Wondering if 360° Feedback is right for your company — right now?
With Winningtemp, the obstacles that used to stand in the way (all the chasing, document handling, over-complicated software) have been cleared away. It’s simple to organise, run, and analyse 360 cycles in as agile a manner as you’d like.
So all that’s left are the impressive, science-backed benefits of running this kind of feedback. Here are the 4 HR-inspired reasons to get started with running 360° reviews at your company.
1. Strengthen bonds between teammates and their managers, and see trust flourish.
A 360° review cycle opens up a unique opportunity for team members to praise one another — and identify their strengths. It’s a potent combination that fuels individual performance, as well as trust.The result? You’ll see more self-supporting, self-motivating teams that perform at a higher level together.
A study by Gallup found that managers who received strengths feedback showed 8.9% greater profitability
2. Map out the obstacles standing in the way of operational excellence.
Aligning costs with business priorities is hugely important work, and it can be tough without data to guide decision-making.
360° Feedback lets you gather on-the-ground intel about inefficiencies that are generating frustration and unnecessary costs, and illuminates what needs to be given more resources.
Optimising costs will also optimise conditions for employees. With a better understanding of bottlenecks, you can intelligently restructure work design to unleash more agility and responsiveness. Making everyone happier in their work.
3. Identify skill development needs dynamically.
With the world of work changing so rapidly, skill development has become a top priority for businesses across the board. Learning opportunities are highly sought after by talent hungry to grow, too.But how do you ensure you’re investing in the development of the right skills at the right time?
Feedback cycles give you the opportunity to match what employees want to learn with what your organisation needs. When employees — together with their managers — analyse their own roles and assess how they want to develop, specific ideas tend to come to the surface. Employees can then share accountability with HR in pursuing relevant upskilling opportunities.
According to research by Gartner, only 21% of HR leaders say peers share accountability or partner with HR to determine future skill needs.
4. Raise the competence and leadership capabilities of every person in your company.
Growth is the key word here. Reviews from multiple angles provide a helpful level of self-awareness, which helps people understand their blind spots and know exactly what to improve on, so they can progressively improve their capacity as leaders.
Empowering and upskilling leaders at every level of your organisation does a lot of things: it facilitates internal recruitment, creates greater resilience, and inspires loyalty.
Over 85% of all Fortune 500 companies use 360° feedback as a cornerstone of their leadership development process, as reported in Forbes.