4 Statistics That Show the Importance of Sharing Feedback with Employees
While we had high hopes for this year, 2022 has continued to be a challenging year for hiring, with over 11 million available jobs in the U.S. at the end of January. And with the unemployment rate being below 4% according to the U.S. Bureau of Labor Statistics, it’s likely the hiring challenges will continue throughout the rest of the year.
One way to prevent joining the droves of companies looking to hire is by focusing on retention. By having high employee retention rates, you can reduce turnover, cut down on hiring costs, and improve productivity – not to mention that high retention rates typically mean satisfied employees. Studies about employee retention show that there are a few definitive ways to improve engagement rates. One method that isn’t as commonly prioritized but can have a huge effect on retention is sharing feedback. Sharing feedback can look like a few different things. Some examples include:
Annual performance reviews
Anonymous company surveys
Employees giving feedback to managers
By creating and implementing a process that allows for sharing valuable observations and feedback, you’ll show employees that you’re invested in their future at the company, can help them be more effective workers, and will keep them more engaged. Not only that, but it will help them develop their careers whether now or in the future. All these aspects combined make for a successful business. The following statistics support the importance of implementing feedback sharing:
One study found that 37% of employees agreed that recognition is the most important method of support a manager/company could provide (Via O.C. Tanner).
According to Forbes, employees who feel their voice is hears are more than 4x more likely to feel empowered to perform their best work.
87% of Millennials consider development in a job important (Via Gallup). Appealing to this group is key because it’s expected that Millennials will make up 75% of the workforce by 2025.
89% of HR leaders agree that ongoing peer feedback and check-ins are key for successful outcomes (Via Forbes).
In some cases, managers may think of sharing feedback as a lower priority or something that’s optional. But we now understand how important it is to employees and their success. Finding a way to thoughtfully and effectively share feedback should be a part of any successful business strategy – get started on implementing your plan today.