There are various types of performance feedback, which are explained below:
1. Formal Feedback: There is a variation amongst firms in the timeline on collecting performance feedback. Formal feedback collection sessions can happen on an annual, quarterly, or monthly review cycle.
The timeline is determined by the company in accordance with its plans of performance management—evaluators record in writing the results of the formal feedback session when the session occurs.
As soon as the written record is completed, this document is included in the personnel file of the employee. Usually, formal performance feedback comprises a document conversation between an employee and a superior.
2. Informal Feedback: The discussion among the employee and the evaluator is frequently included in informal feedback.
The informal feedback sessions happen regularly in comparison to the sessions of formal feedback. Informal feedback can be given by peers by way of verbal acknowledgment or peer rewards.
A feeling of job performance arises in the mind of an employee, and his responsibility and motivation increase through this type of performance feedback.
Normally, informal feedback is not recorded in writing. It is conveyed personally by a team leader or a superior.
The best and important thing regarding this type of feedback is that it normally requires no cost, even though it is more productive than formal feedback.
Informal feedback can be as prompt and simple as thanking an employee who has finished a task or assignment successfully, purchasing a cup of tea for someone to exhibit appreciation, delivering an e-mail or note to someone in recognition of his/her outstanding performance, etc. The words used here are comparatively simple and upfront.
3. Positive Feedback: This type of feedback functions on the basis of developing the strengths of an individual.
It expresses to an employee regarding the things which he is performing well and motivates him for better performance.
The theory underlying positive feedback is that if an individual is told that he is performing well, then that behavior will possibly be repeated by that individual in order to secure constant approval.
Positive feedback can be given by the superiors in a formal manner like in a performance assessment, or informal manner like giving comments to the employee for appreciating the job done by him.
4. Negative Feedback: This process indicates the poor performance of the individuals and making them know the ways to overcome it.
Making the employees informed regarding the attitude which they display is unsuitable and also about their habits and behaviors that are creating difficulties is included in this process.
Adverse feedbacks are also given by the managers that whether the actions of the employees are deliberate or not.