Turning feedback into action will increase loyalty.
More than half of US employees (51%) are open to a new job, according to a recent survey by Gallup, and employees’ long-term commitment to their organizations is currently the lowest it’s been in almost a decade. Employee turnover adds stress to businesses that can get costly – from hiring and training to stress turnover adds to a business can get costly – from hiring and training to decreased team morale and lost productivity.
The good news is that 42% of people who voluntarily left their organization in the past year reported that their manager or organization could have done something to prevent them from leaving their job.
Whether you have been in business for 30 years or three months, exit interviews can yield valuable information to power your staffing strategy going forward. Uncovering not just discontent, but larger patterns, operational issues and inefficiencies can allow you to make investments now to stave off future – potentially regrettable – attrition.
As much as you can, make the exit interview comfortable for everyone involved. This includes being upfront about what information you are looking for and letting the employee know that regardless of their answers you consider their leaving on good terms.
At the beginning of the interview, set clear parameters with statements like, “We’re looking to improve some of our processes and the way we do things. We’d love your unvarnished insight as to how we could improve specific modes of operation.” Let them know you’d like their objective view on how things are done – versus digging for all the reasons they are leaving. Emphasize a positive message to level-set before the conversations starts: “You can help to improve work for your fellow colleagues who continue to work here.”
It’s important to not just scan the answers to an exit interview and file them away. Here’s where you can gain insights that can potentially drive new ideas for your business. Once you have a few, seek patterns, themes and consistent operational or personnel issues. Look for culture fit concerns and systems issues. Pay and compensation matters as well. Chances are you will see topics repeat across interviews.
In order to compare answers, be sure you standardize questions. If there’s consistency, you’ll have an easier time gaining meaningful analysis. Include a combination of quantitative and qualitative questions. The quantitative answers may help point you in the right direction to dig deeper in certain areas of the business for more specific concerns.
Use this intelligence to conduct an audit of your business and its processes. This can inform your strategy and tactics going forward.
Be sure you’re implementing changes based on the feedback from exit interviews. You can only slow attrition by rectifying potential concerns. Communicate the highlights of your analysis to senior management so they can be on the lookout for warning signs before an exit interview is required.
Additionally, measure the effect these changes have on employee satisfaction and turnover. You want to verify you’re headed in a positive direction that will help you retain current employees and avoid any unwanted turnover in the future. After all, the success of your business depends on it.
Sources: gallup.com
