Providing employees with feedback isn’t enough anymore, you need to be receiving employee feedback to fully understand your business’ needs.
As a business you should be taking this approach. You shouldn’t just be handing out feedback regularly without taking on advice yourself. Otherwise you’re only providing a one channel level of communication.
This can lead to employees feeling devalued, meaning lower productivity, low employee wellbeing and employee turnover.
So we’ve listed five of the main benefits of receiving employee feedback to how important it is to listen to your people…
Increased performance as a business
According to Gallup, managers who received strong feedback showed 8.9% greater profitability post-intervention compared to those who received no feedback.
This suggests both profit and performance can benefit from feedback, but only if ACTED upon. Who doesn’t want increased benefits such as these as a business?
Employee feedback promotes discussion and openness
Employees may not always feel comfortable or be forthcoming in providing their thoughts and feelings. By having regular employee feedback opportunities creates the promotion of discussion and openness amongst the business.
And how does this help you?
Well, it allows you to understand your employees, their needs, and any improvements that need to be made. This means you can become better as a business for them and ensure they feel valued.
Improves employee retention
As we’ve just mentioned, asking for feedback shows you value them as employees because you’re listening to and taking on board their ideas and opinions.
With this benefit brings an even bigger benefit for you as a company and that is, higher employee retention!
Monster found that the UK average employee turnover rate is approximately 15% a year, so if you’re finding yours is higher then talk to your employees and find out their thoughts.
As a business, you can sometimes overlook or miss an idea that could help solve an issue you’re facing or move your business forward.
Gaining feedback from your employees fills those missing gaps, helping to create new ideas and provide innovative ways to operate within your business.
You can use this feedback to create solutions to problems you weren’t previously aware of and improve efficiency across your business.
Employee feedback allows for better awareness
Do you believe you know what people are feeling across the business? All sectors?
It’s near impossible to know how everyone is feeling and their opinions as a company. Even for managers on the floor it’s not easy to know.
Gaining employee feedback allows you to have better awareness of what is going on at every level of the business and the more knowledge, the better.
Read our last blog on encouraging employee development.