24 Feb The Importance of Employee Feedback for Your Business
Feedback doesn’t have to be a dirty or scary word. It’s of the utmost importance that employers, managers, and team leaders know what’s going on with their subordinates.
It’s crucial for productivity, morale, and retention.
But why? Isn’t feedback just another word for complaining?
That might be the way it was in the past — think of those old suggestion boxes that went overlooked and ignored — but we’re wiser now, more considerate and more interested in hearing from our workers.
Here’s how employee feedback can help your business:
Make better decisions
A recent study found that 65% of employees felt their company was falling behind on something important, holding the entire operation back as a result. This could be outdated technology, ineffective practices, inefficient procedures or something else small and fixable. Asking your employees for their thoughts on the workplace can shine a light on these issues before they become major problems.
Better retention rates
Unhappy workers, those who feel overlooked, overworked, under-appreciated, etc., will look elsewhere, taking their talent and skills with them, leaving you with a staffing shortage and a productivity gap. Even the simple act of offering employees an opportunity to share their thoughts and concerns can cause a sigh of relief, especially if it’s done through an anonymous survey format. Using those concerns as a starting point to make changes and improvements could help retain some of those employees, which also saves money in the long run.
Find the problems
Managers and people in leadership positions might not be aware of problems further down the ladder. Whether that’s something nuanced, like personality conflicts, or something concrete, like regulatory or legal compliance, these are issues that could create larger problems if not addressed. Asking employees how things are going can bring these to the forefront to be addressed.
Better leadership skills
If employees are asked for their thoughts and then those concerns are addressed, it will not only solve problems, it’ll give managers and leaders a better look. Employees respond better to someone they feel understands, respects and cares about them and their working environment.
Feedback doesn’t have to be something feared or stress-inducing. It really can help provide invaluable information that can catch little things before they grow into larger issues. This can save your company a lot of money, frustration, lost productivity and hassle in the long run. And remember, it comes from a well-meaning place!