Benefits of 360 degree feedback
Every year many hundreds of thousands of companies conduct performance appraisal. As we have written earlier, good companies institute the process of regular, timely, and effective appraisals. Appraisals, are usually based on either KRA or Goals, this varies from companies to companies, and their maturity of PMS. However there is another important component of appraisal that only few select companies require their employees to do, which is 360. This way, the employee receives inputs from all directions, with whomever he had worked with in the past cycle.
In the traditional appraisal methods, only a reporting manager reviews the performance of the employees. Over a period of the performance period, the employee actually spends very less time with the manager. And comparatively more with his peers, and subordinates if the manager is himself or herself a manager. But, the traditional methods assume that the manager knows fully about the employee which isn't the case always. This necessitates the inputs from other stakeholders who the employee mandated to work with, provide support, assist with work, etc.
Given this situation, the effectiveness of the appraisal is lost, when inputs from the key stakeholders are not captured and lost. This is also a loss to the employee, as he or she has missed an opportunity to hear the 'things that went well' and 'areas for the improvement'. So even if the 'ratings' aren't included in the scores of PMS, 360 should be conducted and the results be known to the employee.
We have seen that the performance of the employees improve significantly when they get the 360 degree feedback. There are companies who wish to conduct 360 however the traditional appraisal itself consumes about 2-3 months when conducted without any tools. To implement 360 with multiples of feedback for every employee in the organization, and collation and dissemination of results is a daunting task.
That is why we have built 360 degree feedback in FEGO, this is as easy as clicking the buttons. It can be run by the manager or employees, once they have identified the 360 stakeholders. This aids in 'powering peak performances' in the enterprises.