The Right (and Wrong) Way to Seek Employee Feedback

David Klein began his career at McKinsey, an organization obsessed with feedback. So, in 2011, when he launched New York City-based student loan lender CommonBond, Klein decided to made feedback core to his company’s culture. Here’s his advice for CEOs.

When seeking structured (as opposed to real-time) feedback, Klein says, CEOs should avoid approaching staff directly. Without an intermediary–such as the HR director, an executive coach, or a technology tool–they may feel put on the spot and be less candid. He also warns against treating all feedback as equal. “Listen to all of it–and with an open mind,” he says. “But listen to your gut in deciphering what feedback is most effective for you to internalize.”

An even bigger mistake, he says, is to receive valuable feedback and not to act on it in a meaningful way. “When improvement is visible,” says Klein, “the whole process will be trusted.”

Klein believes that CEOs should solicit feedback on their performance from the very beginning. But how they do it should change as the company and the CEO’s leadership style mature. During CommonBond’s first few years, semiannual companywide reviews–which still exist–included 20 questions such as “rate David on a scale of 1 to 5 on things that are important to us, like inspiration, collaboration, and communication,” says Klein. His second-in-command followed up with respondents, asking for more “color” around certain points, which he shared with Klein.