With increasing demands for new UK infrastructure and housing, and decreased availability of skilled construction workers, the development and retention of employees has become crucial for organisations within the construction industry.
The lack of development and retention of employees has led to a negative financial, reputational and internal impact on businesses – but the fact is people are willing to stay and it’s not all about money.
According to the 2020 LinkedIn Workplace Learning Report, 94% of employees say they would stay at a company longer if it invested in their learning and development. At Vantage, we use 360°feedback in our programmes to provide a tangible framework for employee development. Bringing this tool into performance appraisals or regular feedback loops helps employees see their progress first-hand, it embeds purpose through goal setting and intentional practice, and places value on learning. We see its effectiveness in re-engaging employees and it is a powerful solution for retaining employees.
WHAT IS 360°FEEDBACK?
360°feedback is a development tool which provides an employee with anonymous evaluations about their strengths and development areas. These evaluations are typically provided by the employee’s manager(s), peers, direct reports and customers, and compared against their own self-evaluation. The aim of the 360°tool is to provide the employee with a holistic view of their work competencies, behaviours and working relationships.
PROMOTE A CULTURE THAT VALUES ITS EMPLOYEES
A business that uses a 360° tool demonstrates its commitment to its employees. Using this tool promotes an employee-valued culture that invests in, and encourages, its employees’ development. The process can also encourage a more open and supportive work environment.
CLARIFY THE SKILLS REQUIRED FOR EMPLOYEES TO DO THEIR JOB WELL
An employee may feel they are underperforming or unsure about how to perform better in their role. A 360°tool can provide the employee with an understanding of the key capability areas that are important to the business and highlight the areas in which the employee is performing well and what areas they may need to develop further in order to meet their targets and progress in their career.
TEAM INSIGHTS AND DEVELOPMENT
The 360°feedback tool can be used for both individuals and teams. Employees may find they are struggling with a lack of collaboration or effective functioning within their team. Having a whole team undertake 360°feedback can lead to a better understanding of why the team is not working optimally by identifying the overall team’s strengths and development areas. Identifying these areas can increase trust, accountability and effectiveness, and it can also provide a basis for further team development such as group coaching and/or training.
SENIOR MANAGEMENT INSIGHTS AND DEVELOPMENT
Businesses can find its employees are dissatisfied or disengaged due to their senior management team. 360°feedback can provide the team with an understanding of their management skills that need to be developed, obtain leadership capability insights, and gain perspectives on what they could do differently moving forward.
The 360°feedback development tool gives employees an answer to why; why should they keep coming into work? Growth brings purpose and vision for employees. Having the tool to benchmark development makes personal growth tangible for employees and brings their future at the company into focus – all crucial elements for improved retention.
If you are interested in using 360°feedback development tools for your business, please don’t hesitate to contact Joanna at [email protected]
All material © Blayze Vantage 2024.
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