The power of constructive and positive employee feedback can be incredible. It can make employees feel welcomed and confident, motivating them to perform better and achieve set goals. On the other hand, detailed feedback can help business leaders make well-informed decisions to increase employee productivity, helping them overcome potential roadblocks and fulfill their potential.
This is especially true for companies that are using an employee tracking system to measure employee performance. This advanced tool can provide you with detailed reports on employee daily activities that you can use to create data-based feedback and reward top performers or provide support to those who may struggle with their workload.
The need for frequent feedback that drives employee engagement increased when Millennials became the predominant majority in the global workforce. So if you want to find out how an honest and objective employee review can drive overall engagement and performance, keeping your retention rates high, keep reading.
Here are some fascinating statistics about employee feedback that may motivate you to offer honest feedback as often as you can and turn it into your standard practice.
Employees Will Quit if Their Work is Unrecognized
66% of employees think that they would leave jobs if their achievements and hard work weren’t recognized. If you think this rate is incredible, brace yourself. An intimidating 72% of Millennials share the same opinion.
This generation craves instant gratification and loves receiving straightforward feedback, whether to revel in their successes or to make an extra effort to improve their performance. So when you are giving feedback make sure it is informative and constructive so that your employees can learn from the report. More importantly, recognize and reward great effort and achievements whenever possible.
Employees Benefit from Frequent Backup
Even though the majority of employees (75%) find frequent feedback beneficial, numerous companies still fail to recognize the potential of this practice. If you are facing increased demand for honest and detailed feedback, don’t ignore it.
Rely on an efficient employee tracking system to provide you with extensive, real-time data about employees’ workflow so that you can offer your team members detailed, updated, and objective employee performance evaluations.
A well-timed and detailed performance review can give your employees a better understanding of how they work. You can analyze work monitoring data and create comprehensive employee performance evaluations, outlining the job aspects they excel at and pointing out areas that need improvements.
This may motivate your employees to take an initiative and work on their weak spots so that they can fulfill their potential and advance on the company ladder.
Here are some numbers that show how well-devised feedback drives employee engagement.
- 89% of HR professionals believe that consistent peer feedback and informal check-ins are crucial for high-quality results. According to these experts, employees get more engaged in their work when they know their contribution is valued, and are sure of doing meaningful work.
- Negative feedback can also be motivating when given appropriately. That’s at least what 95% of employees think. They say that negative but well-intended and constructive feedback that shows them their weaknesses can be eye-opening and lead to increased productivity.
- On the other hand, the absence of any performance feedback can be a reason for disengagement. 40% of employees tend to get completely disengaged if they don’t get any evaluation of their work or get it seldom. The lack of feedback may affect their confidence and make them feel like they don’t belong in the workplace. This will surely incite them to start looking for a more welcoming and encouraging work environment.
If you still wonder what an honest and objective employee review can do for your business, here are some numbers that show how your company can benefit from this practice.
- Teams that get regular feedback are highly engaged and 21% more profitable than those that don’t.
- Managers who receive regular positive feedback on their strengths are 8.9% more profitable than others and their teams tend to be 12.5 % more productive after this review.
- Companies that practice giving regular feedback to their employees have 14.9% lower attrition rates than those that don’t.
So if you want to be in a good company watching your employees and business thrive, introduce regular, objective, data-based employee review as a standard practice.
About the Author
Dijana Milunovic is a Content Writer at Insightful. She enjoys writing about employee productivity and engagement, company culture, and leadership.