Tackle Employee Attrition Smartly
Are you aware of the reason(s) behind the employee attrition in your company? If yes, have you been able to trace any pattern in the reasons stated by the exiting employees?
Employee attrition is a well known menace for corporates world over. Companies have come to realize that talent/employee retention is a necessity for their wholesome progress. Unfortunately, companies are still struggling to find out suitable ways of tackling the issue of attrition.
Thankfully, there is an effective tool that can tackle this issue. Exit interview is the instrument that effectively helps in understanding the grounds on which employees decide to leave a company. In literal terms, exit interview refers to the conversation held one to one between a company representative, preferably an HR personnel of the company, and the exiting employee.
More and more companies are adopting the way of exit interviews to understand the internal attrition trends. And, there have been many surverys on this also. As per one of such surverys, about 85-90% of corporates have already adopted the policy of carrying out exit interviews throughout the hierarchy. Sadly, not even half of such companies have been able to use the data collected efficiently.
Before a company decides to use exit interview as an informative tool, it needs to first determine the need for it in specific terms. This will keep the company from losing focus from what it had started to do. Here are four most common needs of corporates that makes them turn to exit interviews.
Employee attrition is the most common requirement of companies that the exit interviews are expected to take care of. Managing the issue of employee attrition is of prime concern for companies because if this issue is not managed well, then the company stands to deal with an expensive affair.
Another need is of attaining constructive information. Exit interviews are expected to provide the organization with invaluable information that can be used in analyzing the separation trends, insights into the departmental operations and bottlenecks, apart from other analysis unique to a company's nature of business.
Thirdly, if a company is successful in understanding and addressing the issues commonly faced by employees and stated by exiting employees, the company will end in forming a more robust retention strategy. With the help of this enhanced retention strategy, the company will be able to tackle employee attrition more effectively.
Lastly, with the help of the information attained from the exit interview, a company will be able to understand the real issues to the grass root level. When each department works towards removing those bottlenecks, the company will be in a better position to attain overall progress.
About the Author
Naman is associated with a leading background screening company that specializes in Exit Interview Survey
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