Employers know turnover is bad for business, but they may not realize the extent of the problem. According to Employee Benefit News, companies spend 33 percent of a departing employee’s annual salary to hire a replacement. That same figure – 33 percent – represents the proportion of workers who said they quit their jobs within the first 90 days of employment, says a 2018 survey by recruiting firm jobvite.com.
Even when employees stay longer, they often leave their positions in fewer than five years. The 2018 Bureau of Labor Statistics Employee Tenure Report noted that the median tenures of workers ages 25 to 34 and 35 to 44 were 2.8 years and 4.9 years, respectively.
When employee resignations occur, as they inevitably do, exit interviews are a valuable learning opportunity for employers. They allow you to glean the departing employee’s candid, first-hand insights into workplace culture and conditions.
When an employee resigns or is terminated morale, productivity and sometimes even your company culture can be affected. Find out how to effectively handle employee turnover in this blog post >>
The information you gain during exit interviews can help you make positive changes in your organization and more effectively retain the employees who are still there. Departing employees can help you identify areas that need improvement, including management styles, morale, company strategy, marketing, operations, systems and the structure of their divisions.
You may want to use the feedback employees share during exit interviews to build better teams and boost morale by establishing:
Exit interviews are most productive when they take place in person, but video chats, telephone calls and questionnaires are better than no exit interview at all. Just be sure to ask questions that help you understand why the employee is leaving and uncover opportunities for workplace or operational improvements.
Keep these exit interview tips in mind to maximize their value:
Given workers’ short tenures and the increasing costs associated with hiring new employees, employee retention is more important than ever. Getting candid answers to key questions from resigning workers can help you improve career development and recruiting practices, strengthen company culture and expose other issues that may be affecting your ability to retain team members. For assistance, contact Axcet HR Solutions.
Our HR experts are here to help with terminations, layoffs and unemployment claims management.
.png){kind=logo}
Let us know what you think...