We’ve all heard the numbers around what an engaged employee means for your profits or how detrimental an actively disengaged employee will be to your entire team. However, here are seven things we think you should know about what motivates employees to succeed and how you can incorporate them into your feedback approach.
98% of employees will fail to be engaged when managers give little or no feedback.
That’s right, chances are if you aren’t finding a way to give employees feedback, whether monthly, quarterly or annually, employee engagement will suffer. Whether it’s kudos, constructive feedback or simply advice, an open dialogue is crucial. Even the most aware and involved employees can stand to hear validation or corrective direction.
Companies with regular employee feedback have 14.9% lower turnover rates.
Giving feedback to employees demonstrates you want them involved in the business and makes them feel included in the organization. Employees who are clued into what is going on are more content and happier at work. While happiness doesn’t equate to engagement, it does improve morale and dedication so that in times of turmoil, employees and leaders feel more secure and confident in their ability to move through the trouble.
Take a look at these 10 Performance Review Tips Every New Manager Should Know.
43% of highly engaged employees receive feedback at least once a week.
Only 18% of employees with low engagement receive regular feedback. Remember, feedback does not mean official performance reviews. It means, being acutely aware of what is happening on the floor of your company and having the ability and drive to actually make mention of the observations.
65% of employees want more feedback.
Many managers struggle with reviews and worry about how to have tough conversations, but workers do not want their leaders to avoid tough subjects. Think of it this way, would you want to know of a bad habit you formed before it caused a huge issue or after the fact? Just remember that feedback isn’t and shouldn’t always be corrective. If you notice a particularly productive week for one employee, call it out. Giving positive feedback is a wonderful tool for engagement as well.
41% of companies who use peer-to-peer recognition have seen marked positive increases in customer satisfaction.
Leaders are the ones who can implement change, but colleagues are the ones who really know what’s happening in the office. It makes it even more meaningful when colleagues see a job well done and can feel a positive effect of someone else’s work. In fact, 88% of peer-reviewed employees are happier with their jobs. Finding ways for that feedback to trickle into employee appraisals will give a far more complete view of day to day work.
Read more on how Not to Fear the Peer Review.
44% of organizations do an effective job of using technology to deliver performance management itself.
Human resources technology is booming. With the rise of remote and flex work, companies are in desperate need for digital tools that keep a remote team moving in an organized manner. Unfortunately, though there is a tool for every step of the employee life cycle, a bleak 58% of organizations are still using spreadsheets to track performance metrics. Spreadsheets are clunky and rarely tell the whole story. New tech tools allow for collaboration via 360 reviews, comprehensive reports and more all with the click of a button. That allows leaders to spend less time poring over numbers and more time on what those numbers actually mean for the people producing them.
80% of employees say their supervisor does not follow up on their review.
Yet, 70% of employees think reviews should focus on skill development and professional growth. If performance reviews actually included the information employees were looking for, there would be suggestions to grow and develop within the organization. It’s that type of information that can’t just be discussed once and never again. Follow up is the only way to see if improvement was made, challenges are met or if neither are happening and what needs to be done to correct it.
Here are a few insider tips on how to Make Performance Feedback Count.
If these stats resonated with you and you’re ready to streamline your employee appraisal process, Trakstar can help! Take a look at our demo or start a free trial to see what we mean.