First, let’s start by defining what a 360-degree review is. A 360-degree feedback review, also called multi-rater feedback or assessment, gathers anonymous feedback about an individual from the people that work closely with him or her (includes direct reports, managers and peers). The leader also completes a self-assessment, which gets compared with the other feedback. This means the leader gets a well-rounded view of their attitudes, behavior, and performance.
For a successful 360-degree review, you need 3 steps.
The first step is the assessment. This is the tool or survey used for people to provide feedback.
The next step is feedback. The results are compiled and provided to the leader. Typically, they are provided in a meeting environment with a supervisor or mentor included as well as whoever delivers the results.
Lastly, is the development program. A 360-degree review should help identify exactly what a leader needs to work on, and the skills needed to build upon. This focuses on developing the strengths and weaknesses revealed in the assessment.
What are the benefits of a 360-degree review?
Valuable feedback – a complete picture
360 reviews provide leaders and individuals a full view of themselves in all of their different roles. Because of feedback from all areas and multiple people, it also significantly decreases the likelihood of unfair bias by one person.
Provides information valuable for employee development
A 360 review can tell people what their strengths and weaknesses are. This is a great way to identify areas for development. By identifying strengths and building on them, companies often benefit from significant personal growth and massive company benefit. It also allows the leader to identify weaknesses and eliminate blind spots before they become a problem. 360 reviews also provide a track for a continuous improvement approach to skills. This allows individuals to focus on incremental change. By growing employees and investing in their development, you have the opportunity to see substantive change in the organization. The feedback from 360-degree reviews effects personal change that leads to organizational change.
People want to be heard. They want to be heard from the people that report to them, but the people they work with and the people they work for. By implementing 360 reviews, companies boost transparency. And, if done correctly, people believe that what they say matters. When people feel they have no voice, they quickly feel less empowered and become disengaged. Every person must change or they become stagnant. The same holds true for companies. They must change or they’ll become stagnant and caught in the past.
360 reviews reduce long term turnover. The more open and constructive the communication in an organization, the better you are able to identify issues and correct them. Also, because this type of communication gives everyone a chance to be heard, people believe they matter to the organization. 360 reviews also focus on the right development at the right time. Employees believe that their development as individuals is important to the organization.
One major benefit of 360-degree feedback is that it increases accountability. By having to get feedback from all areas, people are more likely to hold themselves accountable for their actions. It’s not about a ‘bad boss’ that gives them an unfair review. It’s a collective voice that is there to help them improve.
Finding future talent
The best organizations in the world are always recruiting. They are always looking for promising leaders in all areas. To get the best, you need to develop your talent into the best leaders possible. 360-degree reviews allow for that type of development. Your talent search may be outside the organization, but it could also be inside the organization. If you address issues early in the employee’s career, you can put them on a development plan that helps them and helps the organization. You can identify and discover amazing talent as you review and grow your staff.
What benefits have you seen with 360-degree reviews?