How Continuous Feedback Can Help Combat the Great Resignation
An astounding 4 million people left their jobs in April 2021,1 the start of what has been dubbed “The Great Resignation.”2 Workers worldwide have cited burnout following the global COVID-19 pandemic and a desire for greater flexibility in when, how and where they work. With another 55% of Americans planning to switch jobs in the next 12 months,1 employee retention is top-of-mind for many employers. Employees want to feel valued, to have career growth opportunities and to engage in regular and continuous feedback with their managers and leaders.
Keep Employees Engaged with Continuous Feedback
Acceleration Partners’ Founder and CEO Robert Glazer first introduced the concept of continuous feedback in 2015. In recent years, many organizations (and employees) have found greater value in regular feedback and progress check-ins. In fact, one survey found that employees who receive weekly feedback are 2.7 times more likely to be engaged at work, and 5.2 times more likely to strongly agree that they receive meaningful feedback.3
Making open and regular feedback a part of your culture is an essential part of continuously improving, growing and scaling as a company. It’s also key to retaining and engaging great employees. A company culture built on continuous feedback will help drive greater employee trust, happiness and performance, as well as increase employee retention. Avoiding constructive feedback and honest conversations with your employees could actually hurt your business and reduce employee satisfaction and happiness.
Studies have shown:
- Companies that set quarterly performance goals generate 31% greater returns from their performance process than those who set annual performance goals.
- More than 90% of employees would prefer their managers address mistakes and provide real-time learning opportunities.4
How Acceleration Partners’ Culture Stands Apart
At Acceleration Partners, we’ve rethought the way we communicate with our employees, replacing outdated processes—like the annual review—with new methods that enable greater employee growth, opportunity and happiness.
We’ve created a culture of continuous open feedback focused on not just giving and receiving feedback, but also on responding to feedback with thoughtful responses and solutions. Just as we expect managers to regularly provide feedback to their direct reports, we count on employees to provide candid feedback to leadership. In fact, we begin each quarterly meeting by asking employees to comment on things upon which our leadership can help improve.
Continuous feedback is key to living our core values. We encourage and support all Acceleration Partners employees to:
- Own It: Step up to the opportunities in front of them, bet on their own abilities and rise to the occasion
- Embrace Relationships: Create genuine connections built on trust
- Excel & Improve: Achieve excellence through continuous improvement
One of the other ways Acceleration Partners stands out is through the established transition expectation. Employees are encouraged to share their plans for their future at Acceleration Partners – even if those plans involve leaving the company. Having this transparent and honest transition policy creates a healthier and happier workforce with more trust and communication that has made the two weeks’ notice a thing of the past.
Employees are expected to own their happiness at Acceleration Partners, participate in two-way conversations, feel empowered take steps to improve and embrace relationships.
Want to join a company that values your happiness and empowers you to have open and candid discussions about your role and career growth?
Learn more about our award-winning culture and check out current job openings.
[1] https://www.npr.org/2021/06/24/1007914455/as-the-pandemic-recedes-millions-of-workers-are-saying-i-quit
[2] https://www.cnbc.com/2021/08/25/great-resignation-55-percent-are-looking-to-change-jobs-over-the-next-year-.html
[3] https://www.hrdive.com/news/study-employees-want-frequent-face-to-face-feedback/567392/
[4] https://www.forbes.com/sites/lisabodell/2018/04/27/why-performance-reviews-are-irrelevant-today/?sh=3c620764b63c
