An exit interview can often be an awkward or unpleasant experience. But it doesn’t have to have such negative connotations. A lot of information can be gathered from an exit interview, and that information is more valuable than you might think. Today’s blog discusses the type of information you should be seeking when conducting an exit interview, so that – if needed – changes can be made to increase retention in the long term. Getting honest and candid answers to some tough questions can shed light on issues that are not otherwise up for discussion. The cost to employers is very low, and the feedback can be extremely valuable.
The Impact of High Turnover
High employee turnover results in losses both financial, as well as practical, in the workforce. As each worker leaves a company, they take with them their productivity, their practical knowledge of the job, any training or recruiting costs to bring them on board in the first place, and client relationships as well. Replacing a seasoned employee takes time and money, both of which are worth holding on to, if the turnover could be avoided in the first place. While an exit interview doesn’t likely offer you the opportunity to retain a particular worker, the information you can gather on issues such as compensation, company culture, and leadership can all help you to shape a better future for your company in the long term.
The Value of Honest Answers
Many employees who take their leave of your company are likely feeling pressured to give certain answers within an exit interview setting. The goal should be to encourage honesty and openness on behalf of both parties, to ensure that valuable information is collected. Putting an uncomfortable former employee at ease is a large part of the process. Assuring them that there are no hard feelings regarding their departure and your continued support and well wishes for them in the future go a long way in setting the tone of the meeting. If tensions are high, recruiting an impartial third party to perform the interview may be more productive.
The Cost of Exit Interviews
The only actual cost of an exit interview for a company is likely the interviewer’s time and effort. Whether or not an exit takes place is beside the point. Rarely are exit interviews the time to proposition an employee to stay. Rather, their value lies in getting a more-or-less unbiased parcel of feedback on leadership styles and corporate proceedings that can be adjusted to avoid similar departures in the future. Seek out facts, such as salary or benefits comparisons with other employers, as well as opinions of employees taking their leave. A proper exit interview should leave a former employee with a sense of closure over their previous position, and the employer with a theoretical roadmap to avoid similar departures in the future.
It’s time for your company to hire better. Contact Sentech Services today to learn about how we can help your company fill employment needs for jobs in Detroit, Port Huron and Fort Wayne.