The Exit Interview: Why This is Your Missing Tool to Decrease Turnover

8 MINUTE READ

Research shows that a low turnover rate predicts a higher employee performance level in comparison to a competitor that has a higher turnover rate. So what do you do if you are the "competitor" in this situation? Exit interviews are a great way to get candid feedback on your performance as a company and also insight into how your management team is performing. 

While this seems like a great idea the logistics and consistency of an exit interview can be challenging. Will the departing employee be forth right or do they value more the reference they are hoping to have from their former manager? If an exit interview is conducted what is done with this useful information afterwards? Does anyone track data, share feedback or action any issues that have risen?

Harvard Business Review sheds some light on the topic, sharing 6 goals you should focus on when establishing a successful Exit Interview program:

1. Uncover issues related to HR: Beyond their direct manager was their any issues with your benefits program or compensation structure? 

2. Understand employees' preception of the work itself: What did they think about their day to day responsibilities, overall job design and culture. Get into the details.

3. Gain insight in their manager's leadership style and effectiveness: This is your chance to get the inside scoop and identify any issues within your management team.

4. Learn about HR benchmarks (benefits, salary) at competing organizations: Don't be afraid to ask your exiting employee what attracted them to their new company and learn from it. 

5. Foster innovation by soliciting ideas for improving the organization: Don't just focus on their job and tasks, ask their opinion about the broader organization, what would they do differently?

6. Create lifelong advocates for the organization: Departing employees are still your potential client or guest, treat them with respect and know that they will probably be asked what it was like to work with your company. Leave them with a positive experience.

For more on establishing the process and tips on driving the conversation read the full article below. And if you are looking for suggestions on Exit Interviews click here!

Forward by Alisha Adams, Co-Founder of Talent Lab