Feedback is a Two-Way Street, and is the Key to Employee Retention


 

Today’s businesses are learning that feedback loops between managers and employees is the secret to employee retention. Studies show that employees that are happy in their jobs result in better performance, positive work cultures, and higher company success in the marketplace. And the key to their engagement is a good feedback strategy that allows them to both receive performance reviews and provide their own ideas for the company.

 

Do Perks Work?

Screen Shot 2017-12-05 at 4.00.02 AM.pngPerks and rewards have their place in businesses, but they are not enough. It’s great to have a cool workspace, monetary bonuses, or free lunches. But those perks can be replicated in any workplace. Companies expect staff to appreciate these incentives, but they often miss that what employees value the most: that the company appreciate them, too.

What employees want is for their work to improve the business and drives progress forward. They want to know and feel that their contributions have value to the company through both task completion and decision-making participation.

 

Employee Feedback Loops Yield Greater Engagement

Communication has become the number one factor in higher employee engagement and success. The free flow of information and ideas creates incentive for employees to produce, achieve, and stay.

Annual or semi-annual performance reviews are falling by the wayside as a means of feedback between employees and management. They often leave employees in the dark on their performance for too long, and employers are clueless as to why productivity and morale might be down.

High-performing employees don’t want to wait for encouragement. They prefer to get on with the business of improving their work, furthering their goals, and helping the company succeed. But in order to do all that, they need to be heard and know that their input will be valued and utilized.

Feedback loops don’t operate for one or two hours of a year. They are part of an integrated communication process that works on a more frequent schedule to meet employer and employee expectations for teamwork.

Read more on how to identify and support the drivers that “get work done” today.

 

FeedBack Loops Enhance Communication

Feedback works in both directions: a loop from staff to management and vice-versa. Effective feedback loops share similar structures. Here are four key elements:

Listen and Learn

Establish a process for employees to speak about their ideas and concerns. Give it some structure, but leave room for flexibility.

Soliciting information isn’t about employees listing their accomplishments; it’s finding out what works in your business and what needs improvement.

Assess and Analyze

Listen to feedback with an open mind. Use the information you gain to notice similar issues among staff, problem areas you might have overlooked, or clarify existing issues that might be impeding performance.

Plan and Execute

Once you’ve identified an issue, develop an action plan to address it. Dealing with issues quickly and directly shows your employees you listen, care, and want successful outcomes.

Communicate and Share

Don’t leave your staff in the dark about your own ideas. Tell them your reactions and your plan to fix an issue. By keeping staff in the loop, they will feel that their original concerns have value and will be more engaged to help with the resolution.

 

New Call-to-actionA staff that knows their ideas and concerns will be heard and acted upon has a higher level of job satisfaction. Active communication produces a level of trust between management and staff that helps them focus on performance and creativity instead of frustration and isolation. When employees know they can be heard, their perception of the company as a great place to work will lead to lower turnover and enhanced performance.

From time-to-time we have guest bloggers post on our site to help us bring you the latest recruitment ideas and strategies. Please note that any specific product recommendations inferred within these guest posts are made by the author alone and do not constitute a product endorsement by Newton Talent.

Written by Rae Steinbach

Guest blogger Rae Steinbach is a graduate of Tufts University with a combined International Relations and Chinese degree. After spending time living and working abroad in China, she returned to NYC to pursue her career and continue curating quality content. Rae is passionate about travel, food, and writing, of course.