Updated: Mar 2, 2022
We interviewed over 50 HR leaders and found that over 90% of them currently do not have a consistent exit process. As a result, exit interviews are not always done and companies are letting valuable data walk out the door. A recent Harvard study confirmed our findings. Much of this is attributed to the lack of time and resources to conduct exit interviews. Additionally, when an employee leaves, much attention is focused on replacing the vacant role. While understandable, focusing on backfilling vacant roles is very short-sighted. Companies are not taking the time to identify and fix the root causes of employee turnover. This leaves existing employees even more frustrated and disengaged.
What Should Companies Do?
Create a repeatable process. Start by creating a repeatable process that is applicable to everyone. Companies spend too much time customizing the exit process for individual needs. Start with the common core requirements. Once you have a repeatable process that sticks, then customize as needed.
Document and share the exit process. Document and educate the HR team, managers, and employees on the exit process. Often times, managers are caught off guard when an employee resigns. Having a central repository where everyone has access to the same information enables consistency and improves adoption.
Automate the exit process. Once you have your process defined, look for ways to automate it. Leverage your existing HR systems or source external tools that can help you automate manual activities.
Store exit data in a central repository. In our discussions with HR leaders, many of them confirmed that exit interview notes are often stored in notebooks and laptops. HR needs to leverage technology to manage its exit data and make it accessible anytime anywhere.
Analyze data and identify trends. Don't forget to analyze the exit data. This is a commonly missed step for many companies (yes, this happens all the time). Use the exit data to see trends and identify issues causing employee churn. You might be surprised at what you find.
How Can We Help?
Retainify offers a unified solution that allows employers to track their employees' sentiment throughout their employment life cycle in real-time. From onboarding to exit, our customers can customize and automate their employee surveys and measure what truly matters to them. Find out more at https://www.retainify.com
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