Did you know that replacing an employee can cost thousands of dollars? Companies not only pay for the costs of recruiting a new employee but also for training and necessary equipment for the new employee. Companies incur additional costs related to decreased productivity and overtime pay for those taking over the workload of the vacant position. A study shows that workers earning less than $50,000 annually – which covers three-quarters of all workers in the United States – have a turnover cost of about 20 percent of their salary.
It’s more than costs
Costs are not the only item that turnover can affect. It can also affect morale. High turnover can cause existing employees to be curious about what else is out there or add to any feelings of dissatisfaction they may have with their job. Therefore, not knowing why employees are leaving can be a serious problem. Understanding why people are leaving is a key step toward lowering your turnover rate.
Exit interviews lower turnover
Our exit interview program can help you learn about your turnover rates and help the company keep the rates to a minimum by improving areas that cause employee dissatisfaction.
At QuadWest, we conduct our exit interviews over the phone, so that we can gain insight into why the employee is leaving. We ask the employee questions that can be used to report useful metrics and can help improve retention rates. With this knowledge, we can define which areas your company is excelling at and which areas need improvement, for example, training, team building, onboarding, etc. We can include questions around health and safety, harassment or discrimination issues, or manager interactions. We want to assist you with ensuring the exiting employee is leaving on good terms and to gain knowledge which will provide a basis for improved retention and employee satisfaction.
Value to your company
Our exit interview program will provide your company with knowledge about:
- Areas your company is excelling at and those which need improvement from a valuable employee’s perspective.
- How well the job described to them as they entered the organization matched their actual experience, i.e., did they fully utilize their skills?
- Why the employee is leaving and whether anything could be changed to reduce turnover.
The exit interview also ensures that your company is saying good-bye to exiting employees on the best terms possible by letting them know you care about their experience.
We have a well-defined 10-step process for the set up and implementation of an Exit Interview Program. It begins with your current turnover data, discussion on the data you want to collect, and a clear definition of the roles. We design the communication with the employee, HR team and the questionnaire based on these discussions. The interviews begin and with each quarterly report, we provide data, insights and recommendations. At year-end, we provide a comprehensive report and facilitate a discussion about how the program is meeting expectations and what can be improved.
You will be responsible for providing QWA with names of employees exiting, as well as employee contact information, within 24 hours of their exit. You will also send out the initial exit interview letter.