How Continuous Feedback Improves Performance of Millennials?
One of the reasons why millennials hate performance reviews is because the process is usually annual, and feedback is rarely given. However, even if companies conduct annual reviews, it is always best to review the goals on a monthly basis with Continuous Feedback. But a lack of feedback during performance reviews, affects various aspects of the performance of millennials.
Whenever, annual performance reviews come around, we observe that managers or supervisors hardly remember anything that an employee does throughout the year. But managers cannot conduct performance reviews solely based on their memory. Which is why performance reviews need to be documented properly. Employee achievements must be recognized instantly, so that we can always go back and look what the employee had achieved that year.
Without proper documentation, managers might review their employees’ performance based on their opinions and perspective about the employees, which may lead to certain rater biases. The human brain is wonderful; however, I don’t think it will be able to store events that happened for a year. Maybe, remembering information related to one employee is still feasible, but what if there are 10 employees working under the same manager? Will it be possible to remember what the 10 employees did that year?
Since we are speaking about millennial employees, their expectations are completely different from our forefathers. Millennials often feel entitled and personally they would like to have a sense of direction when it comes to fulfilling their goals. So, it often becomes the manager’s responsibility to clarify their expectations from the employees and how they are contributing to the larger picture.
According to a research conducted by Gallup on millennial engagement, “44 percent of millennials say they are more likely to be engaged when their manager holds regular meetings with them. But only 21 percent of Millennials meet with their manager on a weekly basis.” in addition to that, “They change jobs more often than other generations. About 21 percent of Millennials report switching jobs within the last year, and 60 percent are open to a different opportunity.”
Now, the stats given by Gallup is not trying to say that millennials are perennially and unsatisfiable lot. They are trying to emphasize something very important when it comes to communication in the organization. When it comes to performance reviews, it is not wrong to conduct the process annually, but if we try and review the goals and objectives on a monthly basis, it would do more good, in terms of fixing the pitfalls that are bound to come annually.
For millennials, performance reviews ought to be relevant. It is not possible for them to comprehend the gist of those performance reviews that is conducted once in a blue moon and half of them won’t be convinced. Therefore, to make performance reviews more relevant, employee goals and objectives must be reviewed on a periodic basis. This can only be established with the help of continuous feedback.
Why is continuous feedback important?
In case you are not convinced of the benefits of continuous feedback above, here are a few more reasons listed down below as to why continuous feedback is beneficial:
Accuracy: When feedback is given on a periodic basis, it is often accurate because it gives managers an insight about the employee’s performance. Managers can always refer to this feedback when they want to form an accurate perception about the employee’s performance. In addition to that managers will be able to analyze the strengths and weaknesses of the employee and formulate developmental strategies for the employee so that he can improve himself.
Instant and real-time: One of the best parts about continuous feedback is that, it does not require much preparation. Managers can give it on the go. It does not require any form of formality. Plus, there are no time constraints in giving feedback although there are time restrictions when it comes to annual appraisals. With continuous feedback it is easy for managers to spend time discussing employee performance in detail, whereas this is not present when it comes to annual appraisals. People do not have the luxury to spend so much time discussing everything in detail. The ultimate motive is to convince the employee of the results.
Reliability: imagine going through all the ruckus in annual performance reviews finally to realize that the employee is not going on the right track. Your employees work their best only to hear that they have not fulfilled their expectations. In such a scenario, continuous feedback is very useful because, it gives employees a sense of direction, which is exactly what millennials want. People do not like to wait for a year only to know that what they did was a sheer waste of time. Continuous feedback helps them to correct their mistakes on time and fix their goals and rework on their weaknesses.
In conclusion, it is always best to incorporate continuous feedback in performance reviews to boost performance of millennials. It will be even more useful if companies invest in a technology or tool such as performance management software to digitize performance processes. Since millennials are digital natives, they live on technology. Therefore, a PMS software acts as a digital platform for employee goal management and employee engagement through continuous feedback.