Often, you hear this phrase when we're at the end of the fiscal year. The point is not economics, and the phrase is still relevant. Feedback has a shelf life. Worse, if there were specifics in the feedback, and you do nothing with it, you lose support and create a future reluctance to participate the next time.
The authors have some very actionable and common sense ideas on what to do with feedback. They recognize that it takes reflection, sharing and creating clear actions. At the heart of this is communication: to ensure you heard what was intended, to demonstrate that you are taking action and that the action taken achieves a desired result.
If you take the time to ask for feedback, take the time to work with the feedback.
Business publications are filled with articles about feedback: how important it is for leaders, how leaders can both give and receive it, what happens when leaders don’t get it, and even what to do if someone is not open to feedback they have been given. The focus tends to be on the transfer of data. What is less explored is how leaders should respond once they receive that data.