Why is 360 Degree Feedback Considered an Effective Tool?

It is no news that performance management is one of the most crucial operations in any company, be it small or large. It is a process that helps companies to acquire their goals efficiently in the long run. But when it comes to performance management, almost every other company in India pays attention to high performers only. This needs to be changed at the earliest possible. Businesses should focus on the entire team and help every employee to improve and optimize their performance along the way.

Effective and result-based performance management includes making sure consistency among those best performers and supporting those individuals with average metrics to improve their performance. HR managers and leaders should consider objectivity as well as biased decisions to carry out an effective and constructive performance reviewing process. They require to strike a balance between an honest assessment of employees’ contributions and helping them to enhance their skills. This is when 360 degree feedback comes into the picture. Adopting a 360-degree feedback approach will be an efficient, accurate, and effective alternative to a rating-based performance management approach.

Let’s dive into the blog and know more about it:

Meaning

It is a simple process through which feedback from an employee's team members, colleagues, and supervisor, as well as a self-evaluation by him or her, is gathered.

Benefits

In contrary to the traditional review techniques, 360-degree performance reviews are considered to be more accurate data and useful. As this method has the participation of employees in the evaluation process, the feedback is said to be unbiased. In addition to this, it also allows working professionals to figure out how they will improve their performance using a constructive personal development plan designed depending on the feedback received.

Here are some of the top advantages of using this approach:

• It provides a comprehensive assessment of the productivity of every employee
• It evaluates the performance of employees within the team as well as the organization
• It provides data-driven as well as unbiased reviews
• It streamlines the periodic review as well as the appraisal process

How To Make it Work?

This is how managers can work more efficiently with 360-degree feedbacks for the best possible outcomes:

Guide instead of rate: most companies rate their employees depending on how good or bad they are at a specific job. But this is not the right way to practice 360-degree feedback. Rather, companies use a scale to understand the behaviors of employees and guide them accordingly. This way, employees will know the areas that need improvement.

Pay attention to a few top behaviors only- HRs and leaders are normally do not find time to go through papers and reports to know what behaviors to pay attention to. Now, 360 degree feedback is an effective way to summarize the feedback to pick out the most vital behaviors to enhance. Besides, a 360-degree performance report also spells out some recommendations from the reviewers on how can managers train employees and facilitate a change in crucial behaviors.

So, this is everything you need to know about 360 degree feedback. Hope this blog helped you to know more about it.