Times are tough and managing your team’s performance can be challenging. Are your team members working together towards achieving targets that are in the best interest of your organisation or are they more focused on themselves? If yes, it is time you considered revamping your performance review system.
Traditional performance review systems have, at many times, proved to be more damaging to a team’s performance rather than improving it. One of the best ways to enhance team efficiency and performance is by implementing a 360 degree feedback system. It focuses on an all-round information collection about an employee rather than relying on only manager’s feedback.
A 360 degree feedback system is different from a typical performance review system as it focuses on various aspects of an employee that can be attributed to their behaviour towards other team members. It helps individual employees to improve their interactions and communications with their team, which eventually leads to an integrated team and better team performance.
About 90% of the fortune 500 companies use a 360 degree feedback system to improve team efficiency.
The benefits of having a strong team are endless. The most important being having an environment at work where every employee can comfortably be at the top of their game to achieve mutual targets. Instead of a typical one-way feedback system, a 360 degree feedback system allows inputs from every level of the organisation and enables a sense of inclusion for every team member.
One of the most significant features in implementing a 360 degree feedback system is the ability to receive feedback anonymously from managers, peers, subordinates, administrators, etc. It helps identify performance issues in individual behaviour without adding strains to professional relationships amongst your team.
Let us also have a look at the other aspects in which a 360 degree feedback system can be best utilised to build a better team and as a result increase efficiency.
5 ways to improve team efficiency with 360 degree feedback system
1. Provide frequent and transparent communication
One of the most important benefits of implementing a 360 degree feedback system is its ability to open a two-way communication channel. Improved communication between team members helps instil a new level of trust amongst team members. Teams can gain clarity to work towards identifying and addressing any differences, issues, or concerns that are affecting their performance. Transparent communication also reduces the fears of retaliation for giving feedback. Your team members can take all feedback in a positive manner to improve the effectiveness and performance of the team as a whole.
2. Do away with micro-management
When you carefully plan the structure and purpose for a 360 degree feedback system and ask the right questions, micro-management becomes unnecessary. Team members can be open to share their opinions and feedback and build a stronger team that works in harmony to achieve professional targets. The efficiency of a team can be measured using the ratio of output to total input. An efficient team can be assigned a task and complete it without micro-management due to a 360 degree feedback system.
3. Increase team effectiveness
A 360 degree feedback system helps boost productivity and effectiveness. The process helps team members become aware of their strengths, weaknesses, and skill gaps. These insights are extremely necessary for continuous team improvement. 360 degree feedback systems also allow each individual to understand the importance and effectiveness of their contribution to the team. A team can increase its efficiency and effectiveness by reflecting upon the evaluation of competencies that represent the team’s goals and values during reviews.
4. Build synergy amongst your team
Getting constructive feedback helps increase understanding and builds a collaborative environment for a team. 360 degree feedback systems help teams discover strengths and areas for improvement. This knowledge enables a team to function more cohesively as the roles and behaviours of team members are defined. 360 degree feedback systems help align a team’s mission, goals, processes, and vision which in turn builds team synergy. It also helps increase engagement of team members as they understand their contribution and value to the team.
5. Encourage professional development
360 degree feedback systems are important for training and development of team members. The feedback received helps to recognise strengths that are under-utilised and areas for improvement in a team. The strengths can be leveraged to improve team efficiency and the weaknesses can be addressed through individual and team training sessions. 360 degree reviews also help identify and effectively address the skills and behaviours that are adding to and detracting from the efficiency of a team. Professional development is necessary for increasing the efficiency of a team as a whole.
When should you implement a 360 degree feedback system for your team?
The prime focus for implementing a 360 degree feedback system is promoting a workplace culture that is in sync with the vision and values of an organisation.
According to their book, The Art and Science of 360 Degree Feedback, authors Richard Lepsinger and Anntoinette D. Lucia recommend utilising 360 degree feedback when your company wants to:
- promote a culture transformation
- achieve a specific business strategy
- enhance individual and team effectiveness
- improve human resource management systems.
Apart from these goals, a 360 degree feedback system can be implemented and used at regular intervals on an ongoing basis to informally address any performance issues that your team might be facing from time to time. It is an effective way to let your team know that you as organisation value their opinions.
Of course, the first step towards implementing a 360 degree feedback system is identifying the behaviours that define your organisation. After that, you need to educate your team members to see the benefits of using a 360 degree feedback system. Ultimately it helps them to develop professionally as well as personally.
You need to consider implementing a 360 degree feedback system to achieve a systematic approach to grow your business and build a lasting team.
Has your organisation started reaping the benefits of implementing a 360 degree feedback system yet?
Contact Sentrient for a demo today to learn how we can help your business grow with a well-implemented 360 degree feedback system.