Managers should react quickly to extraordinary events (both positive and negative), providing immediate feedback by Slack or synchronously. Negative feedback should always be delivered in private.
Team member should also provide regular feedback to their managers. Upward feedback may be about the manager themselves, or it may be about broader company-wide issues.
Our standard format for feedback is a sentence with this structure:
“Hey [Person], When you [Behavior], it [Effect]. [Can you do it differently next time/Keep it up!]