Third Party Exit Interviews
Reducing the ‘silent killer’ threat
Unwanted employee turnover has been described as a "silent killer". Silent because these soft costs rarely show up on a P/L spreadsheet. Current average replenishment costs in relation to salary are calculated as follows:
• Non-exempt .9X
• Individual Contributor1.5X
• Manager 2X
• Executive 4X
Organizations that think “who” first take voluntary resignations seriously and the comments of the exiting employee are very important to them. The challenge is how can you be certain you are getting honest and accurate feedback?
In order to save money on your human capital replenishment costs you should have a process that will provide you with the real reasons behind your controllable and undesirable employee turnover.
Most people have a difficult time articulating their reason for leaving because it’s either too emotional or for fear of retribution. And since most people can count before they could read, they take the path of least resistance, the “more money” answer.
Utilizing a third party expert can help you hear what you are not hearing from your exiting employees. These sessions, about an hour in length, utilize behavior interviewing techniques and are conducted by phone about three to five weeks after the exit date.
Conversations are verbatim and submitted to the company in the aggregate. A customized report is generated either monthly, quarterly, semi-annually or annually based upon the number of sessions conducted over a specific period.
It can also be useful to follow up with each individual in six months to see if he or she is happy with their new position/company.
Benefits:
• Provides accurate data that can reduce high attrition costs
• Helps direct development dollars to a specific person or department
• Reduces recruiting expenses
• Avoids unwarranted salary adjustments
• Validate concerns regarding marginal front line leaders
People join for THINGS. They leave for PEOPLE.