For the past few years we have seeing an unprecedented acceleration of technology and its disruptive force within the world of everyday business operations.
The tsunami wave of smartphones, social media networks, and digital technologies in general have radically transformed a great number of things.
In addition, old legacy systems and traditional corporate models for the many different industries have started to rethink how to implement their branding and business efforts best to stay relevant for the global economy.
As the different sectors harness all of these rapidly changing processes, slowly but surely the implementation of the 360-feedback tool is gaining traction.
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The 360-degree feedback is also known as a multi-rater, multi-source feedback or a multi-source assessment from a members of an employee´s immediate work circle surrounding, according to Wikipedia.
The first applications of this measurement system can be dated back to when German military gathered information from multiple sources to effectively evaluate performance during World War II.
In a detailed survey conducted by human resources (HR) consultancy and technology provider, ETS plc, from a sample of 50 senior HR professionals from companies like Philips, Tesco, Lloyds Bank and Sainsbury´s reported finding diverse uses of 360 as a business tool and a gradual integration of the feedback process into the infrastructure of the entity.
The development tool has evolved in its usage since it is no longer reserved for senior leaders of an organization, according to the report.
So what is 360-degree feedback being used for recently? As it turns out, the following are the reasons for utilizing it:
- For personal development (85 percent)
- As part of a talent program (50 percent)
- To support appraisal (26 percent)
- To help embed a cultural value (26 percent)
- To support organizational or cultural change (17 percent)
All of the previously mentioned areas of development using the 360-feedback tool naturally are the result of emerging business priorities.
At the center of 360 is developing employees to nurture their talent and growth toward greater performance.
Rather than waiting around for an annual review on the evolution of all members of the organization, take a more proactive approach.
After all the 360-degree appraisal processes are meant to assess the information in a multi-source approach and provide wide scope of where the person is and where they will need to go in the long haul.
Improving Productivity and Retention of Employees
When it comes to having those weekly or daily meetings it is important to invest in your talented staff.
You want them to continue to deliver great and productive results so be mindful of several things or in this case top secrets to boost their performance.
Why? Because you want to reduce turnover and make them feel that they are part of more than just a job.
According to a Business News Daily here are the following secrets for retaining employees:
- Be transparent.
- Make work and life balance a priority.
- Create a career pathway.
- Offer more than just basic benefits.
- Make employees part of the big picture.
- Ask employees for their input.
When employees are greatly recognized and appreciated for their efforts, this makes them feel like part of the group.
In other words, they feel like part of a family. What this does in turn is really stimulate their performance and motivation, which comes to yield great results.
If the above tips are not enough perhaps the following visual graphic can explain it in one thousand words:
Once the institution, the organization or the entity is established around a working business model the staff or group of employees must be looked after.
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They are after all the backbone to the entire venture. So things to consider when keeping staff happy consider these: employee satisfaction survey, productive atmosphere, holding regular reviews, and keep them satisfied.
One of the most effective ways to accommodate and to acknowledge people within an organization is to value their input and feedback.
This means utilizing the 360 survey to engage them and gather their perceptions. If possible make sure the work spaces are welcoming and not just some traditional office space.
When it’s possible have the office space next to windows and include live green plants. These are just a few enhancements that make people much more comfortable and motivated in their environment.
Reviews are a fantastic way to monitor staff progress and allow you to get familiarized with the team.
One practice that gets a very bad rep is pointing out tiny mistakes versus overlooking major projects completed.
Praise the staff`s overall work and try not to jump the gun with pointing out the small stuff. Stick to positive feedback with discretion.
Salary raises help but ultimately do not determine the longevity or stay of an employee within a company.
Perks like complementary theatre, concert or sporting event tickets help break from the routines of everyday work. You will come to see a very vibrant and engaging atmosphere when these are offered from time to time.
What are some reasons staff like to remain within an institution? It really boils down to enjoying the work they do, feeling connected to the organization and feeling like they are constantly making a difference.
Pitfalls of 360 Feedback and Redesigning the Organizational Structure
There are some downfalls to using the 360 feedback. When it is used anonymously or in a transparent manner it invites all sorts of benefits and at times conflicts.
Frictions between staff occur frequently during employee promotions, salary raises and other instances. Try to implement a culture of trust and team spirit to eliminate harsh or even very competitive dynamics.
So what kind of responses come from 360? A New York Times report confirms these reviews can be cruel, not constructive and extreme in criticism.
So the way to approach this is to seek directly the feedback from the source in the event of a problem.
This is no easy task or a piece of cake when having to filter through negative feedback.
If there is any indication of just how times in today`s business world has shifted a comprehensive research report by Bersin found that 92 percent of businesses and HR leaders from 130 countries needed a redesign in their organization.
This translates to embracing the disruptive digital technology and understanding how they can be redirected to reinvent the workplace and better execute your business plan.
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Takeaways and Conclusions
The 360-degree feedback should be used for assessment and to gather the data for analytics. All of the info provided will not just enhance the organization`s effectiveness on the business end, but also create an environment of greater cooperation and collaboration.
As technologies continue to flood all the different industries, those companies who can transition and adjust either products or services will be set up to succeed.
The dynamics of a business have changed inside as well as outside of the office.
Look for innovative ways to accommodate your staff and align your business strategy to be flexible so there are no surprises when trying to drum up business opportunities.