In today’s rapidly changing work environment, employees need to become more agile and adaptable. In order to develop this skillset, feedback and training needs to be just as adaptable and timely. Instead of employees going through a review process once or twice a year - each taking a considerable amount of time - real-time feedback helps to keep employees in a consistent loop of monitoring and improving performance quality.
Stress caused by annual performance reviews triggers our body’s natural ‘fight or flight’ reaction, turning what should be a learning experience, into a moment of anxiety (Source).
Instead of discussing performance once a year, more frequent check ins are preferred by the majority of employees. 80% of Gen Y said they prefer on-the-spot recognition over formal reviews (Source), while 63% of Gen Z said they want to hear timely, constructive performance feedback throughout the year (Source). In addition, companies who implement regular employee feedback have turnover rates that are 14.9% lower than for employees who receive no feedback (Source).
Data-focused, real-time performance feedback is also a fair, unbiased, and uniform method, enabling evaluation to become less encumbered by the personal bias of managers. In a survey published in Harvard Business Review, 57 out of 100 participating large organization said they weren’t taking any actions to address bias in performance reviews.
Chiefly offers real time feedback to anyone who runs an online meeting. Leaders get real time notification and can shift their behavior accordingly to improve their leadership and the meeting’s efficiency.