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You've just lost another employee. Here's what you can do to avoid losing anymore

by , 19 January 2015
Cindy resigned last month. She's currently serving her notice period.

She's the 8th employee to resign in the last year. You don't understand why you keep losing employees. And this is costing you time and money to find replacements.

One way to find out why you're losing staff is to conduct exit interviews. Exit interviews improve employee retention and will help you in other ways too.

Today I'll share the five benefits of exit interviews and how they can save you time and money...


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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.

P.S. 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.
 

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