Human Capital: Top 3 Reasons Why Your Company Should Perform Exit Interviews
Does your company currently perform exit interviews for employees who have provided their two weeks’ notice? If not, you might want to consider implementing exit interviews into your human capital strategy as a powerful tool to potentially increase your future employee retention rate. When your company has expended effort to hire qualified and skilled candidates for a position just for them to leave within the same year, it’s essential to understand why your top talent isn’t retained. By performing exit interviews, your company can gain insight into what drives your employees to seek out new opportunities rather than staying longterm.
Exit Interviews Get to the Bottom of Your Human Capital Problem
One of the most fundamental goals of any company is to retain its top talent for years to come. When your employees are satisfied within their jobs, they will not seek out career advancements with other companies. According to a top study performed by a market research firm, employees often leave a company due to poor communication and bad management practices. If your company currently has a high turnover rate, you’ll want to consider conducting exit interviews using your Human Resources Department to identify your human capital problem. While exit interviews are often confidential between employees and your HR department, your HR department can present the information to management to provide the most transparent picture of your company’s problem.
Gain Insight into Management Leadership Skills, Employee Workload, and Competitors
An exit interview can also provide insight into your management’s leadership skills, employee workloads, and benefits offered by competitors at other organizations. After an exit interview is performed, your company can review the information provided by former employees to gain unique insights about your business. Whether your employees choose to mass exodus due to bad management, challenging work/life balances, or competitive benefits offered at another company — this information can help your business adjust accordingly so you can retain your top talent in the future.
Exit Interviews are Cost-Effective
Opting to perform an exit interview is a cost-effective strategy to learn your company’s practices and how they affect your employees. Additionally, since employees are leaving the company when an interview is being conducted, they are more likely to offer honest feedback based upon their experience working for you. The information provided by exit interviews can help your company change future policies, eliminate bad management, adjust workloads, and learn about modern practices, which may increase your chances of retaining employees. Considering implementing exit interviews into your HR department? Lewis-Price & Associates can help by providing you with skilled HR professionals to overhaul your current company’s practices. Contact us today!
About Lewis-Price & Associates Inc.
Lewis-Price & Associates, Inc., is a fast-growing mission solutions company supporting federal agencies through premiere training, program management and IT services. Serving federal agencies across the government spectrum, from defense to civilian, we ensure the success of ongoing federal agency operations through effective curriculum development, professional coaching, program management, and administrative and technical services. Lewis-Price is committed to providing high quality, effective and on-time solutions to partners and customers through a team that values integrity, intention and excellence in everything we do. Learn about how we can bring our unique approach to success to your organization today at lewisprice.com, and please follow us on LinkedIn, Facebook, and Twitter.