How many companies use 360 feedback? If you ask Fortune Business Insights, which estimates the global 360 degree feedback software market size is expected to reach $1.9 billion in the next seven years, the answer is all of them. Or if not all of them yet, then it will clearly be the case soon.
We tend to think that’s overly optimistic, but from our vantage point at G360 Surveys, we also have seen interest and utilization of our surveys grow significantly over the years.
If you haven’t already moved away from the traditional top-down review process in your organization, consider these examples of companies that use 360 feedback to help you see just how ubiquitous it has become.
Tech Titans Use 360 Feedback
It should be no surprise that tech companies like Google and Netflix are among the adherents to 360 feedback. Grove HR recently did a deep-dive into how Google conducts performance reviews and 360 feedback plays a central role. We’re hesitant to say too much about Netflix, because they pair their 360 feedback process with a culture of radical candor, but we did find this synopsis of No Rules Rules, by former Netflix CEO Reed Hastings’ to be interesting. In it, you can learn a little about how the 360 feedback process at Netflix worked.
Financial Giants Use 360 Feedback
British-based Barclays has been using 360 feedback since at least 2002, according to this Society for Human Resources Management article. We’re impressed! Equally impressive is a 2016 announcement from Goldman Sachs on its website about adopting a new 360-degree feedback approach. This follow-up article shares more of the nuts and bolts of how the program got its start.
Nonprofits Use 360 Feedback
Leadership Columbus, which develops leaders in Ohio’s capital city, is widely recognized as one of the top civic leadership development programs in the country. The nonprofit leverages 360 feedback for its year-long annual leadership academy. New participants take a survey at the beginning of the program year, and results get shared (and personal development plans are drafted) at a subsequent weekend retreat.
CompassPoint, which is a California-based nonprofit supporting nonprofits nationwide, also uses 360 feedback for its leadership development programs. This Nonprofit Quarterly article written by a pair of CompassPoint project directors names a few other nonprofits using 360 feedback.
Automotive Engineers Use 360 Feedback
Another use case from our own roster of clients is the Nissan Corporation, where 360 feedback took off among its North American engineering team. It all started with a senior manager wanting to improve their leadership skills by taking the G360 Survey for Managers. Before long, 360 feedback fever had spread to other teams and different departments.
Honestly, the list of examples of companies that use 360 feedback can go on and on. That SHRM article from 2002 said 65 percent of companies were using 360 feedback. More recent estimates suggest that 85% of Fortune 500 companies are using 360 feedback in some way.
We’ve worked with collegiate bowling teams, level 1 trauma centers, fast food restaurants and countless other types of organizations committed to a better way of collecting, delivering and acting upon feedback. Will yours be next?