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Studies have shown that an environment that operates on honesty is far more effective than the alternative. Honest feedback is a great starting point. Soliciting and providing actionable advice at the time it is warranted and in a private and positive way is the most constructive form of feedback. In addition, providing more formalized feedback periodically on progress in relation to annual goals reduces the chances that your employees will feel they were thrown a curve ball at annual review time. What value does your business place on honest, timely, constructive, two-way feedback? The answer to that question will help you develop an increasingly candid operating environment.