80% of CEO's say improving workplace feedback will improve profits
I've recently completed some independent research with my clients on feedback and the outcomes were staggering. Over 80% of the CEO's surveyed said that improving feedback through all levels of leaders in their organisation would have a direct impact on improving bottom line profits.
Interestingly Leadership IQ recently surveyed more than 27,000 people, and among the dozens of questions asked people to rate the statement “Constructive feedback from my leader has helped me to improve my performance.”
Only 20% of people say that their leader always delivers constructive feedback that has helped to improve their performance. Meanwhile, 20% of people say that their leader never delivers constructive feedback that has helped to improve their performance.
Even if we combine those who say that their leader Always (20%) or Frequently (23%) delivers constructive feedback that has improved their performance, that still leaves 57% who feel that their leader has not performed well on this issue!
Its a joint contribution conversation!
Not everyone is good at it though. Feedback has to be a joint contribution conversation stressing the importance of equal amounts of both giving & receiving feedback. Leaders tend to lean on the giving and if organisations are not open, honest & transparent places to work then the culture ofen prevents recipients giving their feedback up to leaders. They often just refuse to hear it.
Be honest with me - it unlocks innovation however painful the feedback
Its the thing that I get asked to do the most from CEO's. "Give it to me straight", "Don't hold back" "Be honest" are just some of the questions fielded at me from global leaders desperate to unlock what maybe stopping them from achieving greatnesss. The very best leaders and organisations that I work with are the ones able to take on board the feedback, however painful, from customers, consumers, colleagues, clients and their coaches and then act on it. They are the CEO's of businesses and brands able to innovate and adapt in times of market uncertainty. Do you need to hear some honest feedback on your performance?
Contact our team to find out more about what Fiona can do for you and your business.