Exit interviews will help you to:
1. Reduce costs of recruitment and retraining
Research shows that employee turnover can cost organisations 1.5 times the annual salary, which, with average turnover at approximately 11%, can have a considerable impact on your company's bottom line.
2. Save time
Unnecessary time spent dealing with replacing and re-training is reduced, as well as the flow-on effect of time spent recreating the corporate culture, patching up the dynamics of the team and redistributing the workload left by the departing employee.
3. Save time and money on potential productivity losses
What happens when a key person leaves with a major job due for delivery next week? Lost time, lost productivity, and possibly lost orders and lost customers can be the long-term result of this situation.
4. Determine the real reasons for people leaving
Exit interviews are a useful diagnostic tool for uncovering underlying hidden agendas and may contribute to reversing the employee's decision if appropriate.
5. Minimise the risk of litigation
It is increasingly important to ensure that all possible processes have been covered in the termination process to minimise any risk of future litigation by the departing employee.
There are actually 10 benefits to conducting exit interviews. Turn to chapter E04: Exit interviews
of your Practical Guide to Human Resources Management
to see all the benefits. If you don't have a copy yet, click here.