Aug 13 The Feedback Formula
Effective, insightful feedback is the silver bullet for career success, even for senior executives. Just because you’ve reached the corner office doesn’t mean you don’t need to give and receive helpful feedback. In fact, the most successful C-suite leaders actively seek and provide candid and supportive feedback to know how they and their teams can continue to grow, develop, and enhance their results.
The GPS of Leadership
Think of your organization as a high-performance sports car and feedback as the GPS. Without timely, consistent feedback, it’s like driving without directions—you risk taking wrong turns, missing key opportunities, and wasting resources. You may travel fast but in the wrong direction – allowing the competition to reach desired destinations ahead of you as you wander aimlessly. Just as a GPS keeps you on the most efficient route, feedback helps your team stay aligned, adaptable, and focused – with each person maximizing their potential, to optimize teamwork and organizational contributions.
The Fast Track to Top Executive Recognition
Without proper feedback, team members cannot grow and accept more responsibility, which causes low morale and costly attrition. I always remind the leaders I coach that the best way to gain higher-level recognition is to fuel the company pipeline by consistently developing team members into more valuable, capable, outstanding leaders.
The Impact of Lack of Feedback
A lack of feedback can adversely impact corporate DNA and permeate the entire organization. Everyone needs and deserves clear communication and feedback, particularly from executive leaders. Otherwise, employees are unsure of what exactly is expected of them and how to improve their performance. They don’t know where they fit into the organization’s overall vision and how to align themselves with it in a synergistic, collaborative way.
Confirmed by Research Data
Providing frequent and constructive feedback boosts vital engagement and makes teams more innovative and efficient, directly contributing to better business outcomes.
- McKinsey’s 2023 report revealed that two-thirds of employees see their organizations as overly complex and inefficient.
- Deloitte’s research found that nearly 70% of employees who receive feedback only once or twice a year desire more.
- However, Quantum Workplace reports that companies with high employee engagement are 21% more profitable and 17% more productive.
The Employee Perspective
Employees crave specific, actionable feedback. But feedback is often generic and vague. Leaders may not have the skills, confidence, and emotional intelligence to know how to successfully critique an employee’s performance in a productive way.Yet supportive, helpful feedback ensures that each team member feels valued, respected, included, inspired, and motivated to give you 100%.
Achieve Immediate Positive Results
Prioritizing quality feedback leads to rapidly optimizing business results and advancing employee careers. Top executives also feel supported in their professional leadership development. When everyone understands their specific areas for improvement opportunities, they know their clear and actionable priorities—and will deliver immediate results.
Mixed Messages vs. Consistency
Despite best intentions, mixed messages often occur. Senior leaders often believe they provide good feedback, yet direct reports frequently perceive it differently. A common complaint is that it only happens during annual reviews, which doesn’t allow them to implement steps needed to improve their performance. A more consistent, ongoing, and balanced approach is much more effective – and helps resolve issues before they become more serious.
Summary
Feedback is a crucial component of a leader’s communication style and toolkit, because insightful feedback accompanied by support and guidance is essential for driving top results. If your team or employees aren’t delivering optimum performance, reflect on how you, as their leader, can regularly give them more constructive feedback.
Ask yourself:
- Are you clearly communicating your expectations?
- What strategies do you use to verify that you are doing that in a way employees fully grasp?
- Do you actively follow up with observable measures to ensure your vision and objectives are met?
- Are you holding people accountable and providing actionable feedback?
- Do you give them the training, development, and practical tools and resources they need to thrive?
Offering feedback to senior teammates is also essential for those in large organizations. Leaders should value and embrace feedback as a tool for continuous improvement and success for their employees and themselves.
- About the Author
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Sarah Hathorn, CEO of Hathorn Consulting Group, is the go-to-expert in working with leaders and companies to create successful corporate DNA. As an executive coach, consultant and speaker she collaborates globally with clients and brands such as Deloitte, McKesson, Kimberly-Clark, Sherwin-Williams, Home Depot and other leading organizations.
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