The Significance of Feedback in the Corporate World

In today's workplaces, you'll find people from different age groups, each with their own values, expectations, and experiences. Swara Parab, who has a lot of experience in HR, explores why feedback is crucial in the corporate world.

The concept of feedback

Feedback is key to making any group better. It tells people how they're doing, shows what they're good at, points out where they can get better, and helps them reach their goals.

Getting feedback, whether it's from one person or from a work perspective, is important. It helps you get better at what you do and learn new things.

Feedback has two main parts: getting it and doing something about it.

Making sure that feedback leads to real improvements is super important. From a big-picture view, we can use surveys to get feedback.

We will have to make sure to share this feedback widely across the company in different ways, like talking to team leaders each month, creating detailed reports, and making plans to get even better.

In a study from 2013 that Forbes talked about, they found that leaders who gave truthful feedback were seen as five times more effective compared to those who didn't.

How to give feedback effectively?

Lots of people feel uneasy about giving feedback, and it's normal. In a survey, 44% of managers said giving negative feedback stresses them out, and 21% even admitted to avoiding it.

But not giving feedback means missing chances to learn and help your colleagues grow. It's a valuable opportunity for everyone involved.

If you feel nervous or not sure how to begin, here's an easy way to give feedback that works well.

• Instead of talking about people, talk about what they do.

Sometimes, giving feedback can be hard because it feels like you're criticizing someone personally. You don't want to make anyone feel bad. However, avoiding helpful feedback can make things worse. It also doesn't give your team the credit they deserve.

Constructive feedback is about the work, not the person. It's important not to make things personal. For example, if someone misses a deadline, it doesn't mean they're lazy. Everyone can improve, and it's about making the work better, not pointing fingers at individuals.

• Give solutions when you share feedback.

Share specific ideas for fixing things or making them better. Show how these ideas worked for you. Your feedback is more than just pointing out a problem – it's about suggesting ways to make things better.

• Be straightforward.

When you're giving helpful feedback, it's best to do it in person, not through emails, texts, chats, or messages on Slack. Showing respect means talking to your team members face-to-face.

Why is it vital to have a healthy feedback culture?

• To make things clear

Starting a feedback routine in the first 30-60-90 days at work helps everyone understand their jobs.

New team members will feel more part of the group when they know what the company expects. This way, they can tweak their work to match the goals.

• Reduce staff turnover

Having a feedback culture can stop your organization from losing money.

Replacing an employee costs about 20% of their monthly salary. Teaching your workers about their mistakes can make them better at their jobs and help them grow their skills.

• Boost a positive attitude for growth

Workers who get feedback often are 4.6 times more likely to do their best to reach goals and complete tasks. Also, companies with happy workers are 22% more profitable and less likely to face losses from letting people go and hiring new ones.

Ways to create a feedback culture

Providing feedback isn't simple. Encouraging a culture of learning and evaluation means more than just pointing out what your employees are good at or where they can get better.

Here are the 3 most prominent ways to make feedback work well for your organization.

• Lead by example

Only about 14.5% of managers are good at giving helpful feedback. The others are either too indirect and gentle or too direct and firm.

Finding the right balance can be tricky, especially if you haven't done it before or had training.

• Be open

Telling your employees they can come to you for help builds trust and makes communication better. By listening to their issues, questions, or ideas, you might find problems you didn't know about through the regular channels.

But, even though an open-door policy is good, it's important to set some ground rules.

• Establish a regular schedule

Turn feedback into a routine process. Don't wait until the end of the year because people might forget everything and continue as usual.

For specific tasks, having one-on-one talks is a great approach. Take some time to talk about challenges and come up with solutions together.

Tips for giving and receiving feedback

Giving feedback

• Work on solutions together

Wrap up the talk by figuring out practical ways the person can get better. Instead of telling them exactly what to do, suggest different options. If you can, talk about real examples of how those ideas worked before.

• Stay in touch:

Plan for another meeting. Pick a date that works for both of you. In these follow-up meetings, look at how much progress you've made since the last talk. Set goals that are specific, measurable, achievable, relevant, and time-bound (SMART) before each meeting.

• Skip the sandwich method

Start the conversation on a positive note. Compliment the person on something they've achieved recently.

Receiving feedback

• Look back

Take up to five minutes to go over the discussion and make sure both sides understand. If there's something you forgot, bring it up now. Also, ask yourself: What did I learn from this? Are the suggestions doable or not?

• Ask others

If needed, check with someone else to get feedback on the same thing. Remember, one person's view is just one among many. Then, you can start figuring out how to adjust your actions based on different opinions.

• Listen without interrupting

Let the person finish talking before you say anything. Even if the feedback seems off, stay patient. Write down notes as you listen and talk about any details that might be missing.

Looking Ahead

Sharing feedback can feel awkward, kind of like having a serious conversation with teenagers. But if you avoid discussing what's good and what needs work, you're missing a chance to make small but important improvements for your team.