Data is everywhere. Every day we produce 2.5 Quintillion bytes of data. Every minute of every day across the globe, 204 million emails are sent, two million google searches made and 100, 000 tweets are made. Organisations gather 360 feedback data on individual employees to support their performance and development. The value of 360 Feedback data is that it can provide company-wide insights too.
Big Data and the Internet of things have been hailed as ‘the new oil’. Like oil in the past, the internet provides opportunity and hidden riches for those companies brave and clever enough to take advantage.
We all know that Data can be used to drive sales and improve the customer experience, but companies can also use employee data to get actionable insights.
The knowledge, skills and abilities of an organisation’s people – human capital rather than sales reports & assets – can have a strong impact on organisational performance.
Track360 Feedback is an online tool for collecting valuable company data on people, teams and employees. But collecting data is not enough – it is how you use it that matters. Below we highlight three ways in which you can harness your people data to make better decisions, increase efficiency and develop the skills of your employees. The value of 360 Feedback data is that it can highlight trends in employee behaviours. In turn, these insights can help to focus on targeted training and development.
The value of 360 Feedback data to empower leaders
Analytics can help businesses empower their management team. With a bespoke 360-degree assessment tool such as Track360, employees receive anonymous feedback from direct reports, line and project managers, peers, customers and any other colleague group.
This data helps measure performance, personal growth and development, or a combination of the two.
Once companies have identified what is working and what is not, they can identify the reasons why. As a result, they can take action, either by coaching leaders, training or simply highlighting the areas of improvement and empowering the leadership team to suggest solutions.
Align Staff to company goals
The company leader or CEO may well be very familiar with company strategy and goals. But aligning employee behaviour with desired outcomes can be a tricky task.
Track360 can help measure current behaviour patterns and re-align employees on the ground with the company strategy, expectation and ethics. Doing a 360 programme often can help companies gain a better insight into what is going on in the company, then act accordingly to make sure everyone is ‘singing the same tune.’
Combining the data of your employees with sales and performance data could also lead to further insights. For example, are sales dropping in a certain area because of negative issues around company culture or management style?
One of the very valuable insights which Track360 data can provide is into the skills that your workforce is lacking. For example, are managers bad communicators or poor delegators? Or maybe some managers are getting fantastic feedback on their delegation skills. You may therefore want to find out what they’re doing and train others to do the same?
Track 360 can measure skills and give you data on your people’s abilities. In addition, once you have decided which core skills are important for your company or organisation, you can work on measuring and developing skills in your employees at all levels.
For more information on 360 feedback, please contact us.
Track 360 is a online software tool you can customise to your organisation’s unique competencies. To find out how it works, and request a trial, click here.