Why is feedback important in business? A robust feedback culture helps everyone to develop their soft skills, to perform better, and ultimately allows the organisation to be more effective.
Feedback culture is also a vital part of any healthy workplace and is an essential building block for strong working relationships.
Although the importance of feedback is becoming more and more recognised in the business world, it is still all too often overlooked. On top of that, many organisations and executives can struggle to implement it effectively.
Let’s take a closer look at why feedback is important in business, as well as some advice for developing a strong feedback culture
Why is feedback important in business?
Feedback is an essential element in any workplace. Effective feedback at all levels of the organisation is critical for the success of any business.
More and more businesses are realising this and have begun implementing 360-degree feedback — that is, giving and receiving feedback between all employees, supervisors, and subordinates, as well as performing self-evaluations.
“Feedback is an essential element in any workplace.”
Furthermore, they’re not only using feedback as part of formal evaluations, but rather integrating a comprehensive feedback culture into their company culture.
A positive feedback culture can be extremely beneficial to businesses when implemented in the right way. It can increase employee engagement, performance, and create a positive atmosphere in the workplace, in turn leading to greater productivity, better results, and helping the business to achieve its objectives.
The essence of positive feedback culture
Feedback on its own is not enough. Feedback can mean many things and this term can be interpreted in many ways, including those that can be damaging if not delivered well. Feedback that is unconstructive or delivered poorly will not be taken on board and can adversely affect team members’ emotional wellbeing and performance.
Furthermore, feedback must be implemented in a comprehensive way. Feedback shouldn’t just be something that happens every six months during a formal evaluation. Rather, it should be an integral part of how a company does business.
“Feedback on its own is not enough.”
For these reasons, companies are increasingly adhering to 360-degree feedback at all levels, including self-evaluation and peer evaluation in employee performance for a more comprehensive approach to feedback.
Learning how to give and receive quality feedback is essential. Doing so is not always easy, so this is a skill that needs to be developed for executives, employees, and business leaders. A good quality feedback culture allows everyone to make progress, and can create a healthier, more open and productive environment.
“Learning how to give and receive quality feedback is essential.”
Tips for creating a positive feedback culture
Developing the right kind of feedback culture takes a dedicated effort. This involves a driven approach that has the buy-in of people at all levels of the organisation. Steps that executives can take to cultivate a positive feedback culture include:
1.Create a feedback-positive environment.
This means establishing a safe space where employees feel comfortable to both give feedback and ask for feedback.
2.Teach team members how to give quality feedback.
This means framing feedback in a way that is constructive rather than destructive. Model positive feedback approaches and reinforce when team members do this well.
3.Encourage continuous feedback across ranks and peers.
Feedback is not only for formal evaluations, nor is it only something that managers can give to subordinates. Encourage all team members to give feedback to their colleagues and managers (in a constructive way, of course).
4.Consider and offer a variety of feedback channels…
…so that people can find one they’re most comfortable with. This could include face to face, in writing using a feedback tool, and informal as well as formal methods.
5.Make sure to follow up on the feedback you receive,…
…as well as the feedback that you give. This follow-up shows you are dependable and helps create trust.
6.Develop your executive feedback skills.
Giving feedback is an essential skill for all executives that is all too often overlooked. EDHEC’s online courses help you to develop these skills through our:
- Focus on coaching and mentoring that helps you to develop your interpersonal skills, including the ability to give and receive feedback
- Human-focused approach that encourages the development of soft skills
- Small, diverse groups with students all over the world create a great environment to practice new interpersonal skills
How to develop your feedback skills
A positive feedback culture is vital in any workplace. Furthermore, all business leaders and executives need to develop a specific set of skills to give and receive feedback effectively. This is a vital interpersonal skill that will make you a better manager, encourage your team to perform better, and deliver stronger results for your organisation.
Take a look at our online programs to learn more about giving constructive feedback to get the most from your team.