How good are your exit interviews?
Employee turnover is an unfortunate side effect of a downturn in the economy, but I wonder how many people are using exit interviews to learn about how their company can improve?
New research into an American bank reveals how they used exit interviews to considerably reduce staff turnover.
"As this case study shows, a specially designed exit interview program has helped the bank dramatically reduce its turnover rate and implement strategies to recruit and retain the right people, driving more profit to the bottom line. Conducted by certified HR professionals outside the organization to ensure candor, the exit interviews are supplemented with techniques for collecting critical information from employees who choose to stay and those who turn down offers of employment as well."
5 reasons why should you conduct exit interviews?
- You can make peace with disgruntled employees
- You send a positive message to those still working for you
- You get reasonable knowledge transfer
- You get feedback on your company and what people think of it
- You improve employee retention
How to conduct a good exit interview
So we've determined that they are a useful thing to do, here are a few tips on how you can conduct a good exit interview.
- Be consistent. The impact of exit assessments can be diluted if different methodologies are adopted at business unit or even departmental level.
- Remain impartial. It's important that people feel confident that being candid won't burn bridges or hamper their future career in any way. The best way to do this is to use impartial personnel to conduct the interview.
- Timing is key. Most people have a month long notice period. The best time to do the exit interview is in the 2nd/3rd week of this period as the emotion of leaving has died down a bit but they're not in the frantic final week of handovers and leaving parties.
- Focus. Most interviews focus on things such as compensation or working conditions. If you are having an open and candid exchange however then you can explore many more topics.
- You want actionable items. The whole point of an exit interview is to gain actionable insight from the leaver.
- Connect up. If you're undertaking other strategies for improving employee engagement make sure the exit interview ties in with them.
- Don't just collect the data. Should hopefully go without saying, but you must act on this. No point doing it otherwise.
- Don't forget to be sensitive. As well as getting great insight you're also ensuring that this person leaves with a good impression of you and the company. It's an emotional time so treat things sensitively.
How does your company deal with leavers?
- Management Direct
- Management news
- CMI library
- Management community
- CMI Management Book Club
- My Career
- Study support
- Learning materials
- HR resources