Our Psychology & Consulting Team have experienced a significant increase in organizations requesting feedback surveys for their leaders, employees, and their business. Among these, 360-degree surveys are proving to be an extremely popular tool in 2024. Organizations are beginning to realize the benefits of investing in leadership development. The best part? Most of the uptake in 360-degree surveys have been from Small-to-Medium-sized organizations. If you’re not convinced that regularly assessing your leaders through a 360-degree survey will improve your organization’s culture and health? Well, here are the top 5 benefits of 360-degree surveys in today’s organizational landscape.
1. Improves Self-Awareness
Did You Know? Research indicates a positive correlation between self-awareness and net profit & ROI.
At the core of 360-degree surveys, is a deep-dive into the self-awareness of leaders, managers, and employees. 360 surveys offer detailed insights into how an individual is perceived by others in the organization. By understanding their strengths and areas for improvement, individuals can take proactive steps to develop their skills, adjust their behaviour, and ultimately become more effective in their roles.
We often get clients wondering if their junior to mid-level employees should be undergoing a 360-degree survey, and the answer is always YES. However, the 360-questionnaire should differ between a senior leader, and a supervisor. Check out our guide here.
2. Enhances Employee Engagement
According to Zenger & Folkman (2020), a study involving close to 100,000 leaders showed a positive relationship between effective leaders and engaged direct reports.
360 surveys provide a platform for employees to contribute to the feedback process, making them feel valued and heard within the organization. When employees know their opinions are considered in assessing leadership and team dynamics, it fosters a sense of involvement and belonging.
This increased engagement leads to higher job satisfaction, greater motivation, and a stronger commitment to the organization’s goals. Engaged employees are more likely to perform at higher levels, contributing to the overall success and productivity of the business.
3. Develops High Performing Team
Imagine This. A marketing team that is fully aware of each member’s communication methods, thinking style, their unique strengths and development areas. That’s what we call a High Performing Team.
At the heart of a 360-degree survey, is the ability to gather feedback from multiple perspectives. The truth is it doesn’t even have to be related to leadership-qualities. Having a customizable 360-degree platform allows you to develop a survey questionnaire that is unique to your team. Developing a unique survey will allow you to identify communication gaps, resolve interpersonal conflicts, and any misaligned expectations that often hinders teamwork. Addressing these issues helps build stronger, more cohesive teams that work together more effectively to achieve common goals.
4. Promotes a Culture of Accountability
A study found team accountability is strongly related to trust and commitment in the early phases. In seasoned teams, accountability increases effort and willingness to collaborate.
360-degree surveys are confronting, but it brings about a level of transparency, and honesty. Teams who regularly undergo 360-degree surveys are more likely to take personal responsibility for their growth and seek out constructive feedback. They are committed to making the necessary improvements and look forward to seeing their growth in the next 360-degree review.
360-degree surveys aren’t assessments, nor are they tests. They’re simply an accountability mirror for individuals to develop their self-awareness and grow as professionals.
5. Better Decision-Making and Strategic Planning
Learning & Development. L&D becomes a breeze when you know exactly what qualities and behaviours are missing in the organization. From leadership competencies of the senior leadership team to professional traits of employees. 360-degree surveys provide organizations with a wealth of data that can inform decision-making and strategic planning.
By understanding the strengths and weaknesses across different teams and departments, leadership can make informed decisions about resource allocation, talent development, and other critical areas. This data-driven approach helps ensure that strategic initiatives are aligned with the organization’s goals and are more likely to succeed.
Conclusion
In 2024, the significance of 360-degree surveys cannot be overstated. As organizations navigate the complexities of a fast-paced and ever-changing business environment, the insights gained from these surveys are proving to be invaluable. By improving self-awareness, enhancing employee engagement, developing high-performing teams, promoting a culture of accountability, and enabling better decision-making, 360-degree surveys empower organizations to thrive.
For small to medium-sized enterprises, in particular, the adoption of these surveys represents a powerful step towards building a resilient, adaptive, and successful organization. As more businesses recognize these benefits, 360-degree surveys will continue to be a cornerstone of effective leadership and organizational development.