Improve employee performance with real time microfeedback
How does real time performance feedback improve employee performance?
The most effective performance feedback is immediate and specific, however most organizations provide employees with feedback only once or twice a year.
Annual performance reviews have become overwhelming for managers, finance, and HR. Paperwork is late, backup performance data is spotty at best and annual performance reviews are late, vague and frustrating, often surprising employees with unexpected negative feedback.
There is a better way. Improve employee performance with microfeedback. Leverage the power of today’s technology to provide employees with impactful, specific and near-immediate feedback with iRevü. iRevü is an easy-to-use, mobile performance solution that provides real time feedback to employees and makes performance reviews a snap.
- Eliminating performance data black holes
- Reducing the end-of-year performance review crunch
- Aligning company goals with individual performance
- Shortening time-to-productivity for new employees
- Improving company agility and responsiveness
- Providing comprehensive exit interview data
- Reducing legal liability for lack of feedback on terminations
- Tracking for rewards and recognition so CFO and COO have audit trail
Microfeedback Financial Benefits
Employee performance directly impacts the bottom line. Disengaged and low performing employees can cost your company money. Consider:
- Turnover is expensive: It costs at least 33% of an employee’s annual salary to replace them—when lost productivity and opportunity costs are factored in, the cost reaches 50-150%.
- Employee lawsuits are expensive: With a 35.5% plaintiff win rate and an average award of $137,000, companies pay over $1 billion in wrongful termination suits annually.
- Disengaged employees cost productivity: Studies show staff that isn’t engaged lead to a 45% increase in customer service and billing credit issues.
Providing employees with real time performance management can increase operating margins 8% and reduce unplanned turnover 60% and improve employee performance. iRevü is the easy-to-use employee feedback software that facilitates real time performance feedback for employees.
Real Time Feedback Operational Benefits
Performance feedback—especially when timely and specific—directly impacts the bottom line. Companies that don’t provide real time employee feedback witness an 8% loss in operating margin on average. That adds up—and hurts your profitability—quickly.
Providing real time feedback to employees consistently via a secure app solution makes both managers and operations staff breathe easier and improves employee performance. Delivered through the cloud, microfeedback enables your organization to focus on big picture corporate goals.
iRevü integrates seamlessly with performance management software, talks to your reward and recognition platform and provides a transparent, comprehensive record of performance over time.
The power of microfeedback, by the numbers:
- Increased operating margins by 8% on average
- Reduced unplanned attrition by 60%+
- Reduced customer service and billing credit issues by 45%
Microfeedback Benefits Management
Managers and Human Resource professionals dread performance review time. It’s a hassle, often ineffective and requires searching through hundreds of emails to complete all of the paperwork. Find out the ROI in HR performance management software like iRevü.
Instead of going through this annual madness, replace the chaos with on-going, real time performance feedback that improves employee performance while lightening the load on managers and HR?
Managers can provide near-immediate, documented performance feedback to employees on a consistent basis. Enable managers, peers and other co-workers to provide positive and constructive feedback through an easy-to-use interface accessible on any smartphone, tablet and computer.
- Eliminate email scavenging at performance appraisal time with a simple one-click export of all feedback
- Access employee feedback anytime, anywhere through an easy, fast and responsive tool that works on any mobile or desktop device
- Reduce awkward performance discussions by leveraging documented, 360 degree inputs across the organization
- Create alignment with company values through a customized dashboard that reflects what matters in your organization.
Microfeedback Benefits Employees
What would a real time performance management system be without improving performance? Today, review time is frustrating for employees. They walk into a performance review thinking their appraisal will be great.
Instead, employees hear a laundry list of past mistakes—provided without specific feedback that improves performance and definitely received too late to make any course corrections. Stop the performance review madness for your employees.
iRevü provides near-immediate, documented performance feedback to employees so there are no surprises at review time. It enables employees to receive positive and constructive feedback in real time from managers, peers and other co-workers all through an easy-to-use interface accessible on any Smartphone and computer.
Consistent, reinforced microfeedback is the best way improve employee performance and to reward and recognize them for a job well done!
- Receive continuous feedback to improve performance
- Recognize and reward great work in real time
- Eliminate big performance review surprises
- Easily “course correct” on the job
- Align with company values to create performance culture
- Request feedback from others without interrupting/disturbing managers