Feedback is one of the essential and powerful elements in people development and management.
Used in a correct way feedback provides receiving party an opportunity for growth. And changes in receiver's behavior usually benefits the giver. If feedback is given sincerely, openly and with positive intention it also strengthens relationship between giver and taker.

Usually feedback is given by the person in charge as part of management mix, however peer feedback can be even more useful as the is no difference in power between the giver and receiver.

It is critical to understand, that feedback is just one element in the field of people management and development. Neither can it replace results or performance discussions, career discussions, nor will it fix motivational issues or mitigate selection of incorrect management style.

Give feedback, get feedback and become a better version of yourself!