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What benefits do companies reap by conducting 360-degree feedback?

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Performing annual employee reviews takes enough time as it is. You have to fill out the forms, get approval, in some cases, from HR, before conducting the in-person review, explain things to the staff member, request a signature, then go through HR once again. Most managers (and employees, for that matter) dread employee evaluations because of the time involved. So why would anyone want to do a 360-degree feedback evaluation, which obviously takes even more time? Because they�re effective. Sometimes results speak louder than inconvenience. Here are a handful of reasons why these feedback exercises are beneficial:

- Increased communication between team members. In essence, if you know you�re going to be reviewed by your team members, you take more initiative to talk with those around you and to work pleasantly with them. And companies are happy to have employees who work well together.

- Better employees. When employees understand (via feedback results) why people may perceive them a particular way, what peers wish they�d change, and how clients feel about their professional style, they�re more apt to make changes for the better. And the better a company�s employees, the better the company will be. Generally, that means better name recognition, increased word-of-mouth advertising, and a bigger bottom line.

- Involved team members. On occasion, an employee can hoodwink a superior, and get a good review, while the employee�s peers know the truth. A 360-degree review is their chance to weigh in on a problem child.
Identifies training needs. A formal evaluation, conducted by internal and external sources, gives management a better idea of the training needed to improve the company.

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