The Cost of Turnover:
Why Exit Interviews are Vital to Your Organization’s Success
Any company that has lost an employee understands the cost and additional work involved. Employees receive extensive training and when they leave, an untrained staff member moves into their place. This costs the company in several ways: the new employee must be trained; there is a gap during which the new employee is not producing and finally, other staff members must assist the new employee, thus lessening their productivity – and this merely details the cost of training.
Employees leave an organization for a variety of reasons and conducting an exit interview is the most effective way to find out why. Is there a manager who is frequently clashing with their staff? Do employees feel unprepared or incapable of performing in their position? Are they unhappy with their salary, time off or benefits? Are they aware of unethical practices occurring? Contact us today to find some answers. Let one of our exit interview experts help you utilize ExitRight® interviews as part of your company’s process, to truly find out why.
The Obvious and Hidden Costs of Employee Turnover:
- Paperwork for the departing employee
- Vacation, severance and sick pay payouts
- Unemployment compensation
- Recruitment activities including advertising, job fairs and search firms
- Interviews, reference checks and background checks
- Hiring or referral bonuses
- Training: formal classroom and on the job training
- Productivity gap between previous employee and new employee
- Inexperience errors
- Lower moral and lower productivity of other employees
- Financial consequences of slower service
With the ExitRight® system, you will gain meaningful insight through comprehensive exit interviews into why staff members are leaving. Equipped with this information, you can easily target areas for improvement and take immediate actionable steps to implement positive changes. When you introduce exit interviews, you save your organization from the considerable obvious and hidden costs of employee turnover.
