Why is feedback something we all crave but not something we are comfortable giving others?
Do not just give feedback during annual reviews. It is too late
Make sure you are having regular 1 on 1s, and solicit feedback from others about people on your team
Even though you are the “boss”, say “may I give you feedback?”. It is a good indication where the person is emotionally based on how they respond.
Do not provide negative feedback in a public setting. There is one exception to this rule. If a team member openly does something negative to another teammate, it might be a time to let the team know this is not acceptable behavior and that it will not be tolerated.
If you do not give feedback, how do those that work under you know where they stand. Better yet, how do they know how to fix what is broken? You are robbing the team member the ability to grow in their career if you do not give them feedback.
Make it constructive and positive if possible. I have had people that work for me use their influence to deteriorate the team. You can tell this person they have great ideas and have amazing influence. With influences comes a responsibility to how you lead the team.
Tell the person you gave feedback to that you are thankful they were willing to listen to your feedback. Close by asking if there is anything you can do as their leader to help them in the area in which you gave them feedback.
Be willing to accept feedback.