There are positives for both Exit and Retention Interviews. But, which of these will work better for your organisation?
Businesses are well-versed in conducting interviews when recruiting for a vacancy. However, what many hiring managers and HR directors miss is the importance of conducting exit interviews and retention interviews. These could very well be the key to improving that all important retention rate and recruitment experience for your business.
Let’s break down the differences: Exit Interviews vs Retention Interviews.
What are Retention Interviews?
Best conducted within 6 months to a year of a new employee joining your business, retention interviews are a strong measure of how well the induction process reflects the culture and values of the organisation. They are also an insight into whether their expectations of the role, management and work environment are being met.
- Identify any core issues which could be resolved, as in turn, this may influence their job satisfaction – a deciding factor in whether a new starter is motivated to stay
- Could provide you with an insight into how long an employee envisions staying within the role – allowing you to forecast potential demands for future recruitment
- Listening to the needs of the workforce can be fundamental in improving morale and motivation levels across the organisation as well as increasing quality and output levels
- Unless a solution is implemented or the employee feedback is actively taken on board, this could result in a lack of motivation since the employee feels their views and needs are being overlooked
- Employees could be less likely to open up and be honest about their experience as a new starter, often in the fear that this could be perceived negatively by their manager
What are Exit Interviews?
Exit interviews are conducted to highlight reasons as to why the employee has left the organisation. Regarded as an opportunity to review the potential positives and pitfalls of employee engagement within your business. Understanding why employees are leaving your business could help you to improve the experience of current employees and others who may join.
- Developing an understanding of why individuals are leaving can help you work towards creating a better working environment, as ex-employees are likely to be honest about their experience. This provides useful feedback for your business
- Conducting exit interviews could provide you with a competitive edge once a resolution has been implemented, especially if reasons for leaving are due to market conditions
- Employee retention is increased over time due to improved interaction and work environment
- It is likely there will be trends in the responses from ex-employees, unless feedback is acted upon. Thus, rendering the process counter-productive.
- Once employees have left, they are unlikely to correspond with their previous employer. The timing of the interview must be carefully planned in order to obtain honest and valuable feedback.
- Exit interviews can be time-consuming. They need to be arranged and conducted as well as result in the implementation of an effective solution.
Exit and retention interviews can be a fantastic tool for improving the quality of your employees’ experience. This can be a determining factor of retention rates.