Retaining skilled and intelligent employees is crucial for any organization to accomplish a constant and best performance. Most of the savvy establishments know that retaining existing employees to maintain productivity and capability levels would best help to boost the financial success of the firm in the long term. Retaining trained staff can also help to save money that would be otherwise spent on enrollment and training of new workforce.
When employees decide to leave an organization, it would not only mean losing the skills and expertise of the workforce, but also the ideas, opinions, and years of experience that influenced their desire to depart. It becomes essential for the management team to know about the employee turnover issues in order to create and implement an effective employee retention plan. This will help them to ensure that their organization has all the resources to expand and achieve performance targets. An employee’s decision to leave an organization may be influenced by organizational and personal factors.
Exit interviews will enable managers and department heads to capture information to help their organization take opportunities for development and devise effective personnel retention strategies.
In many organizations, it can be done through third party exit interviews that will allow exiting staff to honestly and discreetly provide their feedback based on performance dimensions. This can help the management to identify the prime concerns of exiting employees, and find out the key reasons for departing.
It is essential to achieve support of exiting employees to participate in such exit interviews to ensure validation of information.
Team leaders and managers can even discover the modifications in the employee retention policy thereby providing more flexibility in working environment, allowance, increment and so on.
Exit interviews can be the best way to discuss benefit issues and final payments that are due to a departing employee. These interviews would also allow team leaders to show their supervising skills and how good they can retain employees.