Now more than ever, employee retention is critical to the continued success of your organisation. Frequent, regular staff turnover is costly. The time and resources you put into training are wasted when employees leave. Turnover can impact your customer service and productivity levels. Losing employees and hiring new ones slows your organisation’s response time and negatively impacts how well you look after your customers. A revolving door of new employees decreases morale and leaves existing employees wondering if something is wrong with the company.
Why Does Your Company Need a Talent Rentention Plan?
There are many reasons why it is extremely important to have a talent retention plan in place. Implementing a 360 degree feedback process can help.
360 reviews encourage an environment of communication and constructive criticism. Successful managers give and receive feedback frequently, which makes employees feel valued and provides a framework that reassures employees they have the organisational support needed to improve their performance and develop their skills.
360 degree feedback tells employees that the company is interested in playing an active role in each employee’s professional development.
Participation in 360 degree reviews also tells employees that the feedback they give is valued by the organisation. When employees are given the opportunity to share their input about their managers and co-workers, and are asked their ideas for improvement, they feel like they are playing a direct role in the future of the organisation. If employees can see that their opinions have an impact on making the organisation a better place to work, they will be more inclined to stay in the organisation for longer.
360 degree feedback strengthens employee engagement, fosters loyalty and can serve as a key element of your organisation’s overall employee retention plan.