There are several pros that make 360 degree feedback well worth spending time on.
Feedback is more well rounded because it comes from multiple sources. For example, you want to know better about your ability to get along with people. It would be more helpful to hear answers from all members in your team, including your managers, the colleagues that have worked with you for a long time and the new ones.
Moreover, you can look for patterns and tendencies in 360 degree feedback. For instance, you have consciously spent more time explaining the motives of your decisions to your colleagues. When most team members responds to it with positive feedback, you know it is the right direction to move forward.
A 360 review helps team members learn about the impact of their behaviors on other members. They can then make well-informed adjustments in order to work more effectively together.
As an example, one learns that her act of interrupting affects her colleagues’ flow of thinking. She is likely to change her behavior and be more patient in future’s team discussions. When each member adjusts his or her behavior in order to bring positive impact, it will definitely benefit the team’s collaboration.
This is the main purpose of 360 degree feedback. Each individual comes to understand the need to grow and which areas to grow into. Managers and employees can then sit together and make step-by-step plans to improve.
For example, an admin assistant receives feedback on her ability to prioritize tasks. Most people said that she took on more and more tasks. However, she occasionally failed to finish a task as previously committed, and became a bottleneck in the process. Having read the feedback, she now knows that prioritizing tasks is a skill that she should focus on so that she can grow and take on more responsibilities.
The admin assistant can sit down with her line manager to work out a growth plan. Her manager can give her advice on how to avoid overloading.
“Before deciding to take on a new task, you should spend some time going through the status of the current tasks and think about how to allocate time for the new one”
Improved feedback, team development and personal growth will benefit the growth of the whole company, even though it is not the main purpose of a 360 review.