Feedback is crucial for maximizing employee performance and engagement, but many managers have categorized it as another dreaded "F word." We know that feedback is important to employees' success. Employees who rate their manager's feedback as "meaningful and useful," in the words of Gallup's research are more than four times as likely to be engaged in their jobs.

Those who strongly agree they received meaningful and useful feedback in the past week are almost two times more likely to get a promotion or a raise within the next 12 months. What's more, when managers get high-quality feedback on what they do well from their employees, team members report being happier with benefits such as salary increases.

In addition to benefits felt by managers and workers alike, data indicates that giving effective performance reviews also benefits companies. When employees rate their manager's feedback as highly effective, the company sees increased productivity, quality rates, and customer satisfaction.

But how do we make feedback less painful and more useful?

We as humans often look for a quick fix and this is where fast feedback can make match words with actions and bridge the gaps between performance reviews while having ongoing conversations about development.

Fast feedback is regular, timely, and specific. It relies on useful data (not storytelling and assumptions) on what people are doing well or could do better—ideally within minutes or hours of engaging in the behavior. Remember the signs in airports and metro stations: If you see something, say something. This goes for both recognition and correction.

According to Gallup, the benefits for teams and organizations are significant:

• Supports agility: Fast Feedback energizes employees and enables teams to make real-time, on-the-fly performance adjustments that create a competitive edge.

• Inspires excellence: Employees believe they are more motivated to do outstanding work when their manager provides daily (vs. annual) feedback. (3.6 times more likely to strongly agree)

• Retains talent: Employees today want purpose-driven work and a manager who acknowledges and accelerates their progress. Fast feedback creates an ongoing process of continuous coaching while also improving morale by highlighting quality work before it goes unrecognized.

• Recognizes and appreciates efforts: Fast feedback creates opportunities for managers and contributors to positively influence the workplace culture by showing employees that they value their work - not just the finished product, but the entire process.

This type of feedback is different from a traditional, formal review—and more similar to the dialogue between great sports coaches and players on the court or on the bench during a game.

At its core, fast feedback uses tools that capture data in real-time, so managers can monitor their direct reports' activities as they happen and provide input when necessary. Depending on what people are doing, this can include a simple thumbs up for excellent work or recommendations about how to improve gaps and blind spots.

If you've ever felt the pain at the end of a review cycle, fast feedback can help you offload the fear. By giving clear, data-centric immediate feedback, there is no question or assumptions made about someone's performance or stance in the organization. Imagine lifting the veil of annual performance reviews and cloaked rating systems. How much better do you think your teams would be performing if they knew how they were doing in real-time?

Of course, it may not always be possible for managers to offer fast feedback in every situation like annual planning or a financial close, which may require longer feedback loops. That said, there are likely countless other times when managers can offer quick replies that give their employees an immediate sense of validation. If your company doesn't yet use this type of constant coaching, try incorporating it into your manager's toolkit and plant some seeds for positive change.