Are you giving employee feedback?
A few months ago, we discussed the work benefits that Millennials value. One of the top priorities for Millennials is an environment that fosters learning and development, 81% want companies to invest in their professional development. And 83% want a clear path to promotion and they will leave if they don’t get it (Pinpoint Market Research).
This month, a professional staffing firm released survey results that revealed an important element of learning and development priorities — “Employees want more feedback on their future from the boss,” the survey found. “40% of professionals said their managers never discuss their career paths with them… 37% said they would like to discuss their career paths at least quarterly while another 45% want to review their options annually.
Understanding employees’ perspective and priorities is invaluable information, info that’s crucial for retaining talent. A study published in the July-August 2012 Harvard Business Review identified a career-development gap between the support top young managers expect to get from their employers and the actual services they receive in the areas of mentoring, coaching, training, support from supervisors and teammates. Expectations are high and strongly valued, but the feedback they receive is lower than expectations.
What should employers fear about this career-development gap?
- Employees may not be as engaged as they could be.
- Your team members may jump ship.
- You may be providing expensive training but without feedback, this may be money down the drain.
On the plus side, with employee feedback:
- Employees will be more engaged and productive.
- Your team members will be motivated and more loyal.
- Your training and development budget will be put to good use.
If you don’t believe me, take a look at this infographic by Officevibe with 11 remarkable employee feedback statistics: