- everydayfeedback
Cost Of (Poor) Feedback to Your Business
Updated: Nov 3, 2020
A big preoccupation in the quality arena in business is making sure that everyone measures the cost of poor quality. Quality leaders in the C-suite are focused on this all of the time. Quality directly affects business success.
For instance, if people or machines produce flawed products in a plant, there may be a huge cost to replacing the products and correcting the process. If a team member ignores a major client and spends more time on lower priority tasks, what are the costs of having someone connect with the customer and repair the neglected relationship?
When something goes wrong:
How many products are botched?
How many customers are alienated?
How much will it cost to repair the product or relationship?
How will people fix the process that led up to the problem?
How will such mistakes be prevented in the future?
Great feedback that’s honest, frequent & helpful is, of course, super valuable for anyone trying to prevent, avoid, or repair mistakes.
In fact, you can apply this method to feedback. Start measuring the cost of poor feedback in your world.
How many times have leaders avoided or botched opportunities to give feedback that could truly help an employee shine at work?
How often have those botched opportunities led to less than great performance?
How much time, effort, money etc. will it cost to remediate the poor performance of leaders not giving effective feedback?
How can you train yourself and others to start giving feedback frequently and how much time and effort will it take?
How much time and effort will it take to prevent poor feedback?
These are the costs of poor feedback. They may add up into the millions of dollars in just your group. If you’re talking about the culture of poor feedback in a global enterprise, it could be in the billions.
When you start looking at it this way, can you afford not to step up your feedback game?
Read The Feedback Imperative for more information on how to give great feedback!