Business is about growth and if you want your business to grow, then your employees have to grow with it. Regular employee feedback, both corrective and reinforcing, fuels growth and gives people direction. Here are some statistics which show just how much employee feedback can stimulate ROI, workplace productivity, engagement and reduce turnover:
In a study of 65,672 employees, turnover rates were 14.9% lower among employees who received feedback on their strengths, compared to those who didn't.
92% of respondents agreed with the assertion, “Negative (redirecting) feedback, if delivered appropriately, is effective at improving performance.”
A Feedback Practices and Perceptions Assessment with over 1000 applicants found that, when asked what was most helpful in their career, 72% said they thought their performance would improve if their managers would provide corrective feedback.