Do you conduct exit interviews?

by Bridgette Hall | January 02, 2018

Do you conduct exit interviews?
The exit interview is often overlooked, recruiters and hiring managers are wired to focus on new talent instead of extracting lessons from those that are leaving. However, an exit interview can help you gain valuable insights into your company you hadn’t thought of before. In fact, the Center for American Progress Issue Brief published an article in 2012 based on numerous case studies that found the typical (median) cost of turnover was 21% of an employee’s annual salary.  Gallup estimates that Millennial turnover costs the U.S. economy $30.5 billion every year. This makes having a strong exit interview process in place essential that can improve career development, look at company culture and find out why you are struggling to retain your best employees. A 2016 study by the research arm of Glassdoor found that job stagnation leads to high employee turnover. “Adding an additional 10 months in a role increases the chances of an employee leaving the company for their next job by 1%,” the data showed. And employees are about three times more likely to leave for a new employer than to stay and move into a new role at their existing company. An exit interview can help you figure out why good, motivated employees are leaving.

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HR is the lifeblood of an organization. However, inefficient paper-based processes are making your department anemic, leading to onboarding delays, unnecessary costs, and valuable staff time being wasted.


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