Consumer Communication and Persuasion
Consumer communication and persuasion is an essential part of any Marketing Strategy. In fact, it is the starting point of all improvement as consumer voices provide companies with the data such as where they are lacking and what all they could do to improve the product or service. Do all companies listen to the consumer […]
Real Estate Investing vs Investing For Cash Flows
Different types of investors invest in real estate for various reasons. Two of the most common reasons are investing to generate a steady stream of income i.e. cash flows and investing to make a quick buck because of the price rise in the market. This article compares both these approaches and the risks and rewards […]
How Does The Failure of Silicon Valley Bank Affect Stakeholders
The fall of the Silicon Valley Bank happened very suddenly. The bank had gone from a healthy functioning bank to near bankruptcy within 48 hours! As a result, the credibility of the entire American banking system has been brought into question. This is because commercial banks are not like regular organizations. In most cases, they […]
What is Disaster Recovery Plan ?
Imagine that you are running a small scale organization and have been in business for over five years. You have managed to streamline all processes online including purchasing, payroll, invoicing and accounting etc. It is quite likely that you will not have paid any thought to taking backup of your data on systems. Even if […]
Objective Setting and MBO-SMART Objectives
Defining the performance objectives can be very useful as it defines the performance expectations. Objectives which are written down and are verifiable can be far more useful if they are SMART in nature which means Specific, Measurable, Achievable, Realistic and Time Bound. Many organizations set goals and objectives through a formal process known as Management […]
360 degree feedback is also known as multi-rater feedback or multi-dimensional feedback or multi-source feedback. It is a very good means of improving an individual’s effectiveness (as a leader and as a manager). It is a system by which an individual gets a comprehensive/collective feedback from his superiors, subordinates, peers/co-workers, customers and various other members with whom he interacts.
The feedback form is in a questionnaire format, which contains questions that are significant to both individual as well as organization from performance aspect. It is filled by anonymous people. The number of people from whom feedback is taken can range from 6 - 20.
The individual’s own feedback is also taken, i.e., he self-rates himself and then his rating is compared with other individuals ratings. Self ratings compel the individual to sit down and think about his own strengths and weaknesses.
The primary aim of a 360 degree feedback is:
It must be noted that the assessment of individual by other people is subjective.
A 360-degree feedback is challenging, promoting and analytical. It should not be regarded as ultimate and concluding. It is a beginning point. Self-assessment is an ongoing process.
360 degree feedback provides a comprehensive view of the skills and competencies of the individual as a manager or as a leader. The individual gets a feedback on how other people perceive and assess him as an employee.
360 degree feedback is beneficial to both an individual as well as organization. It leads to pooling of information between individual and other organizational members. It encourages teamwork as there is full involvement of all the top managers and other individuals in the organization. It stresses upon internal customer satisfaction. It develops an environment of continuous learning in an organization.
Based on a 360 degree feedback, the individual goals and the group goals can be correlated to the organizational strategy, i.e., the individual and the group can synchronize their goals with the organizational goals.
The feedback must be confidential so as to ensure it’s reliability and legitimacy. The feedback must be accepted with positivity and an open-mind. The effectiveness of the feedback must be evaluated and analyzed on a regular basis.
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Current Employment Trends and Their Implications for Business, Society, and Individuals
February 12, 2025
