Whether your business is going through an organizational change or focusing on employee performance, setting clear expectations and creating a feedback plan for managers can have a real impact on employee retention. According to The National, six percent of Fortune 500 companies have already replaced traditional annual review performance rankings, primarily due to the need for more constant feedback, and the number is growing.
A Forbes article also makes the case that feedback is particularly important for millenial employees. "Many millennials have received adult feedback throughout their earlier years; they’ve often had close involvement from parents in their education and close support and encouragement from teachers and mentors at school. The contrast can be jarring when they arrive at their first professional position and suddenly have nobody who’s interested in telling them how they’re doing."
Executive coach Barry Goldberg recently had the opportunity to listen in on Arkansas' auditions for the New York Metropolitan Opera and noted some key takeways in Arkansas Business that managers can use when offering feedback to employees. For example:
- “Here is what I wrote down…” Share specifics about what worked and what didn't. Be direct and fearless.
- “What I think you should do is…” Offer clear recommendations. Show by example, if possible.
- “I want to encourage you to…” Provide solid feedback about what is working.
- “Please let me know how it is going…” Offer encouragement and create accountability.
To learn more about Goldberg's feedback observations, read his article here.