HR Technology Market Projected to Reach $88.38 Billion by 2033 as Companies Embrace Continuous Feedback Solutions

According to a report by Spherical Insights & Consulting, as published by Globe News Wire, the global Human Resources technology market is projected to grow from USD 37.43 billion in 2023 to USD 88.38 billion by 2033. This significant growth reflects the increasing importance of HR technology tools that streamline people management activities and processes, covering areas such as human capital management, payroll processing, employee feedback, and performance evaluation.

Vanessa Kadissi, Marketing Director at TOHT App, explains that while many companies adopt performance evaluation practices, these processes are often bureaucratic and focused solely on the direct manager's perspective, which can limit employees' growth potential. Feedback is often given in isolation, without considering the multiple interactions an employee has across different departments, creating an incomplete perception of their competencies. 360-degree feedback addresses this by incorporating perspectives from colleagues and leaders from various areas.

Research shows that teams receiving continuous and constructive feedback are more productive than those that do not. This happens because feedback creates a constant learning cycle, enabling employees to recognize their strengths, work on their development areas, and ultimately feel more valued and motivated. A recent study by Gallup and Workhuman revealed that among employees who receive both feedback and recognition from their manager at least once a week, 61% are engaged, highlighting the need for leaders and managers to provide feedback that is meaningful to employees.

One of the biggest challenges companies face when creating a feedback culture is employees' reluctance to participate, whether in giving or receiving feedback. This hesitation often stems from fear of retaliation, lack of trust in the system, or negative past experiences. TOHT aims to overcome these challenges by offering a platform with tutorials and guides to help users give and receive feedback effectively. Moreover, the anonymous format encourages open and honest communication, especially in organizations where hierarchy may hinder sincere exchanges.

The platform also features self-awareness assessments, such as the Big Five Personality Test offered by TOHT. These tests help users better understand their behavioral traits, which is crucial for personal development, providing practical insights on how to handle challenges, improve communication, and enhance skills. The positive impact of a feedback culture in the workplace includes higher engagement levels, a more collaborative work environment, clear paths for personal and professional development, and reduced turnover rates as employees feel they are growing and being recognized.

Effective feedback is specific, constructive, and development-oriented, focusing on observable behaviors within the company while providing clear and practical improvement suggestions. Companies can learn more about these solutions by visiting https://tohtapp.com/ for additional information on implementing effective feedback systems.