When employees leave an organization, it is important that processes are in place to ensure a smooth transition. Exit interviews allow employees the opportunity to share their opinions about their working experience in an open and safe environment.
This process allows for information to emerge as to why employees stay with your organization and also the most common reasons why they leave. This is valuable knowledge that can be used to help reduce costly turnover for your organization. The average cost to replace an employee who exits your organization is 1.5 x their annual salary.
Conduct exit interviews to prevent future exits from occurring!
Information obtained from an Exit Interview includes:
- Main reason why employee voluntarily decided to exit your organization
- What exiting employee thinks about organization’s HR practices, leadership, compensation, and other contributing retention influencers
- What exiting employee thinks about working conditions
- What triggers employees to leave
- If exiting employee would recommend the company to other
- Why some managers keep more of their staff than others
- Salary and benefit information about competitors
- Whether the employee would be willing to return to the organization
The common benefits from properly conducting and acting upon Exit Interviews is:
- Increased understanding of how to improve staff morale
- Increased retention and reduced turnover costs
- Improved workplace culture
- Potential referrals to find a replacement for the exiting employee
Higher Talent has experienced consultants who help our clients:
- Develop customized exit interview questions
- Deliver the interviews in a confidential and professional manner
- Understand and summarize the patterns of turnover
- Use the measurable results to recommend a retention strategy
So let your exiting employees be heard, and be the listening ear that makes the changes to reduce turnover in your organization and maximize employee productivity and engagement.