For CEOs, Elon Musk’s Poll Underscores The Benefits And Drawbacks Of Seeking Feedback

News that Elon Musk had polled Twitter users on whether he should resign as CEO of the crisis-plagued social media platform raised important issues for all business leaders: whether, when, and how often they should seek feedback about their actions, decisions, or leadership.

After more than 17 million people responded to Musk’s poll — 57.5% said he should step down—the CEO said that only Twitter Blue subscribers would be allowed to participate in future policy-related surveys.

Business experts and corporate shared their observations and recommendations about CEOs asking others for feedback and opinions.

Setting An Example

“By asking for feedback on his leadership, Elon is doing what all leaders should do,” Robin Pou, an executive coach, author and founder of a leadership development firm, said via 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,” he observed.

“Simple questions can have a powerful impact: ‘What can I do better to help lead this organization? What have you appreciated about prior leaders that could work for our team? What do you want me to do differently?

“Sadly, most leaders won't ask these types of questions either because they don't think to do it or because they are fearful of what the answer might be. Leaders often dismiss the feedback they receive because they believe the feedback is wrong, the employee doesn't have all the information, and the team is not seeing everything [the CEO{ is doing; [and] if they did, they would have a different answer,” Pou concluded.

Critical For Success

Creating A Culture of Feedback

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

“If executives want candid and constructive feedback, they need to give it as well. Feedback is the gift that keeps on giving. Executives who support and nurture a culture in which all employees feel safe to deliver honest assessments create a high-performing organization,” she observed.

Transparency

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

“This can lead to higher levels of trust and engagement among employees, which can ultimately drive better performance and results….[and] help executives identify opportunities for improvement, better understand the needs and concerns of their team, and make more informed decisions,” Digital said.

Staying Attuned

“Furthermore, seeking feedback can help executives stay attuned to the ever-changing needs and expectations of their stakeholders. By actively seeking and incorporating feedback, executives can ensure that the company is responsive to the needs of its employees and customers, which can help drive long-term success and growth,” she noted.

Sources Of Feeback

Ask Customers And Team Members

“Executives should seek feedback often from both customers and team members. Customer feedback has helped us pivot and make adjustments that have helped our company grow. Team feedback is, of course, always useful in terms of formulating internal strategies,” Art Shaikh, founder and CEO of Circlelt, said via email

“Feedback doesn't need to be in a public forum, such as Elon Musk has done with Twitter. Customer surveys can be conducted in order to understand positive and negative indicators. For example, when you release a product, a post-release customer survey can help you understand the reception of the product and how useful customers find it. Or you can even perform pre-release surveys in order to determine if the product should be a focus or not,”he advised.

Boards And Networks

“CEOs have two primary sources of feedback. A strong board will have a cross-section of experience that should be able to advise the CEO on critical business decisions and performance and open key doors,” Dave Opsahl, CEO of Actify, said via email.

“The second source is a network of experienced executives from a variety of industries with whom you can have individual conversations or group discussions around a number of topic areas. In many communities, these groups exist in some form of “mentoring” organization, so if such a network is not available or undesirable for other reasons, that experience can still be tapped into,” he commented.

Formats And Frequency

Not One-Way

“Feedback shouldn’t be one-way or relegated to an annual conversation coinciding with compensation decisions. Instead, it should consistently flow across the organization regardless of reporting lines,” Hofstra University’s Lenaghan recommended.

“Executives who want to be better leaders must be open to listening and learning about how others perceive them and then changing their behavior 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 company, said via email.

“We’re believers that feedback should be done formally on an annual or semiannual basis but informally throughout the year. Executives should seek feedback from those they report to and direct reports, as well as others. Too many companies focus too much internally and don’t look for feedback from outside constituents such as partners and customers,” he observed.

‘Consistency Is More Important Than Frequency’

“I feel consistency is more important than frequency,” according to Actify’s Opsahl. “The natural tendency is to ask for feedback when there is a difficult challenge or unforeseen circumstances. Getting feedback when you think things are going well is when you see trouble coming at you with enough time to possibly avert it,” he noted.

Opportunities And Warnings

“The benefits [of feedback] include seeing potential problems prior to their impact and opportunities to grow. We saw feedback concerning our onboarding process from customers, and we were able to make a major adjustment that helped increase user adoption by 124%,” Circlelt’s Shaikh recalled.

“The real drawbacks would come in a public forum, as Elon Musk has done. Now, Mr. Musk will be somewhat bound by the feedback he requests. If he doesn't honor it, it turns into a PR crisis,” he warned.