Frequency matters, so increase it. Don't limit feedback to the annual or semi-annual job review. More than half of all those surveyed said they would like feedback on a daily or weekly basis, and 72 percent of millennials said such feedback is critical to their job performance and satisfaction.

Delivery matters, so do it in person. More than three-quarters said they want to receive job feedback in person, not via email, phone, text or IM. They hear it better that way and remember better too. And in-person feedback encourages a dialogue instead of a "do this" monologue in which the one giving the feedback learns nothing.

Recognition matters, and it should occur close to the reason for the recognition. Of respondents who said they worked in a healthy feedback environment, 83 percent said the recognition they enjoyed was related to suggested changes in their work practices offered during a feedback session. Verbal feedback offered when improvement or good work is done is the most powerful form.

360-degree feedback matters, so include non-managers. Nearly half the respondents said that they valued feedback from peers, customers and clients as well as managers. Companies need to find ways to funnel such feedback to staff in order for them to have a well-rounded view of the impact their work has.

Training matters, so offer direction to improve the feedback practice. Just a quarter of those surveyed said they've seen feedback training at their place of employment. It's tough to create and build on a business practice without offering a model to workers and giving them time to understand it and work with it outside of the actual event itself. How feedback is offered and received is just as important as simply setting up a time to give it. If it has structure and people can be trained in it, it will become part of the workplace practices handbook.