The Failure of Long Term Capital Management (LTCM)
For centuries, men have held the ambition to be able to beat the market consistently. Year after year many traders try new strategies to be able to win consistently in the market. However, their strategies predictably fail creating the belief that the market is invincible and that the ability to beat the market consistently is […]
Organizing Function of Management
Organizing is the function of management which follows planning. It is a function in which the synchronization and combination of human, physical and financial resources takes place. All the three resources are important to get results. Therefore, organizational function helps in achievement of results which in fact is important for the functioning of a concern. […]
Enterprise Resource Planning (ERP) – Meaning, its Need and Advantages
There are various ways in defining an Enterprise Resource Planning System. This is how it has been defined by American Inventory and Production Control System (APICS) dictionary: “Enterprise Resource Planning: An accounting oriented information system for identifying and planning the enterprise-wide resources to make, ship and account for customer orders.” Again in Internet encyclopedia, it […]
Scalability and Startups
Scalability is considered to be a very important factor in any start-up company. Investors all over the world are highly impressed by scalable business models and prefer investing in the same. However, many people in the start-up community still do not have a clear idea about what scalability is. In this article, we will have […]
The Importance of GDP
In the previous article, we understood why the GDP number was created and what purpose is it supposed to serve. However, this does not state the importance of the GDP number. The average person begins to believe that GDP is one of the many numbers that economists use. However, this is not the case. The […]
Receivers are not just passive absorbers of messages; they receive the message and respond to them. This response of a receiver to sender’s message is called Feedback.
Sometimes a feedback could be a non-verbal smiles, sighs etc. Sometimes it is oral, as when you react to a colleague’s ideas with questions or comments. Feedback can also be written like - replying to an e-mail, etc.
Feedback is your audience’s response; it enables you to evaluate the effectiveness of your message. If your audience doesn’t understand what you mean, you can tell by the response and then refine the message accordingly.
Giving your audience a chance to provide feedback is crucial for maintaining an open communication climate. The manager must create an environment that encourages feedback. For example after explaining the job to the subordinated he/she must ask them whether they have understood it or not. The manager should ask questions like “Do you understand?”, “Do you have any doubts?” etc. At the same time he must allow his subordinated to express their views also.
Feedback is essential in communication so as to know whether the recipient has understood the message in the same terms as intended by the sender and whether he agrees to that message or not.
There are lot of ways in which company takes feedback from their employees, such as: Employee surveys, memos, emails, open-door policies, company news letter etc.
Employees are not always willing to provide feedback. The organization has to work a lot to get the accurate feedback. The managers encourage feedback by asking specific questions, allowing their employees to express general views, etc. The organization should be receptive to their employee’s feedback.
A manger should ensure that a feedback should:
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