4 Benefits of having exit interviews
An exit interview is an interview which you have with an employee who's leaving. It can held by the departing employee's manager, but is preferably done by a third=party member in order to maintain objectivity and neutrality.
This is vital because, during an exit interview, the reasons why an employee is leaving are discussed, and these reasons may be sensitive. Also, the employee's history within the organisation can be reviewed.
At the end of the day, the information you get out of exit interviews can give you insightful information in improving employee retention.
Here are 5 other practical benefits of having exit interviews:
Benefit#1: Lower costs of recruitment and retraining
Research shows that employee turnover can cost companies 1.5 times the annual salary. This, with an average turnover of 11%, can have large effects on your company's bottom line.
Benefit#2: Save time
Unnecessary time, which is spent retraining new staff, is greatly reduced.
This includes reducing the time it takes to re-establish the dynamics of the work team, distributing work left by the departing employee etc.
Benefit#3: Save time, and money, on potential productivity
An employee leaving could lead to serious setbacks in terms of productivity, can have severe long-term repercussions for your company, such
as lost clients, customers, profits etc.
Benefit#4: Determine the real reasons for leaving
By conducting exit interviews, you could find out the real reasons an employee is leaving.
By knowing this, you can apply this knowledge and learn from it to avoid a similar scenario with any other employees.
As in the words of a George Santayana, 'Those who don't remember the past are condemned to repeat it.'
Don't be someone who ignores this sound truth.
To find out more practical benefits on exit interviews, subscribe to the Practical Guide to Human Resources Management