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Kate Devyatkina

CEO at 100pcnt

September 20, 2019Performance review

Real-Time Performance Feedback. Key Benefits

The concept of performance management emerged when worker satisfaction was shown to drive efficiency.

Performance reviews were created for working places where output was easily quantifiable as well as evaluation of workers. It is common knowledge that workers bring adaptability and talent that can’t be measured in a traditional way. They want more feedback, and research shows that ongoing performance feedback improves motivation and engagement, a crucial element of performance at most top companies. In the modern business world, real-time feedback is an optimal solution to fixing the broken and inefficient performance management system.

Advanced technologies allow knowledge workers to always be in touch. Remote teams collaborate across regions and even countries and this means employees rely on modern digital communication tools. Real-time feedback is tightly intertwined with the way employees access information sources today.

Here are key benefits of real time feedback:

  • Ongoing Learning

    Real-time feedback provide employees with opportunities for development and learning. A feedback culture gives managers the chance to recognize both low and top performers and provide course corrections at an early stage. 

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    Thus employees receive instant feedback and performance is improved. It’s a simple way of development and learning that fits into their work flow.

  • Recency bias is no longer an issue

    Real-time feedback in performance management helps limit recency bias during employee evaluations as it tracks employee achievements for the recent year. By saving wins and praising for them in the moment, they are not likely to be forgotten several months afterwards.

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    A failed project taking place right before the review cycle shouldn’t overshadow an employee’s overall performance. Gathering data throughout the year ensures managers’ contextual evaluation of an employee.

  • Useful Competencies

    Owing to real-time feedback, one of the main benefits of performance management is that company values and role-based competencies can be affirmed. Integrity, teamwork, risk-taking and leadership can be identified by a company as values to emphasize in the organization.

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    Real-time feedback allows managers and co-workers to detect these attributes in employees. Technical expertise is usually in first place rather than softer skills which are left unnoticed, but an efficient workforce requires development of employees as leaders and team members.

  • Goal Progress Provision

    For companies using Agile or OKRs goal management, real-time feedback encourages support engagement. Admiration from managers or colleagues serves as a reminder of individual achievements.

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    Constructive feedback, one of the most useful benefits of performance management for employees, helps them stay on track with their agreed goals.

  • From performance review to feedback

    Many companies hold reviews or monthly check-ins with real-time feedback. With ongoing feedback gathered for the recent year, reviews are less subjected to recency bias. Constant usage of a real-time feedback enables each of these methods to benefit from reliable data.

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    There will be no anxiety or surprises at review time because employees get consistent feedback from their manager and know what to expect. As feedback is distributed during the year, reviews take less time. Performance management and feedback go hand by hand in making your company better.

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