The news that Elon Musk had surveyed Twitter users about whether his resignation as CEO of the social media platform has raised crucial questions for business leaders everywhere, such as when, how, and how frequently they need to solicit feedback on their actions, decisions or their leadership.

More than 17 million took part in Musk’s survey -and 57.5 per cent suggested he should resign — the CEO announced that only Twitter Blue subscribers would be allowed to participate in any future polls related to policy.

Corporate and business experts have shared their thoughts and suggestions on CEOs asking for feedback and suggestions.

Setting An Example

“By asking for feedback on his leadership, Elon is doing what all leaders should do,” Robin Pou, an executive coach, writer and director of a firm for developing leaders, in an email.

“While his request for a public vote of confidence is taking this to an extreme, it does showcase what more leaders should be doing going into year-end performance reviews: asking their teams for upward feedback,” of confidence said.

“Simple questions can make a significant impact, such as: “What could I do to lead this company? What did you like about previous leaders who can be a part of our team? What would you want me to change?

“Sadly, many leaders will not ask such questions due to a lack of confidence to ask it, or they’re scared of what the result could be. Leaders tend to ignore any feedback that they get due to the belief that they aren’t getting the right feedback and the employee isn’t privy to all the facts. The team doesn’t know {everything [the CEO all the things the CEO is doing. even if they were, then they’d have an alternative answer.” Pou concluded.

Critical For Success

Creating A Culture of Feedback

“Feedback is a critical part of an organization’s success. Doing well drives meaningful conversations that can lead to impactful changes. The key is to create a culture of feedback,” Janet Lenaghan, dean of Hofstra University’s Frank G. Zarb School of Business at Hofstra University, said via email.

“If executives need honest as well as constructive feedback from their employees, then they must provide it too. Feedback is a gift that keeps giving. Executives who promote and sustain an environment where employees can give honest feedback ensure a high-performance organization.” she said.

Transparency

“In addition to providing valuable insights, seeking feedback can also foster a culture of open communication and transparency within the organization,” Shana Digital, the CEO of Bold Creative Brand, said via email.

“This can result in greater trust and involvement between employees, which could eventually lead to greater performance and outcomes …. and help managers identify potential areas to improve their performance, understand the concerns and requirements of their teams and make better choices,” Digital said.

Staying Attuned

“Furthermore, soliciting feedback helps executives remain in tune with the constantly changing requirements as well as expectations of customers. Through actively seeking and using feedback, executives will ensure that their organization is in tune with the demands of its customers and employees, which will help drive sustainable growth and long-term success,” she noted.

Sources Of Feeback

Ask Customers And Team Members

“Executives must seek feedback frequently from customers as well as team members. Feedback from customers has helped us adjust and pivot, which have helped us grow our company. Feedback from employees helps formulate internal strategies.” Art Shaikh, founder and CEO of Circlet in an email

“Feedback isn’t required to be posted in public forums, such as Elon Musk’s Twitter. Surveys of customers can be conducted to determine the impact of positive and negative indicators. For instance, if you launch a new product, a post-release survey can help you assess how well the product is received and the value customers get from it. You can also conduct pre-release surveys to determine whether the product should be the focus or not,” he suggested.

Boards And Networks

“CEOs are able to draw on two sources of information. A good board should be a mix of experience which should be able to provide advice to the CEO on crucial business decisions and perform and help open the door to key contacts,” Dave Opsahl, the CEO of Actify through email, stated.

“The other source is a group of highly experienced executives from diverse industries. You can engage in individual discussions or discussions in groups on various topics. In some community settings, the groups operate as a “mentoring” organization, so even if a group isn’t available or unsuitable for other reasons, the expertise can be utilized,” he commented.

Formats And Frequency

“Feedback should not be a one-way conversation or be confined to an annual meeting that coincides with the decision on compensation. Feedback should be a part of the company without regard to reporting boundaries,” Hofstra’s Lenaghan advised.

“Executives who want to be better leaders must be open to listening and learning about how others perceive them and then changing their behaviour accordingly,” she concluded.

Formal And Informal Feeback

“We encourage executives at our companies to receive continuous feedback on their performance, what they are doing well and what they can be doing better,” Jay Levy, co-founder and managing partner at Zelkova Ventures, a venture capital firm through email, stated.

“We believe that feedback should take place informally annually or on a semiannual basis, but informally all through the year. Executives should solicit feedback from the people who report to them, their direct employees, and others. Many companies focus on their internal processes and don’t solicit feedback from other customers and partners. customers.” He said.

‘Consistency Is More Important Than Frequency’

“I feel consistency is more important than frequency,” according to Actify’s Opsahl. “The normal tendency is to seek feedback whenever an issue is difficult or unexpected. If you are looking for feedback, the best time to ask if everything is going well is when you can see difficulties coming in, and you have enough time to stop this,” he noted.

Opportunities And Warnings

“The advantages of feedback are that it helps us identify potential issues before they impact the business and potential opportunities to increase. We got feedback about our onboarding process from our customers, and we implemented a major change which helped boost user engagement by 124%.” Circlelt’s Shaikh recalls.

“The biggest drawbacks will be in an open forum like Elon Musk has already done. At present, Musk. Musk will be somewhat dependent on the feedback he asks for. If he fails to follow through, it can turn into a public relations crisis,” he warned.