The importance of performance feedback is stated below:
1. Weakness Identification: Well-formulated performance feedback can assist individuals in recognizing their weak areas.
The areas which require improvement can be indicated if the employees exactly know the problem area with respect to a specific activity.
For example, feedback will prove helpful in enhancing his writing skills if the writer is informed about the improvement in the usage of pronouns or subject-verb agreement.
2. Strength Identification: The employees can be made aware of their strengths with the help of performance feedback.
An employee may be ignorant about his social skills, which are rather good and far appreciated by their colleagues and superiors.
Allowing an employee to be aware of the fact that his certain skills, such as skills of problem-solving, are outstanding, can make him get involved more in such areas and drive him to attain big goals.
3. Promotional Opportunities: The identification of individuals for promotion is among the most basic uses of performance feedback.
An individual should be taken into consideration for promotion who has constantly gained high grades for completing the activities perfectly and gradually.
This process can be facilitated by retaining written documents of performance measurement.
4. Strengthening of Goals: The emphasis on the accomplishment of career goals for the employee is among the benefits of managerial feedback to the employees.
The employee and the manager can recognize the areas of employee performance that require reinforcement and develop goals that the employee can strive to attain all over the year.
When an employee has noticeable goals for which he can attempt to measure his improvement, he can have a better understating regarding his career development.
It also aids the employee to accept accountability for self-improvement by offering a set of instructions to be followed.
5. Training: The kind of training which is required by the employees for improvement can be determined by a human resource expert and a manager through analysis of the feedback provided to them.
6. Sustain Quality Workforce: The identification of those individuals can also be made through feedback, who are continuously performing below the standard and may need corrective action.
Thus, a crucial role is played by employee feedback in retaining the labor force quality.
7. Communication: As per the Human Resource Department at the University of California (San Francisco), the communication channel is expedited amongst a manager and his employees through the feedback given to them, which helps an employee in the improvement of his performance.
In order to make required changes in the training program of an employee and observing his progress, continuing communication with an employee can be encouraged by a manager.