When an employee has decided to part ways with your company, they are simultaneously opening a window of opportunity for you, as the employer, to gain valuable insight into why they have decided to move on, what went wrong (if anything), and what can be done in the workplace to improve retention and company culture.
Considering the disappointing nature of employee termination, many employers fail to recognize this opportunity, and wave goodbye to their former employees without learning anything.
“Let’s just get it done with and move on” is a way of summarizing this attitude.
Furthermore, they fail to close the relationship on a positive note by showing the individual that they care about listening to their thoughts, and taking action to improve employee morale in the future.
This is a grave mistake, because not only are you missing valuable, actionable insights which will help you attract and retain top talent, but you are also leaving a trail of disappointed, perhaps bitter former employees that can damage your reputation amongst job seekers.
Not to mention, employee turnover is expensive, and failing to take preventative measures is nothing short of shooting yourself in the foot, financially as well as in terms of your brand reputation.
“Experts estimate that the cost of a lost employee is anywhere from tens of thousands of dollars to 1.5-2.0 times an employee’s annual salary. The bottom line for organizations: Turnover, if not systematically studied and understood, can impede achievement of organizational outcomes.” – Jack Altman, How Much Does Employee Turnover Really Cost?
And so, conducting a structured exit interview with a departing employee is an incredibly important, often overlooked part of the offboarding process.
In this Process Street post, we’re going to be looking at:
- What the purpose of an exit interview is, the best time to conduct one, choosing the right method, and important data points to gather
- Examples of excellent exit interview questions
- How to establish a process for flawless execution every time
- How to effectively leverage exit interview data