WHAT ARE THE BENEFITS OF 360 FEEDBACK?

Broader Scope of Feedback: Feedback is received from all key stakeholders, not just a supervisor, providing a well-rounded view of how others perceive a participant's efforts.


Fair Feedback: The 360 process is conducted in a confidential setting so raters can provide accurate and honest feedback. If there are only a few rater surveys, the results are combined in order to obscure rater identity.


Self-Awareness: 360 degree feedback results are presented in a complete report that highlights the strengths and weaknesses of a participant's skills in a given set of competencies. The results give the participant a clear and accurate picture of their performance that could not be seen otherwise.


Self-Development: Getting a clear picture of performance helps identify weaknesses that need to be improved as well as strengths that can be leveraged. Knowing the skills that need improvement is the first step toward creating a plan of development for the short and long term.


Reduces Turnover & Cost: 360 degree feedback facilitates an environment that encourages self-development, which leads to job satisfaction. This minimizes turnover and the costs associated with replacing employees.

Estimates of turnover cost range from 25% to 200% of an employee's annual salary. To put this in perspective, if the average salary of an employee in a given company is $50,000 per year, then the cost of turnover at 75% of that salary is $37,500 for each employee that leaves the company. For the mid-sized company of 1,000 employees with a 10% annual rate of turnover, the annual cost of turnover could be $3.75 million!

more info....