It might not be too challenging to enhance faculty satisfaction: reduce class size, increase opportunities to interact with students, eliminate (or at least drastically reduce) paperwork, etc. Improving student satisfaction may be even easier: improve the quality of feedback as well as the timeliness with which the feedback is provided. It is clear, however, that the means of enhancing the latter (student satisfaction) can be at odds with the means of improving the former (faculty satisfaction). Providing higher quality feedback more quickly can seem like an onerous burden in a context of steadily increasing class sizes and "extracurricular" demands. "Automatic" gradesheets, which drastically reduce the time needed to return high quality feedback to students may be an educational Holy Grail.
The idea is disarmingly simple. Use the functionality of two (2) programs with which most faculty are already adept: Microsoft Excel ® and Microsoft Word ® to create "automatic" gradesheets requiring no more than a mouse click (see K.H.'s comments below) to generate feedback based on best practices and 4-stroke "shortcuts" to insert often-used comments (color-coded, if so desired) into electronically submitted student papers. The supporting "architecture" for the practice is the seamless, transparent integration from assignment description to a rubric with four (4) behavioral anchors for each graded item to a feedback form that "automatically" provides feedback on each item described in the rubric and calculates a grade for the assignment.
Most instructors will already have access to Microsoft Office ®; the only other "cost" would be the time needed to become proficient with the specific processes in Excel ® and Word ®. Additional cost (also in the form of time) would be needed if the faculty member is not familiar with Excel ® and to enter her/his detailed feedback into Word ®. Attending a single webinar and/or following detailed, step-by-step handouts with screenshots should bring any faculty member up to speed in a few hours.
I will be presenting the "automatic" gradesheets in the workshop titled, "The Holy Grail: Increasing student satisfaction while decreasing faculty time spent on repetitious grading tasks"