Provide feedback: Continuous, constructive, in-the-moment feedback.
Easier said than done, right?
Not necessarily. Think about all the ways you get continuous feedback in today’s digital world. Your health & fitness tracker. Your sleep tracker. Text messages that are pushed to you to remind you of an upcoming appointment. Email notifications of a bill that is due, or an appointment you need to schedule.
We are surrounded today by continuous feedback. And we know that employees are eager for it.
According to a Gallup study, companies providing regular employee feedback have turnover rates that are 14.9 percent lower than for employees who receive no feedback. Furthermore, a study published in Harvard Business Review indicates that employees prefer corrective feedback (57 percent) to praise/recognition (43 percent). And the kicker? A PWC study indicates that a whopping 72 percent of employees under the age of 30 want feedback daily or weekly.
The bottom line? Employees want regular feedback, they believe constructive criticism is essential to their career development, and they want to hear it from their leaders.
It’s easier than ever before to make the move from the stale process of annual performance reviews. The technology exists, it’s efficient and it’s affordable. Take LUMEN, a talent development app that allows employees to select raters who give them observations within the tool following a meeting or interaction. The tool is built off a development plan tailored for each user, and feedback is provided in a safe environment based on goals entered into the app. This process is proven to enhance employee development, growth, retention and engagement by providing real-time feedback.
Regardless of which tool you use, take the time today to invest in a technology that will provide your team with real-time feedback. It’s the one investment that will take your team to the next level.
For more information about LUMEN visit the LUMEN Resource Center at https://help.lumentalent.com. (photo credit: Geber86)