Everyone’s talking about real-time feedback right now. About how it’s so much better for employee development, retention and happiness than old-school annual performance reviews. Leading companies like Accenture have known it for a while now.
As a provider of future-ready people management tools that help companies hang on to their best employees, we’re huge advocates of real-time feedback. We’ve seen some of our biggest clients use it to transform the employee experience.
Benefits of real-time feedback
As its name implies, real-time feedback is so effective because it takes place on an ongoing basis, as things happen. Any parent or pet owner will understand this one – it’s better to reward or correct behavior as soon as possible. Delayed responses are much less effective and can leave the recipient feeling confused and resentful.
Here are some more benefits of real-time feedback:
- Improved performance (thanks to ongoing course correction and guidance)
- Increased motivation (thanks to recognition throughout the year)
- Closer relationships (thanks to regular conversations)
- Reviews are less susceptible to recency bias (managers don’t need to try to remember 6 or 12 months worth of work)
- Employees feel less anxious (they won’t be “blindsided”)
- Less time is wasted by managers on big annual review processes
- Managers become better leaders
Turning a ‘big’ negative experience into several ‘small’ opportunities to grow
Then there’s the fact that younger employees – the infamous millennials and generation Z (who we love) – expect instant feedback. They want to be recognized and rewarded in real time. They value real-time feedback so much that most would rather receive negative feedback than none at all!
- Research by TriNet and Wakefield Research found that Millennials are most unhappy with feeling “in the dark” about how their managers and peers think how they’re performing at work (74%).
- Close to two in three (62%) felt “blindsided” by a performance review, while nearly half (47%) admitted that receiving a performance review makes them feel like they can’t do anything right.
- Nearly one in four (22%) employees have called in sick because they were anxious about receiving their review.
- More than half (59%) also complained that their manager is unprepared to give feedback.
- As a result, more than a quarter (28%) have left a performance review with a view to start looking out for another job, while more than one-third have gone on to complain to their peers (35%).
Collect real-time feedback with vi’s intuitive software plug in
Our real-time performance feedback module allows you to design the ultimate real-time feedback process. You can create any real-time feedback questionnaire and any process you want, fully customized to your organization. We offer default best practice forms for you too right out of the box.
Use it to collect feedback on specific projects and assignments throughout the year. If your employees are working on large scale projects, you can easily schedule feedback check-ins along the way.
As soon as someone asks for feedback, the software automatically emails the people who should give feedback, ‘chasing’ evaluators until feedback is complete.
To get started with a quick demo of our real-time performance feedback software, just follow the link below.