Everyone needs to understand how their contribution to the company is valued and what is expected of them in the future. This feedback is essential for the individual to develop plans to fulfill future expectations. The broader the feedback (360°) the more comprehensive the plan.
360° refers to the analogy of the individual sitting at the centre of a compass and receiving feedback top down (North), peer group (East), bottom up (South) & associates (West).
Information received from just one source may be questioned information consistent from four sources is likely to be accepted and acted on.
Knowing the signs helps prepare for the road ahead.
The fact is most companies only realise a fraction of the potential of their employees because they don't help them develop comprehensive employee growth plans. The job of the manager is to grow the business by growing the people in the business.
The better the information we have (Inputs) the better we can Plan, Organise & Execute (Process) to achieve the desired results (Output). Feedback is a valuable additional Input to the Process.
There's no value in good thinking about the future if you're not doing something about it today.