Feedback has a significant impact on turnover rates within organizations. When employees receive constructive feedback, they gain better insight into their performance and understand how they can improve. This not only aids in their professional development but also makes them feel valued and appreciated, leading to increased job satisfaction and reduced turnover rates.
According to a Gallup study, employees who received feedback on their strengths had turnover rates that were 14.9% lower than those who received no feedback. This indicates the powerful role that feedback plays in employee retention.