Seven Benefits of 360 Degree Feedback
Many HR professionals believe that the 360 degree feedback is concerned with performance assessments. There are others who have believe that the purpose of 360 degree feedback development and the ultimate goal of this development is to encourage each employee to grow to their full potential within the organization.
The 360 degree feedback process is capable of so much more than just evaluating employee effectiveness. It is a strategic company tool you can utilize for employee development and organizational growth. Below we will look at some of the many benefits of 360 degree feedback.
1. Areas to Improve
By conducting a 360 degree feedback survey each employee’s specific needs for improvement can be identified. The report obtained from the survey is simply not to focus on the weaknesses of employees, but to point out their areas for improvement. Those improvement areas then become the basis for an actionable development plan for the employee.
360 degree feedback serves its purpose when done as a process, not just a one off event. In this way, the feedback can be captured at different points in time to identify progress on the already set targets of improvement as well as identify further areas of development. Establishing the evaluation over time also informs the employees that the process is focusing on their growth and development. To share the feedback, line manager and the focus [employees] should meet and discuss feedback to refine short and long-term personalized plans for development.
This is the stage where your employee development comes to life. With clear goals set in the development plan specific training needs should be addressed for each employees. Support at organizational level is crucial because your company needs to encourage a training culture and back it with the necessary resources. Some common forms of employee training are coaching, mentoring, workshops, conferences, seminars, classes, etc.
4. Feedback Culture
By changing perspective from performance assessment to development, each employee in the organization gets a positive message from the process. Thus this process creates a positive feedback culture within the organization. The way the process is implemented, and how the results are utilized, can also create a stronger sense of trust within your organization. Confidentiality, the use of multi-raters, and the focus on individual growth all further establish a culture of trust, fairness and accountability.
5. Organizational Growth
The use of 360 degree feedback for organizational growth is a huge advantage. Through the evaluation process and subsequent training, you can identify and encourage potential leaders and talent within your organization. This could result in employees moving to higher positions, acquiring new strategic skills, or being crossed-trained in other key areas. All of these benefits ultimately give your company a competitive advantage.
6. Team Effectiveness
Not only does using 360 feedback for development promote individual growth it also improves team effectiveness. Through the evaluation process, groups can be assessed for their weaknesses and strengths. The feedback obtained allows the team to focus on achieving team goals and on developing team-building and effectiveness skills.
7. Boosts Retention
When you use 360 degree feedback effectively it can reduce employee turnover and increase retention. Having a strong focus on employee development shows a company’s commitment to their employees. Employees appreciate the training and development opportunities, which can lead to increased motivation, productivity and career satisfaction.