Key Benefits of Effective Feedback

Providing effective feedback to our team offers great benefits.   Many times we loose site of how impactful those benefits can be, however, when given at the right time in a respectful, positive and constructive manner feedback is the key to individual and organizational success.  Here are some of the benefits:

KeyToSuccess

  • Improves Performance

    Feedback provides a clear expectation of performance.  Learning what they do well increases a team member’s confidence. They are more likely to try more, stretch themselves and share their skills.  Becoming aware of those areas that need improvement helps them improve performance more quickly aligning it with business objectives.   An added benefit is an increase in the effectiveness of the manager giving the feedback.

  • Creates a Pipeline

    Regular feedback on job performance and new skills promotes professional and personal growth as well as increasing a team member’s potential for greater areas of responsibility.   In today’s environment, where high performing talent is a competitive advantage, growing your own is part of an effective business strategy.

  • Improves Retention

    Two of the benefits team members find most valuable are development and career advancement.  Effective feedback contributes to their development and potential advancement.  Team members stay longer where there is opportunity and an investment in their success.

  • Promotes Employee Loyalty

    Providing feedback in a timely and respectful manner with the intent of helping others improve and succeed, sends a very strong message of support to our team members.  That support fosters loyalty.

  • Decreases Costs

    Organizations devote significant investments in both time and money to finding great talent.  However, with everyone that joins a new organization there is a period of time learning the responsibilities of the job as well as how things are one within the new company.  Even the best of hires may have a misstep here or there.   Providing regular and timely feedback helps new and existing team members course correct thus avoiding additional investments in finding a replacement.

  • Increases Sales

    People like to do business with those they know and respect.  It takes time to build relationships with guests and clients.  Feedback is an investment in the success and longevity of your team members.  Their on-going relationships with guests and clients contribute to loyalty and increased sales for your organization.

Feedback drives performance of  the team member aligning it with the objectives of the business. When given effectively and in a positive manner it will yield great results.  Check out next week’s post for tips on making your feedback most effective!


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