One of the common pitfalls of performance appraisals is irregular or limited feedback. Enter the full-circle solution; 360 multi-rater reviews.
There are a few trains of thought when it comes to the idea of using 360 degree reviews; some positive, and some negative. I however, believe them to be an essential tool for evaluating employee performance aside from the performance review itself.
More and more organizations are choosing to incorporate these types of assessments into their overall talent management process, and if you’re looking for a more holistic approach, then a 360 tool might be something to keep in mind. Not only do 360 evaluations maximize results by collecting observations from multiple sources (including peers, supervisors, internal and external customers, and self-assessments), they help highlight employee strengths and weaknesses, making it easier to provide valuable feedback and modify employee behavior when needed.
If implemented correctly, 360 degree reviews can be extremely effective. And best of all, it doesn’t take a rocket scientist to pull the trigger. Executing a 360 degree review is simple, and sometimes even the simplest solutions can generate the biggest and best results.
It’s as easy as 1, 2, 3!
The 360 evaluation process can be summed up in three simple steps:
- Develop survey questions, create customized forms, and select your participants.
- Administer the assessment and review the results.
- Use the feedback that you’ve received to follow-up with relevant training and development plans.
The benefits of 360 reviews, in a nutshell:
- Gives you managers a thorough and all-around look at their employees from multiple perspectives.
- Helps the employee understand how others perceive them.
- Highlights any gaps between self-assessments and peer ratings.
- Identifies any issues or employee weaknesses, giving the opportunity for advice, coaching and development plans.
- Helps improve communication between employees and managers.
- Leads to more relevant training programs and increased career development.
- Can be used for employee succession planning and as a result, can increase the potential of in-house promotions.
- It’s an anonymous process, and for the most part, anonymity leads to more honest feedback.
- Can be used to target a specific division of employees (i.e. the management team, the executive team, or a particular project team).
- Can be incorporated into the annual performance review process, or throughout the year for specific projects or to evaluate individual employees.
360 multi-rater reviews and assessments are just one more way you can effectively manage your talent. Want to learn more? Click here.