360 feedback assessment is too expensive remains a misconception. The word on the street is that enhanced performance evaluations through 360 feedback are NOT an economical business expense. But, honestly, given the cost of hiring and training versus retention, there could be nothing farther from the truth. Companies everywhere are asking the same question, "How do we invest in our top performers in ways other businesses don't?" Of course, investing in employees is not a new way of thinking. However, those companies making sure that their team is valued, will continue adding worth through their human capital. Affordable assessment is an advantage in generating loyalty at all ranks of personnel.
Investing in valuable feedback is investing in a company’s greatest asset. Without question, a company’s greatest asset is its team of people. The value of measuring the performance of those people is an added advantage for many reasons. The task of asking the right people for feedback that is delivered in an unfiltered state and then used as a performance improvement plan does everything for the overall moral of highly valued employees. It also enhances communication between the raters and the 360 participant. People like to be asked their opinion especially when it is being used productively as in a feedback assessment.
The backbone of success in any business or organization is held in the efficiency and productivity of its people. If a company wants to stand out from the competition they simply need to help their employees stand out while they are feeling valued. A company's team of individuals is the most valuable asset the company possesses, and it is that talented team of individuals who will keep adding significance once they feel the company's loyalty is as strong as theirs. Receiving the responses that are derived from a 360 assessment becomes reinforcement for an individual’s development blueprint. It reveals the hidden strengths and opens blind spots that lead to both personal and professional growth.
Affordable 360 assessment IS the value added advantage. 360 evaluations provide employers insight to individual skill sets while focusing on their strengths and developmental needs. The cost of losing an employee can be significant. Why would an employer take the risk of retaining valuable long-term talent by not asking questions and being proactive?
For well skilled individuals the opportunities for employment are endless. But, put the ball in their court and if an employer doesn't provide a supportive growth environment, dynamic employees will be going somewhere else to find it!