Why conduct exit and retention interviews?
Properly conducted Exit and Retention Interviews can be extremely beneficial for any organisation. They help to collect important information regarding the turnover and retention of employees.
What can you do with exit and retention information?
The outcome will help to shape future decisions across all areas of your business. These include: selection, training and employee engagement and satisfaction.
Even though often gathered under the same title, exit and retention interviews differ slightly, however work towards the same goal of attempting to rectify any problems or to improve and make changes within an organisation.
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The difference between an exit interview and a retention interview
From one perspective Exit Interviews are designed to focus on the exiting employee, try and think of it more like environmental scanning in HR; to provide feedback on various elements about the organisation.
A Retention Interview would be a formal discussion between the employer/HR and the exiting employee. This discussion would mainly focus on retaining an employee who has resigned or is in the mind to. This could include offering additional pay package, perks etc…
A detailed look at exit and retention interviews:
|To identify what your organisation is doing well||Help to retain talent who are either in training and starting with the organisation or existing members who may be considering leaving|
|Pinpoint areas where you can improve in your organisation||Assists employees to understand how they can contribute to the business and their importance and role|
|Confirm the skill sets, experience, and attributes needed for the job||Maintains performance and productivity and creates stimulation for key employees|
|Capture useful knowledge, contacts, tips, etc. from the exiting employee||Increase company and employee morale|
|Understand why the employee is leaving and to say good-bye on good terms||Lowers turnover to create a Return on Investment (ROI)|
Getting the most out of your exit and retention interviews
To gain the most out of your exit and retention interviews, timing is everything. Soon after an employee resigns, ideally, Exit Interviews should be conducted.
New employees are more likely to remain with the business, if Retention Interviews are completed during training time. Or, as soon as an existing employee expresses signs of leaving.
Would you like to know what makes your employees more likely to stay at your business, or why they may feel inclined to leave?
Click here to find out what Cohesion can do for you.