Editor’s note: Barry Banther is the founder and CEO of Banther Consulting, Tarpon Springs, Fla., and author of A Leader’s Gift: How to Earn the Right to be Followed.

There are five simple words that can spell doom for a leader: If I had only known! These are the words you utter right after a major client cancels a contract, a customer stops ordering or an error occurs that will cost you thousands out of your own pocket. That’s why the best leaders and the most competent managers thrive on employee feedback.

So why don’t more of us go out of our way to encourage quick and candid feedback? Our first response to this question is typically focused on our team. We aren’t convinced that they really get the big picture; we don’t want them to get distracted from their current work; or we simply don’t value their opinion. But the best advisors will tell you that it’s not the leader’s associates but the leader’s perspective that is the problem.

If a leader isn’t careful, they can begin to believe that they alone know what’s best. No one else could possibly have all the necessary information for a decision like they do and no one has the company or the customers’ best interest at heart like they do. And this is the kind of thinking that leads to mediocrity at best and outright failure at worst.

Just think of the examples where feedback wasn’t encouraged and the results were troublesome (e.g., the Toyota accelerator problem, the rollout of the national health care Web site, etc.). In each situation, someone possessed very important information but was not encouraged to share it.

A corporate culture of harm, where listening to employees isn’t valued, impacts business every day across America. Among the most successful working professionals there is one constant truth: Trust between leaders and their associates is built upon a transparency that reflects a freedom to speak and to be heard.

But it takes more than listening to get the kind of feedback an effective leader needs. In many employee surveys, respondents will tell you that they don’t believe their leader is genuinely listening most of the time.

EarA typical employee survey may ask “If your supervisor could improve in one area that would make a difference in your work performance, what should it be?” Among the numerous cynical answers (some possibly too rude to print), a common theme might stand out: “Value my opinion enough to look at me and listen whenever I am trying to tell you something; I could save you from a lot of trouble.” When the person who leads us doesn’t listen to us, we can sense it – and we don’t like it.

So how can you turn that attitude around? How do you create an environment where you are getting consistent and candid feedback? There are three leadership skills that are essential. Without them, you will always be working with half-truths and misinformation. With them, you will become proactive, anticipating both challenges and opportunities before everyone else and your reputation as a leader who develops followers will soar.

1. Stop, drop and listen.

When an associate is talking with you, don’t multitask. Stop whatever you are doing and listen. A director in a major urban hospital was accused of frequently checking his e-mail and text messages while meeting with his team. He agreed for one week to keep the phone in his pocket or on the desk and look right at his associate and just listen.

Within a week, the improvement was staggering. Countless team members commented on how much they appreciated his new behavior. But more importantly, one associate who was usually hesitant to share much told him of an impending problem that would have been catastrophic for the hospital. Merely giving his undivided attention proved invaluable to his business.

2. Suspend judgment.

Some young managers are often wrong but never in doubt! In fact, many believe that if they don’t act like they have the answer, their employees will lose respect for them. This thought process is backward: Pretending to have all the answers is the chief cause of not being respected.

If you are prone to snap judgments and haven’t disciplined your mind to routinely suspend judgment, you will assess, judge and determine your response without getting all the feedback. And you might be right 75 percent of the time. But the 25 percent of the time that you jumped to a conclusion could cost you your career. When you are getting feedback from a team member, learn to hold back on your first response and make no judgments until you have exhausted the conversation.

3. Search deeper.

Rarely will an employee reveal everything to you about something right off the bat. As the leader, it is your job to bring out what the other person is thinking. Ask questions to dig deeper for what the person is trying to convey: How do you mean that? Can you give me an example? Why is this important? How will this affect us?

Which do you think will get you more feedback: a statement you make that ends in a period or a question mark?

That’s what John F. Smith, CEO and president of General Motors, did. He undertook the most significant reorganization in the company’s history and succeeded in engendering this practice of listening among the management team. As a result, GM went from near bankruptcy to turning a profit! Smith concluded “Good things happen when you pay attention!”

Chances are very good that right now your associates have information you need to hear. Practice these three skills constantly and the trust and feedback you gain could make a big difference in your career.