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In this fast-paced world, it takes great leadership to lead their organisations to thrive on the challenges posed by the VUCA business landscape. One key characteristic of great leaders is their openness to receive feedback concerning their leadership behaviours that impact others. Jim Collins found that level 5 leaders who lead great organisations, have the humility to make amends for their behaviours. In doing so, they win the trust of their people and inspire others to embrace a shared vision.
Great organisations are developing their people to become great leaders. According to Forbes, more than 85% of all the Fortune 500 companies use the 360-degree feedback process as a cornerstone of their overall leadership development process.
360 feedback is a process in which employees receive feedback from their superiors, peers, and subordinates. Organisations around the world are using 360-degree feedback to develop their leaders. The feedback provides an in-depth view of a leader's strengths and areas for improvement, allowing organisations to tailor development plans that help them improve in the areas that matter most. When administered correctly, 360-degree feedback can be a powerful tool for developing leaders at all levels within an organisation.
Some of the advantages/benefits of 360 feedback for leaders are:
1. Increase self-awareness: Self-awareness is a requisite component of being a successful leader. The 360-degree feedback assists leaders to increase their self-awareness by providing them with input from many sources, allowing them to see their blindspots. This information help leaders see themselves more objectively and correct their behaviours through prioritising developmental areas for growth.
2. Creates a Culture of Openness: Creating a culture of openness is another key characteristic of great leaders. A feedback culture helps foster healthy dialogue in a safe space. The employees become more forthcoming with their concerns and ideas, leading to the development of an open atmosphere, allowing for honest and constructive feedback. The 360-degree feedback process encourages such openness, not only within the peers but across the ranks. This information helps leaders discover and cater to the areas where their attention is most needed.
3. Empower Employees: The 360-degree feedback assessment also empowers employees. Leaders can use this feedback to identify areas where they can empower more responsibilities to employees. As a result, employees will feel motivated to perform well.
4. Strengthening relationships: Leaders have a significant impact on the individuals who report to them, which is why they account for 70% of the variance in employee engagement. This implies that if they don't embody the essential characteristics of a great leader, their employees will be affected negatively, resulting in poor performance and low morale.
For the practice of the 360 feedback to be beneficial, it must be administered in a way that engages and motivates leaders to better their leadership behaviours, and understand how their behaviours affect the productivity and engagement of their direct reports and colleagues.
What areas do your leaders need to work on to better their impact on their people?
Our research-based PACE360° Feedback can help your organisation by providing a platform to guide the People Leaders (frontline and functional managers) and Organisation Leaders (HODs and above) to perform their roles effectively and become better leaders. Each assessment instrument measures 60 behaviours in 12 competency clusters across the 3 dimensions of External Business Enablers, Internal Business Enablers, and People Enablers.
Let our OD experts help your leaders garner the invaluable feedback that is imperative for them to become better leaders in leading them towards successful organisation performance, setting the organisation up for success in the years to come.
Find out more about PACE360° Feedback by contacting us at connect@pace-od.com.
For a sample of our PACE360° Organisational Leader Assessment Sample report, click here.
For a sample of our PACE360° People Leader Assessment Sample report, click here.
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