Many people make the mistake of assuming that feedback automatically equates to complaining. After all, people tend to not speak up about issues unless the topic reaches a boiling point, right? In reality, feedback doesn't have to be like this at all. When given properly, feedback is constructive and can help to both reinforce what you're doing right and pinpoint what you may be doing wrong.
No one is immune from the concept of feedback because no one is perfect. When you learn to accept feedback (regardless of where it is coming from or how positive or negative it may be) it will have a dramatic effect on all areas of your business.
Accepting Feedback Helps Employees Feel Engaged
A willingness to accept feedback has a direct relationship with something all business leaders should be concerned about: employee engagement. Feedback goes beyond open and honest communication and enters into a realm where employees are free to speak their minds when they feel it is necessary to do so.
If employees don't feel like they can come to you with issues they see as essential, it can have a negative effect on your entire business. According to one study conducted by Execu-Search, 42 percent of all employees feel like company leadership does NOT contribute to a positive company culture. This goes a long way towards explaining why, according to a Gallup study, 51 percent of the U.S. workforce is not engaged.
The most alarming statistic of all is that these types of disengaged employees cost businesses between $450 billion and $550 billion annually. As a leader, this is the type of situation that you're creating for yourself by being unwilling to accept feedback from those around you. Even if you don't agree with something that an employee has to say, just the fact that you're willing to listen to them goes a long way towards keeping morale (and company culture) as strong as it can be.
Feedback Acknowledges the Importance of Continued Learning
Feedback is also critical to the modern business for the simple reason that it sets the tone for everything that comes next. It's less about your willingness to listen and more about showing that you're always looking for ways to improve, to do better, to make stronger decisions, and to increase your performance.
Luckily, it isn't hard to accept feedback at all, and you get can plenty of practice because it's around us all the time. Every time you're talking to an employee, or a customer, or a vendor, you're getting feedback. Going out of your way to hear it can help make employees feel more valued, which in turn motivates them to work harder. It can also make your customers feel more valued, which strengthens your long-term relationships.
This type of actionable information is crucial for you to make stronger, more informed decisions in your position moving forward. Going out of your way to get constant, honest, and (yes, sometimes) raw feedback helps make sure that your actions are aligned with the goals of your business.