Effective Communications Leads to Results
Talk is cheap, but it should come as no surprise that effective communications is the backbone of every successful business, not only for consistent feedback, but for a two-way dialogue as well.
Feedback between peers and others does several things. First, it mixes praise with constructive criticism about a specific project or activity. Second, employees who are rated on their performance can receive timely advice about how they are doing rather than waiting for the shoe to drop during the often-dreaded performance review.
Of course, managers also use feedback to improve employees who aren't contributing their fair share to company goals. In any event, managers and employees should schedule the time to sit down and converse on a regular basis.