Despite the economic backdrop, retention of key talent is crucial. As recession recedes, this will become even more important as more people begin to leave jobs of their own accord.
However, you can only build a successful retention strategy if you know why people are leaving in the first place.
People leave for a variety of reasons:
+ Pull factors: better offer/prospects, education, career break
+ Push factors: poor recruitment, inadequate training & development, insufficient reward or recognition; poor cultural fit
Pull factors are easy reasons for employees to give - and for employers to accept but the underlying reasons may actually be push factors.
Why conduct formal exit interviews?
* To find out the true reason for leaving so that an issues can be addressed in the future
* A great source of feedback and insight (and can be positive - not always negative) which are useful tools for recruitment in the future
* A chance to part with employees on good terms - positive PR
* Make it structured and controlled; can range from informal chat to formal questionnaire
* Key to a successful exit interview - trust, communication and rapport between leaver and interviewer. The interview is now always easy and can get emotional
* Employer can respond to issues which trouble the employee, and an employee can leave knowing their views have been listened to
* Part of the interview should be ‘off the record’ - a 'no-holds-barred' discussion including recommendations, comments and suggestions
* Use the information to its best advantage - getting accurate, useful information is hard enough and putting it to use is even more difficult!
The HMV Experience.
Staff turnover for retailers is higher than many other industries.
At HMV, all voluntary leavers have historically been given a structured exit interview. Managers were initially reluctant, so it was made it part of the documentation needed to remove someone from the payroll.
o All line managers subsequently trained in exit interview techniques.
o Managers now carry out the interview; HR assesses the completed information and it is used as part of manager performance assessment.