Annual performance reviews are as familiar to us as our annual dental appointments. Both are needed, lightly dreaded, and often times both are seen as necessary evils. Enter 'Real-Time Feedback' , an effective and efficient replacement for annual employee performance reviews (yes, your dental appointment still stands).
Real-Time feedback allows employers (and team members) to provide honest and meaningful commentary as work is completed. This allows the employee to experience immediate gratification or an opportunity to change any behavior that is not in the best interest of the organization quickly so everything can continue to evolve at the speed of business. Research has found that the receivers of this feedback are often more engaged than the average employee and the employers offering the feedback are also more engaged.
Many companies currently utilizing real-time feedback within their departments say they experience many benefits such as an increase in employee engagement and motivation, an increase in the quality and accuracy of performance data, and a cultural shift within their organization.
The Power of Real-Time Feedback to Enhance Employee Performance
Peer recognition is a morale booster which has quite a significant impact on the motivation of the team, especially those that are remote. Employees also show an increase in engagement and productivity when their team members and supervisors are able to give real-time feedback. Another one of the benefits is the ability of the employee to make more informed decisions and respond more quickly to the needs of the team and organization. There are tools now that can be integrated into the workflow that allows employers to click a button and provide simple feedback. Also, employees can use emotion monitoring devices to provide feedback on their emotional state. Some feedback tools are also anonymous so people feel more comfortably sharing honestly.
One of the main reasons companies are making the switch to real-time performance reviews is that annual reviews discuss work and behaviors that have already passed. At this point it can be difficult for the employee to respond to the issues presented and it creates a gap between past behaviors and current performance. Regular, more frequent conversations allows for the team to make changes and adjustments to more quickly implement the changes needed for the future of your business. The data, knowledge and understanding gained from these conversations are typically more useful for both the employee and employer.
Real-Time feedback can assist in building a culture of trust, which directly impacts productivity. Since there is a more consistent flow of meaningful commentary between team members and employers and employees, naturally a culture of trust begins to form. Research has shown that high-trust organizations report higher revenue, happier employees, and greater efficiency.
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