A lot of companies worldwide are cashing in on the benefits of a 360 degree program. The main reason is that you can put it in place and it can be put to use for various industries and being affordable as well. For performance management and improvement it would also be of importance. There are some benefits that are hard to quantify and for sure have an impact on your bottom line. Now you need to clearly understand the essence of it?
Basically, 360 degree feedback is a developed based feedback mechanism that is received from various quarters. Since this feedback has a variety of perspectives in place it also goes by the name of multi feedback mechanism. In order to obtain a feedback the respondents are handed over an assessment where the performance of a leader is figured out. At the same time the leader is also provided with an assessment sheet, where his feedback is evaluated against the other feedback that is received. This would mean that the reader gets an overall view of their behaviour, performance along with attitude.
The 360 degree feedback mechanism is put to use with a lot of success. Let us explore the benefits of this feedback which organizations from all over the world has gone on to achieve.
- A sense of self- awareness develops
With this approach people go on to become self-aware. When others are going to provide you with a feedback you get a less view of yourself that is prone to be one sided and biased.
- A concise idea about your weakness and strengths is illustrated
With a 360 degree feedback the strength along with weakness of a leader is ascertained. In a normal case an employee gets a feedback from their supervisor only, meaning a one dimensional point of view.
The main objective of this type of feedback is the blind spots to be pointed out in a creative way. The blind spots or the weakness can be a cause of worry to an organization and even the leaders who are part of the set up.
Discovering the unknown strengths could be beneficial to the leader and even the company. The main aspect is that the leaders are not even aware on how to present it in a constructive manner. To pinpoint strength and to work on it does go on to produce the most growth. In the midst of this the grey areas are worked upon so that it does not become a hindrance later.
- Works on your self-confidence and boasts your morale
This is a process which goes on to enhance the confidence of the leaders. Once they receive a positive feedback the confidence levels of a leader grows on to new heights. Leaders are known to feel a lot better about the company. This peps up their morale within the workplace premises. The only point that you have to consider is that the feedback is provided in a constructive manner.
- A culture of openness is developed
This process is expected to improve the levels of transparency as before even beginning leaders do receive proper training. This sense of openness can lead to more productive people and a more cohesive environment to work
- The employees and leaders are empowered
The employees along with the leaders need to have a voice in an organization. The moment feels that they do not have a voice they do become disgruntled and less empowered.
For example in the US only 46 % of the employees they feel that they have a voice. In due course of time this gives them a feeling that they are not important to an organization in any way. In fact this is going to make them discouraged and they are going to leave the organization. Once the employee feels that their values are heard a sense of fulfilment stems on to their way they behave.
- Employee and leader turnover is reduced
The open and constructive means of feedback underlines any hidden issues. The leaders along with the employees feel a sense of empowerment.
The long term development plans can target those areas which are subject to addressed. The employees or the leaders feel that their voice is heard within an organization and they are a valuable asset.
- It increases the feeling of accountability
Another notable feature of 360 degree feedback is that it enhances accountability. Research once again drives home the point that 91% of employees feel accountability is important at your work field. Only 82 % of the employees feel that they can hold their co-workers accountable. This is a procedure where you can go on to hold someone accountable in a positive manner.
- Provides a viable mean to change the culture of the company
An individual has to change or they do become stagnant. This same logic holds true in case of companies at the same time. They also need to change or they might become stagnant in the years to come. The major problem with corporate culture is a paradigm is a complete change and it seems to be really tough to incorporate such a change in place.
This is a form of change that you normally feel it from the interiors. The employees have to grow in an organization before a change in the overall culture has to emerge. The main essence of such a type of feedback is personal change in an employer is expected to bring in professional changes.
To conclude when a 360 degree training programme is formulated it leads to a process of recurring improvement. The core aspect of the training is that it helps to identify the weak areas. In the midst of this you can work on such areas over a period of time.
Be it a big company or a small set up, you are expected to benefit immensely from a 360 degree programme. It is also an affordable bet.