Employee feedback has received a lot of attention recently, especially with so many Millennials entering the workforce. Employees like to receive and give feedback frequently, and while the formal review process is valuable, informal feedback also has many benefits.
Feedback should go both ways: employees should hear feedback concerning their performance and have the opportunity to give feedback through different platforms (employee surveys, conversation, employee recognition programs, etc.) While managers are accustomed to providing formal feedback, they should receive training in informal feedback to overcome their natural inclination to avoid it for fear they are not conveying their thoughts accurately.
Feedback is an inexpensive, low-tech way to realize many benefits. For example, employee recognition programs make employees feel more appreciated and lead to greater motivation and engagement. And frequent, informal feedback can lower turnover rates by letting employees know where they stand.
More feedback—both formal and informal—can energize your workforce and spare your company some of the costs associated with high turnover.