Employee Turnover And Retention Briefings Abstract: 60
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What do you do when employees leave your company? Smart business owners will conduct exit interviews to find out why. If the employee is highly valued the business owner will also conduct a stay interview to find out what it would take to keep the employee.
The information from an exit interview is valuable to a business. They can help the company discover and correct weaknesses. They should be standard practice to improve your business.
A common assumption and misconception held by supervisors is that all employees leave for more money or a better opportunity. The real reasons may be very different. They can highlight issues you can and should address for your current employees. Addressing issues raised in exit interviews for your remaining staff can reduce future turnover.
Many small businesses skip the annual performance reviews and even staff meetings. The exit interview may be the only chance for feedback from employees.
Even marginal employees should be exit interviewed. They may just provide that one piece of information that is bothering every employee. Addressing these issues to retain the rest of your employees could give your business the critical edge over your competition.