In this article we will discuss how Multi-rater feedback will prove to be your best business asset.

„Customers come second, employees come first.“

Richard Branson uttered this sentence, a multi-billionaire founder and CEO of the Virgin Group, a company that currently operates more than 400 companies in different industries.

That man obviously knows what he is talking about, right?

But don’t customers always come first? And if we make our customers happy and satisfied, we will be successful, right?

Well…not according to science.

You see, as a CEO or a high-ranking individual in a company, it is common to start to see your employees as mere resources for achieving the company goals, and not as people that want further personal growth and satisfaction within a company.

To deny them that, is not only unethical, but also highly unprofitable.

IBM conducted a study that revealed that employees who do not feel that they are growing and developing in a company are 12 times more likely to leave it. Other studies such as Gallup’s State of American Workplace have shown that improvement in employee satisfaction can lead to increased productivity and better customer service, that can result in up to 20% increase in sales.

So, by now it is pretty clear that further developing your employees is something any company simply must do.

But how do you do it?

You do it by providing them with the education and relevant information and advice that allows them to develop in areas in which they maybe require some help. Some companies prefer to do some in-house training and education, others like to send their employees to workshops, and some like to provide their employees with digital education such as online courses or training programs.

Another question that naturally arises is how do you know which areas your employees need help with?

This is where assesment tools come in.

Multi-rater feedback

Assessment tools like the globally used and highly appraised Multi-rater feedback are a crucial element of your employee development process because they clearly indentify and pinpoint areas for further growth and development.

Inside Multi-rater feedback you can easily see traits and skills like leadership, communication, teamwork etc. that may be lacking and require some further education and development. For more information on Multi-rater feedback, check our other article What is 360 Degree Assessment?

Conducting Multi-rater feedback on your own can be a really tiring and confusing process. Especially if you are not an expert in performance assessment. It is incredibly easy to make a mistake that can lead to wrong information being delivered. And hiring a live team to come into your company and do an assessment can be really expensive.

Good news is that this is a world of new technologies. There are online tools and softwares that automate the whole process for you. These tools allow you to conduct profesional and high-quality employee assessments for a small fraction of the cost. A shining example of such technologies is the Best360 software

I hope this article helped you learn about the importance of investing in your employees. You should consider applying it as soon as possible.

Your success may depend on it.