Want to keep your rising stars happy? Before you reach for the checkbook consider this…your best compensation option might be 100% free. The new wave of rising talent in the workforce is asking for one thing more than vacation days, bonuses, or company cars…they want feedback.
A recent SAP/Oxford study showed that Millennials want feedback 50% more often than other employees, with most reporting they would like direct feedback from managers at least every month. In the modern business environment, leaders need to be able to deliver performance feedback effectively. Here are just a few of the best practices our Accelerate Institute trainers cover in the Coaching for Results module.
Give feedback quickly and often. When feedback is immediate, the recipient is better able to integrate it into the context of the situation. Making feedback a regular habit develops a sense of trust and makes team members more likely to accept it.
Get specific. Generic comments like “good job” or “work on your attitude” can leave recipients confused or defensive. Sharing specific examples of the behavior you want to reinforce or change will help team members turn suggestions into action.
Model the behavior. Are you accepting feedback from others in the same way you would like to see them accept yours? By intentionally modeling an attitude of openness and willingness to change, you can encourage your team members to do the same.
Giving and receiving feedback is a skill that can be honed through study and practice. The best leaders master this skill to get the best performance from their teams.