A study shows that at least 32 percent of employees are willing to leave their current job in a year.
If your company is facing the same situation, you need to determine causes that lead to increased employee turnover. The best way to do it is through Exit Interviews.
Exit interviews are conducted to gather the leaving employee’s feedback regarding his work experience and factors that led to job switching. These interviews are conducted to lower turnover rate and increase employee retention. Correct and timely execution of these interviews can prove beneficial for your company.
How Exit Interviews Are A Game Changer
Uncover underlying HR issues
Attractive salary packages are no longer the only source of employee retention. Factors like managers, succession planning, leadership roles, friendly work environment, and flexible policies attract employees to an organization.
Exit interviews determine shortcomings in retaining employees. 46 percent of employees will switch jobs with same or even low paying salaries, therefore policies and workplace environment should be give equal thought to improve employee retention.
Review of job description
An exit interview also discusses the leaving employee’s role and experience in the organization.
This highlights the job design and duties that were conducted by a specific employee.
Employees leave an organization if they are not satisfied with the nature of their work. Information collected from this interview can be used to improve employee motivation and efficiency in a specific role.
Gain insight about management style
44 percent of employees quit because of bad managers. Exit interviews provide a safe environment to share leadership experiences. As the employee is leaving the company, chances are he or she will be open to discuss leadership shortcomings more candidly.
Identification of good and bad managers helps companies decide on leadership trainings.
Learn about competition
Exit interviews should always be conducted on a good note. Chances of the same employee working for you are very likely, if the sole reason of leaving the organization is competitive pay.
Exit interviews allow employers to inquire after the reasons of leaving; in some instances, counter offers are made in order to retain employees. This allows you to measure your employee benefit packages against the competition. For future, you can develop a benchmark and retain employees.
Idea generation
An experienced employee who knows your organization’s culture and policies can offer you innovative and creative ideas for improvement.
Creation of company’s advocate
Part ways on a friendly note. Your treatment of the departing employee will impact the company’s reputation in the job market.
If things end well, the departing employee may even refer someone for vacant positions and might work is creating business alliances with competing companies.
How to ensure success of exit interview
You need to have a goal and strategy in place for your exit interview.
This means you need to have right questions to address pressing issues.
Policy and strategy
Sole participation of HR makes exit interview marginal. Top management should be involved in designing policies and procedures for employee’s exit.
Managers should be directly involved to ensure that actions are taken to rectify shortcomings highlighted in the exit interview.
Identify designations that need to be interviewed; the number of interviews that need to be conducted; the time they need to be conducted; and what the company will do with the data collected from these interviews.
It’s recommended that, not all, but roles that are important to the business functionality should be interviewed close to departure.
The interview should be ideally conducted in the middle of the employee departure notice period. This provides you with a window of negotiation. You can conduct 2–3 interviews to determine the reasons for leaving and retain the employee with a counter offer. The results collected should be put into action in order to reduce employee turnover.
Here are some questions you may add to your exit interview.
- What led to the search of another opportunity?
- What will make you stay with the company?
- Do you feel that your contribution to the business was recognized by the management? If you feel unappreciated, please suggest a way to improve employee appreciation.
- Were you able to understand and follow all company policies? If not, did someone help you understand them? How can we make them more employee friendly?
- Did you have any concerns regarding your job role or the business?
- Were you provided the necessary training to perform your job successfully? How can we improve it?
- Has your job description evolved since your hiring?
- Did you have the necessary tools and work environment to perform your job?
- What did you enjoy the most about your job role?
- How can we improve?
- Anything else that you would like to add?
Be polite and courteous throughout the interview; end on a good note. Most importantly, put your findings to use and build a better employee benefit and wellness program to improve your retention rate.
Don’t know where to get the right help for employee benefit program in New Jersey? Call (877) 355-6070. We at JS Benefits Group help companies design and implement tailor-made program for employee health, wellness, insurance, and benefits.
