Remote working has become the new normal since the beginning of the pandemic. Companies have not yet decided whether to move back to the familiar normal, stay in the new normal, or create a hybrid model. No matter how the workplace changes, there are a few features that have to be effectively executed to manage the employees’ performance and also get higher productivity. Digitization is the only key to ensure the continuity of business processes without any disruption. One of the features that must be executed to improve employee engagement is 360 degree feedback.
What is 360 Degree Feedback?
360 degree feedback is a mechanism where an employee receives feedback from employees who have worked with him or reported to him or led him. 360 degree feedback eliminates manager bias, halo effect, and primacy Bias as it does not depend on only one leader or a peer to assess an employee’s performance and behavior. The major components of 360 degree feedback include, but not limited to,
1. Peer feedback
2. Direct reports feedback
3. Manager feedback
4. Self-feedback
360 degree feedback system helps in identifying and nurturing future leaders, promoting collaboration, and creating an open and transparent culture. In this remote working age, 360 degree feedback method boosts engagement as employees learn about their performance.
How does 360 degree feedback boost Employee engagement?
Self-Awareness
Employees will learn about their strengths and weaknesses through 360 degree feedback framework. Everyone has blind spots and the worst is when he/she never realize and rectifies them. 360 degree feedback helps the workforce in learning the areas of improvement and also boosts their morale by letting them know their strengths. When the employees become self-aware, they become capable of evaluating themselves objectively and improve themselves to meet the expectations of their team and team members. When an employee sees growth in a company’s culture, they stay engaged and loyal to the company, giving higher productivity.
Tailored Development Plans
Leveraging a 360 degree feedback mechanism, peers, subordinates, and superiors comment on an employee’s performance and behaviors that are relevant to the role. This gives an opportunity for the employees to learn what they do well and what they lack. The employees can opt for the appropriate training and development programs in the company to upskill themselves and work on turning their weaknesses into strengths. When the company takes an interest in an employee’s personal and professional development, the employees feel satisfied, perform better, and help the company to innovate.
Collaboration
In this remote working era, there has been almost zero communication among team members or only some work-related conversations. 360 degree feedback ensures that the team members collaborate and communicate to deliver feedback and also discuss performance. The feedback can be given anonymously to depending upon the convenience of the reviewer. These feedback discussions build mutual trust and fellowship between the reviewer and receiver. The receiver also becomes accountable for his/her actions. When every member of the team works on his/her weaknesses, the team as a whole improves, and eventually, their productivity goes higher too.
The constant communication and collaboration among team members create an open and motivating work culture, which, in turn, keeps the workforce engaged and happy with the workplace.
Accuracy in Feedback Delivery
There is a saying, “Employees do not quit their jobs, but their bosses.” Employees, when they have put in extra effort, become greatly disappointed when they receive biased feedback. And so, they leave their jobs, and the employee retention rate of an organization increases. But, 360 degree feedback ensures that it eliminates manager bias and gets multiple opinions from various sources to get the actual performance report. This record helps in performing a fair appraisal process. Employees will be recognized for their work and also be helped in improving their skill sets. As a result, the employees stay engaged despite where they work from. According to a study, engaged employees are more likely to be productive consistently – which leads to increased profitability of the company.
Empowered Employees
According to research, only 46% of employees feel they have a voice. Whenever employees have concerns or problems with their managers, they have no way to communicate with their managers or top management. When their voices are not heard, they most likely leave the company. 360 degree feedback enables two-way communication where the employees can also provide feedback on their leaders’ skills and the way they lead the team or department. If appropriate action is taken on the words of the employees, they would feel that the company cares for them and cherishes them and work harder to take the company toward growth and success.
Strong Leaders Emerge
360 degree feedback is not only for the employees but also for people at higher ranks. They receive feedback from their peers as well as their teams. If the leaders focus on the feedback instead of the anonymous sender of the feedback, the bond between the team members and the managers will improve twofold. This approach will also help the leaders to hone their leadership skills and work on their weak areas. A team falls when its leader is unaware of his/her weakness. 360 degree feedback helps the leaders to identify where they go wrong and learn how to do things differently.
These positive sides, which 360 degree feedback method creates, boost Employee engagement, and reduce employee attrition rate.
