360-degree feedback involves collecting performance evaluations from an individual's subordinates, peers, manager, and sometimes customers or external stakeholders. It provides a more well-rounded view of performance than traditional top-down evaluations. When implemented properly with the right culture and training, 360-degree feedback can help individuals gain self-awareness, support leadership development, and promote organizational growth. However, it requires careful planning and facilitation to achieve these benefits and avoid potential pitfalls like lack of buy-in, unconstructive feedback, or undermining the evaluation process.