Want a competitive edge? Push managers to give feedback

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in Leaders & Managers,Management Training,Performance Reviews

Issue: The importance of giving consistent feedback on employee performance.

Benefit: When managers provide feedback, employees are more likely to stay satisfied ... and stay in their jobs.

Action: Use the following survey results to prod managers to give regular feedback and to encourage top execs to share financial data. 

You've probably urged managers 100 times to offer employees more feedback about their performance. Now, a new study shows the concrete benefit.

Employees who receive regular feedback about their performance (and their organizations' performance) are much less likely to hunt for a new job than those who don't, says a study of 1,105 employees by staffing consultants Randstad North America.

Eighty-eight percent of employees surveyed who receive regular performance reviews said they expect to be with the same employer a year from now. And 89 percent of those who said they are kept up to date on their employers' financial performance say they plan to stay put.

In fact, informed employees express the most satisfaction in almost every aspect of their jobs, including their work duties, evaluation of supervisors and compensation. They're also more likely to believe that management will make the right decisions.

Advice: Urge the top brass to share big-picture financial data with employees. Many bosses think the rank and file doesn't care about those numbers, but they do.

While 70 percent of employees surveyed said it's important that they receive financial information about their employers, only 54 percent of the bosses surveyed said it's important.

"This research confirms that what's true between two people and within families applies to the workplace," said Randstad V.P. Joanne Reichardt. "Open, honest communication can make all the difference in the world."

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