In its simplest form, an exit interview is a conversation with an employee who is leaving the company (voluntarily by resigning and not via redundancy) to discover the main factors that have driven their decision to depart.
In reality, it is often a potent mix of factors, not one single element, that has brought them to the point of resignation.
Done correctly, exit interviews can really inform your retention strategy and potentially inform future recruitment.
Why hold an exit interview?
- The Truth
By conducting structured, probing and independent exit interviews with departing staff, you’ll find out more about why people are leaving.
Exit interviews can uncover what’s really going on within your business. They allow you to quickly and easily identify which areas are of the most concern and therefore need addressing first, which areas are potential quick wins, and which will need a longer-term approach to improve.
Acting on that information will help to improve retention and create a real impression that you are keen to learn and improve.
- The Cost
The true cost of a resignation can be eye-watering. Firstly, you are about to lose all the investment you’ve made in an employee. Induction, training, development, mentoring, coaching – all that investment is about to walk out the door.
Then there’s the cost of hiring a replacement. Agency fees, advertising, HR and line management time – it all mounts up. And then there’s the risk you can’t find someone.
Effective exit interviews have the power to stem the tide of leavers. Helping you develop a focused retention strategy based on a deep understanding of why people are choosing to leave your organisation.
Exit interviews and the results you get from them rely heavily on how, when, and by who they are conducted. We are happy to share what we’ve learned and offer some ideas. Just drop a note to email@example.com or give us a call on 0207 224 3307.