Fireside chat for new managers: The importance of feedback

A few weeks ago, I participated in a fireside chat for new managers at an international financial institution. We discussed feedback—and the importance of both giving and receiving it—as a team leader. Below is a summary of the key takeaways. (Check it out in video form on YouTube, Instagram, and LinkedIn.)

Key takeaways

1/ Investing time and energy in each of your team members’ development is a core part of being a successful leader and manager.

• Doing so fosters an environment of learning and growth, which in turn facilitates giving and receiving feedback—and fast feedback fuels high performance.

• Since your success as a team leader depends on your team’s success, it’s important to hold yourself accountable for making these investments.

2/ Humility is an important starting place for both giving and receiving feedback.

• When giving feedback, humility establishes that your goal is to help, not correct; humility fosters trust and prevents the person who’s receiving the feedback from becoming closed or defensive.

• When receiving feedback, humility puts you in an open and growth-oriented mindset; humility enhances your ability to accept and internalize the feedback, whether reinforcing or constructive.

3/ It’s tough to receive harsh feedback, but here are three actions that can help.

• First, take a deep breath when you first hear the feedback; this helps release any initial anxiety you may feel.

• Second, after receiving the feedback, show gratitude no matter what; this reinforces your own growth mindset and prompts you to assume best intent (e.g., not everyone is skilled at giving constructive feedback).

• Third, let the feedback sink in before acting on it; going for a walk or sleeping on it can often help you put the feedback into perspective (perhaps it was more minor than it seemed) or uncover useful insights that weren’t initially obvious.