Published by MBA Skool Team, Last Updated: May 23, 2020
What is Feedback?
Feedback is way of assessment of work done or processes and is an integral part of the HR department. Feedback is a way to understand the needs, requirements, performances etc of employees in an organization. A continuous feedback helps companies evolve as they are better prepared for improvements required based on the answers received.
Importance of Feedback in Management
An organization is a complex network of employees working in various departments, domains and profiles. Each employee has a different role, responsibility and decision making capacity. However, all work towards to objectives and goals set by the company. Hence, constant monitoring of the work being done is important for the business. This is where feedback is an important aspect in understanding the work done by an employee in an organization. This mechanism set up in companies are often referred as organizational feedback. It is an important aspect for good business and a pivotal role is to be player by the HR department. It helps in understanding the performance of employees. Those who are doing good are rewarded and those who are lacking some skill are trained.
One of the most comprehensive systems in an organization is a 360 degree feedback where every person evaluates each other in the hierarchy. This gives an overview of the entire performance of the employee. Another feedback method which involves inputs from suppliers & vendors also is a 540 degree feedback. From an employee perspective, these feedback also help in hearing the employee voice for any concerns or issues.
In cybernetics and control theory, the term designates a process in which an output signal is passed back to input. It is intentionally done as a control mechanism. Feedback loops are critical not only in psychology but across domains including, for instance, finance, biology and computer networks. Various types of feedback may be enumerated, depending on whether it increases/decreases output (positive/negative), depending on sensory apparatus (auditory, visual) or depending on subject of focus (results, performance, environment).
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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