As a business leader you have strong knowledge in every facet of your company. You are well versed in the financials, you run an efficient, productive operation and are vigilant about innovation. But what about the human component of the business? What would happen in the event that one of your key employees resigned? Are you equipped to ensure one single resignation does not turn into many? Have you considered utilizing Exit Interviews to understand what went wrong and prevent future exits?
All companies loose talented employees. According to the Bureau of Labor Statics the median time an employee remains in a job is 4.6 years. For younger workers age 25 to 34 the average time in a job is 3.2 years. So, it is inevitable – employees will leave your company. The reasons why employees leave will vary. As business leaders it can be extremely helpful to implement routines to understand why employees are leaving your organization.
Exit Interviews Provide Meaningful Insights
Exit interviews can supply a wealth of information regarding what is going well and where there maybe unknown issues. The interview can provide insight into each employees’ experience. You can also gain valuable competitor intelligence. Discover what the competition is offering in terms of positions and salary. Additionally, Exit Interviews provide departing employees a constructive outlet to share their opinions and feelings in-house and may avoid venting on social media. According to The Society for Human Resource Management (SHRM) ”The whole purpose of an exit interview is to obtain information that will hopefully improve the employer’s relationship with its employees and their employment experience”.
Instilling Trust Facilitates Candor
The Exit Interview Process should facilitate meaningful conversations, where honest feedback is documented and shared with the appropriate individuals. This process presents the opportunity to establish trust and facilitates candor when done effectively. It is often valuable to have the Exit Interviews conducted by an external partner of the company. An external partner will provide employees a comfortable forum to share these feelings openly and feel confident that the findings will be presented without bias.
Increase Retention through Exit Interviews
The ultimate purpose of the Exit Interview Process is to reduce future turnover. The interview has a residual benefit of allowing the exiting employee to feel respected which may translate into them becoming a good will ambassador for the organization. If you are committed to improving the working environment and willing to take actions to correct areas that are not working well – Exit Interviews are for you. The opportunity for enlightenment is yours, are you ready?
Better yet, why wait until an employee has already decided to leave the company to conduct an Interview. You can use the Stay Interview process to capture similar data from your current employees and seek to implement positive changes in your workplace today.