Employees leave. No matter how much time and effort you invest, some will move on. When they leave, it’s an opportunity to find out why and learn what can be improved in your company.
- Understand why people leave
- Pinpoint opportunities for employee development
- Gain insight into management issues
- Stay up-to-date with compensation and benefits
According to Glassdoor for Employers, replacing an employee costs an average of 21% of his or her salary. Millennial turnover costs the US economy $30.5 billion annually.
Harvard Business Review magazine recently surveyed 220 executives and senior leaders in 210 organizations and 33 industries. What they found was interesting.
- 75% conducted some form of exit interview
- 71% had HR handle the process
- 19% had the direct supervisor conduct the interview
- 9% used the supervisor’s manager to do the interview
- 1% used an outside consultant
Exit interviews can be a great way to get honest employee feedback, but it may be too little too late. Instead of waiting until an employee has submitted their resignation, check in with your employees on a regular basis. Ideally, you want your employees to voice concerns when they have them, not after they’ve decided to move on.
In next week’s blog I’ll share best practice questions to ask during the exit interview.
The road is easier together,