The following text is based on an article published by the Harvard Business School.
Give frequent feedback
Surveys show repeatedly that employees crave feedback. It is a key factor in their productivity, development and overall happiness. But few managers provide feedback regularly. Most only give it when they have to (such as at an appraisal meeting prior to awarding bonuses) or when there are performance issues with an employee. But the truth is that an employee who is doing a good job deserves positive feedback in exactly the same way an underperforming employee needs the negative kind.
Offer feedback to your employees on a regular basis and frequently enough (ideally weekly), even when everything is running smoothly.
Do not be afraid of negative feedback
Negative feedback is crucial for both employees and managers. Employees will ultimately appreciate it providing it is well communicated but managers generally hate giving it. It makes most team leaders nervous and in the end they do not make a very good job of it, neither in terms of its effect, nor how the employee accepts it.
A good way to learn how to give negative feedback is to imagine it is not you giving it, but someone else, a third party. This will help you not take the whole thing personally and you will be able to behave in a purely rational way.
Another way of making negative feedback more bearable to employees is to package it inside positive feedback. First, say something positive about the employee, then give the negative feedback, and again end on a positive note.
No matter which method you choose, you should not be afraid of giving negative feedback.
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