improve your employee engagement and performance, too.
Feedback from a variety of associates and supervisors is used to create a full picture of the skills and potential of the employee in question. Instead of just getting information and feedback from the direct supervisor, a 360 review takes peers and coworkers into consideration and creates an accurate assessment of who that employee is and how well they truly function in their role. The employee themselves can also contribute to the review, by sharing their own professional and personal goals and preferences.
How does a 360 Feedback Review Work?
An administrator, usually a survey specialist or consultant, will organize and conduct the review; using an impartial person for this role ensures accuracy and objective results. Once the review is set up, the administrator will identify 5-10 peers or associates to interview, along with the subject’s direct supervisor. The pool of interview subjects is determined based on the level, number, and relevance of the interactions they have with the selected employee.
The employee subject themselves will be included as well; notifying employees of both the way the review works and its potential benefits can help boost buy-in and participation in the process. Once the data is collected, the consultant can analyze it and come up with a strategy for employee development and improvement.
Benefits of 360 Feedback
Leadership and management abilities are not always easily measured; the ability to work on a team, be liked and respected by others and to contribute positively to the workplace culture can’t be assessed by a test or checklist either. A 360 review can help focus on these intangible items and give you a clear idea of the qualities a specific employee possesses and the best potential track for them inside your organization. Incorporating 360 employee feedback into your HR strategy can help you create the strongest possible team and ensure that you retain the employees you’ve worked so hard to develop.
You’ve worked hard to assemble a team of individuals to help your business grow and thrive. A 360 review can help each of your employees reach their full potential and help you retain the team you’ve worked so hard to train and build. If you are worried about employee engagement, want to boost your productivity or simply want to know how well your team is going, we can help. Contact us to learn more about the power of employee feedback surveys and for assistance putting the power of a 360 review to work for you.
Also published on Medium.