Exit interviews are something that too few companies use, and among those that do, many don’t use them properly. It’s an accepted fact that high turnover is an undesirable thing for businesses. It means low performance, reduced efficiency, and much higher costs regarding recruitment, training, and development of new employees. Low turnover, on the other hand, equates to an increase in competitive edge.
How do you achieve a reduction in turnover, then? The answer is making proper use of exit interview assessments. Read about the importance of exit interviews, what a good one should contain, and how you can make the best use of them to improve your business functions.
The Importance of Exit Interviews
Exit interviews are your single most effective tool for creating a high employee retention and a low rate of turnover. They tell you exactly why employees are leaving the company as well as what you could have done to keep them around. They can allow you to create a benchmark for improvement and a valuable feedback flow.
A properly-conducted and utilized exit interview delivers intelligence that can increase your competitive place in the market, improves employee retention, increases overall engagement and allows you to build your success.
When They Don’t Work
Unfortunately, a lot of companies treat these metrics as a necessary evil or as a rote that they don’t take seriously. For an exit survey to work, you need to be willing to not only take the data, but to devote the time and resources to analyzing it, sharing the results with others, and above all, in taking the results seriously and taking action to affect positive change.
Part of the problem is a lack of honesty among those taking the surveys; even when leaving, they may not want to say something negative that might influence future references. Another part is a lack of best practices. While 71% of companies use HR departments to conduct these interviews, the remaining 30% are delivered by either a supervisor, a manager or external consultant.
Making Evaluations Work
Your exit interview process needs to have two major goals. The first is to gather information about you and your departing employees, and the second is to create goodwill between your organization and your staff. You need to gather the right information in the following areas:
1. What problems are there with your HR department?
2. How do your employees view their overall work environment?
3. How effective are the managers in your organization?
4. Is your company competitive with pay and benefits?
5. How can you do better as a company?
Prioritize your interviews with your most valued employees. A problem worker who is likely to simply complain doesn’t help you. A superstar, however, may have valid complaints to address. When you’ve gathered this information, take the time and devote the resources to analyzing it and making any necessary changes.
There are plenty of other steps you might need to take, and learning how to make the best use of valuations such as this requires help from experts like an experienced human resources consulting firm. Call QuadWest today to find out how we can help you reduce turnover, build retention and improve performance across the board.