First and foremost, it is more important to put the effort on enabling people to give and receive feedback. It’s a matter of the right company culture and mindset. Transparency and willingness to improve are things that the leadership should live and be role models in. Otherwise, the rest of the employees will not feel encouraged to give open feedback as well.
Moreover, as it is often tightly woven into the promotional system and salaries, many step back from really giving open feedback as they fear the impact on their careers.
Everyone has their own personality and personal history. We are all deeply influenced by how we grew up. Implementing and starting off an open feedback culture from one day to the other is almost impossible, as there will always be people among us that are not used to give and receive feedback that is afterwards reviewed with their managers and used as a basis for promotions. The challenge explained above will always remain and some people will always avoid giving open feedback, especially to their managers, because of the fear on the impact on their career.
Furthermore, the 360 degree feedback is very time-consuming and reality shows that after a first enthusiasm, people - both team members and managers - are using walk-arounds and do everything to reduce the intensity of the processes. Most feedback tools are too complex and require writing a lot in order to be useful. This added work results in pressure and reduced satisfaction with the formal feedback approach - even though it is asynchronous.