Situation:
The U.S. Bureau of Labor Statistics (BLS) reported a 37% annual employee turnover rate for all areas of business in 2004. The failure to retain the most talented and productive employees — the stars that drive the success of any organization — costs small employers thousands of dollars a year in lost knowledge and experience. And for large organizations, the price is even steeper at millions of dollars, year after year.
Recognizing the obvious costs, companies are taking proactive steps to reduce turnover and retain employees. Learning and understanding why employees stay and leave and attributes that make an employer a top place to work is vital to the success of any business.
Many organizations are utilizing exit interviews to capture key information from employees as they leave the company. Rather than simply documenting human resources information, the interview also captures knowledge about what it takes to do a particular job, how to improve corporate and departmental culture, and identifies possible issues with management. Exit interviews provide valuable information organizations can utilize to prevent employees from following their colleagues out the door.
Solution:
Global Compliance provides Exit Interview services to assist organizations in gathering information from employees as they depart. Interviews can be conducted via telephone, utilizing a live interview technique or an interactive voice response (IVR) system, or through a Web interface. Outsourcing the interview process to a non-biased third party can allow employees to feel more comfortable providing information, thus increasing the amount, thoroughness and quality of the information obtained.
Interview data is housed in a centralized repository enabling efficient data storage and long-term retention. This enables companies with multiple locations or remote staff to consolidate exit interview data into one centralized system. Our Information Management services allows query, analysis and trending and can be sorted by department, division, geography or job class with the click of a button. Repetitive issues can be identified and addressed to positively impact employee retention.
Outcome:
By documenting feedback from employees as they resign, an organization can identify and resolve key issues that may be impacting employee retention and control costs associated with employee turnover and training. The philosophy behind exit interviews provides existing employees with a more positive view of the organization knowing that management is interested in uncovering concerns through a non-threatening methodology.
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