retensa uncover why your employees quit: the future of...
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Talent Management Solutions
www.retensa.com (212) 545-1280
Uncover Why Your Employees Quit:
The Future of Exit Interviews
Exit Interview Research Study
Results Report Highlights Host: Laura Randazzo, VP of Compliance
Aurico
Guest Speaker: Chason Hecht, Founder
Retensa
www.aurico.com | 866.255.1852
Talent Management Solutions
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Who is Retensa?
Internationally recognized employee retention experts by:
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Talent Management Solutions
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WHAT is the impact? WHEN
do they leave?
WHY do they leave?
WHO? is leaving
How Do You Retain Employees?
HOW
Cost of Turnover
Analysis
HR Metrics
Real-time
Employee Surveys
Attrition Risk
Matrix
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Talent Management Solutions
www.retensa.com (212) 545-1280 4
Exit Interview Research Study Resources
For more Exit Interview Program practices:
www.exitinterviewsurvey.com
To order/download the full 53 page Exit Interview
Research Study report with advanced insights, visit
www.exitinterviewsurvey.com/termination-checklist.
All webinar participants can use this discount code to
get $100 off in next 3 days: EIRSWeb514
www.aurico.com | 866.255.1852
Talent Management Solutions
www.retensa.com (212) 545-1280 5
Exit Interview Research Study: Business Case
• Modern organizations are consistently challenged to retain top
talent, regardless of economic climate.
• Retention will not get easier : In the ~70 year history that BLS tracked
data, as unemployment decreases, turnover increases.
• Exit interviews are the only tool that can capture “Primary drivers” of
employee turnover.
Research Study Goals:
1. Provide a benchmark for exit interview programs
2. Capture all exit interview methods and variations
3. Measure the impact of exit interviews on performance
4. Establish Best Practices in conducting exit interviews
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Talent Management Solutions
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Exit Interview Research Study: Parameters
Retensa’s Research Division developed a 40 item
survey that includes questions on:
• Key organizational characteristics
• The methods currently used to conduct exit
interviews
• Exit interview effectiveness
Of the 353 respondents in EIRS;
• 295 completed majority of survey questions
• 75% of organizations currently conduct exit
interviews for all units
• 18% of organizations conduct exit interviews for
some units
• 7% do not conduct exit interviews at all
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1. Separation: A current employee’s departure from the organization for any reason
2. Resignation: All Voluntary separations
3. Termination: All Involuntary separations
4. Participant: Those who complete an Exit Interview
5. Observer: Managers or HR department who comment or make observations about employee
6. Exit Interview: Conducted at the end of an employee’s tenure (can be 360 view)
7. Post-Exit interview: Conducted 3+ months after separation to increase “boomerang” effect
8. Confidential: Demographical information may be associated with participant but individual responses are not published
9. Anonymous: No personal information is provided or linked to an individual survey
10. Web-Based: Web-based exit interviews are sent directly to your separating employees' inbox, where they can complete the exit interview in privacy at their convenience. VARIATION: “Kiosk”-style walk up webpages for anonymity
11. Voice-Based: Often over the phone, these exit interviews are most appropriate when organizations want to know the complete picture.
12. Paper-Based: For organizations in manufacturing, retail, mining, telecommunications, transportation, or other field-based industries whose employees may not have Internet access.
Defining Vocabulary
Talent Management Solutions
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Respondent Demographics
Industries
Professional/ Legal/Consulti
ng Services 16%
Health Care 16%
Manufacturing/Chemicals
12%
Financial Services/
Insurance/ Real Estate
10%
Information Technology/
Telecom 10% Retail/
Hospitality/ Food Services
9%
Nonprofit/ Government/
Education 6% Consumer
Goods 4% Energy
4% Other
4%
Media/ Entertainment/ Publishing
3%
Pharma-ceutical/ Biotech
3%
Automotive/ Transportation/ Aerospace
3%
Less than 100 11%
101-250 22%
251-500 18%
501-1,000 12%
1,001-2,500 14%
2,501-5,000 10%
5,001-10,000
4%
10,001 plus 9%
Less than 10 15%
11-20 30%
21-30 29%
31-40 15%
Greater than 41
11%
Less than 10 Percent
54%
11-20 Percent
39% Greater than 21 Percent
7%
Yes 74%
Yes (Not all units)
18%
No 8%
Centralized 77%
Shared Services
18%
Localized Decentralized
5%
Size of Workforce: Total (Including
Seasonal)
Conduct Exit Interviews Yearly Voluntary Turnover Rate
Proportion Workforce: Generation Y
(under 30)
Organization HR Structure
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How are exit interviews conducted? Reported?
How do you collect Exit Interview Data?
0% 50% 100%
In-Person (Internal Staff)
Paper Based (Mail/Fax)
Web Based (Survey)
Voice Based(Phone)
Touch Tone (IVR)
84.3%
30.2%
19.6%
15.7%
0.4%
0% 50% 100%
HR Department
Separating Manager
Dept. Regional Director
External Third Party
Other
95.3%
11.5%
4.7%
3.8%
1.3%
Who Conducts Your Exit Interviews?
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Other
Not Compiled/ Nothing
External Third Party
Executive Leadership
Dept. Regional Director
Separating Emp.'s Manager
HR Department
0.9%
6.0%
2.1%
2.6%
1.7%
2.6%
89.7%
2.6%
3.8%
1.3%
32.9%
14.1%
15.0%
87.2%
1.7%
7.7%
0.0%
47.0%
29.1%
25.2%
74.8%
Implements Change
Reviews/ Evaluates Information
Compiles/ Reports Information
Who Is Responsible for Compiling/Reporting Information, Reviewing/Evaluating Information,
and Implementing Change Using Information from Exit Interviews?
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Talent Management Solutions
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What do Exit Interviews cover?
Which Areas Are Covered with Specific Questions in Your Exit Interview?
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Reason for Leaving
Compensation/ Benefits
Employee Perception of Organization
Supervisor/ Manager Relationship
Opportunities for Advancement
Position/ Job Responsibilities
Treatment of Employees
Training/ Development
Organization Leadership
Organizational Culture
Colleague/ Peers
Company Reputation
Nature of Work/ Industry
Work Life Balance
Physical Work Conditions
Performance Appraisals
Reason For Joining
No Specific Areas
Other
95.7%
85.5%
85.5%
82.1%
77.9%
69.8%
69.8%
68.9%
66.4%
64.3%
57.4%
52.8%
51.1%
43.4%
42.1%
40.4%
26.0%
3.0%
1.7%
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Talent Management Solutions
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Research Study: Selected Results
Exit Interviews Are Typically:
Confidential 58%
Neither anon. nor
conf. 36%
Other 5%
Anonymous 1%
As close to resignation
notice 31%
After resignation and prior to separation
60%
Within a week after separation
5%
1- 2 weeks after
separation 2%
2 Weeks or Later After separation
2%
5 or less 8%
6-10 26%
11-15 30%
16-20 24%
21-30 10%
More than 30
2% 0% 50% 100%
Open-Ended
Likert Scale
Yes/No or True/ False
Multiple Choice
Rank Order
Single Choice
Other
85.2%
47.0%
15.2%
13.0%
8.3%
3.5%
1.3%
Voluntary Separations: Typical
Advance Notice before
Resignation
Voluntary Separations: When Are
Exit Interviews Typically
Conducted?
Number of Questions on a Typical
Exit Interview
Types of Questions on an Exit
Interview
0% 50% 100%
Leave with no notice
0-1 Week
1-2 Weeks
3-4 Weeks
5-6 Weeks
7-8 Weeks
9-10 Weeks
11 Weeks
1.3%
1.3%
86.8%
9.0%
0.0%
0.4%
0.0%
1.3%
www.aurico.com | 866.255.1852
Talent Management Solutions
www.retensa.com (212) 545-1280 12
What changes are made from Exit Interviews?
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
22% 24%
32% 35% 38% 39% 45% 45% 47% 47% 51%
57% 63%
70%
64% 66%
62% 57% 52% 53%
46% 43%
50% 45% 40%
38% 33%
26%
14% 10%
6% 8% 11% 8% 9% 12%
3% 8% 9% 5% 4% 4%
No Modifications Slight Modifications Major Modifications
More change Less change
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Talent Management Solutions
www.retensa.com (212) 545-1280 13
Advanced Research Study Analysis
Advanced statistical analysis of the study results provided in the
Retensa’s Exit Interview Research Study Report includes insight of comparisons
across organizational demographics and between different practices
themselves.
The advanced findings highlight statistically significant differences found
between organizations by varying demographics:
1. Industry
2. Size of Workforce
3. Voluntary and Involuntary Turnover Rates
4. Percent Seasonal Workforce
5. Percent of Workforce that is “Generation Y”
6. Modifications/Improvements
7. Implementing Changes
www.aurico.com | 866.255.1852
Talent Management Solutions
www.retensa.com (212) 545-1280 14
Exit Interview Program Change Outcomes
Results derived from valid and
reliable exit interviews benefit
organizations in the following ways:
1. Increase Manager Effectiveness
2. Increase Attraction of Candidates
3. Reduce Training Costs
4. Reduce Turnover
5. Improve Customer Experience
6. Improve Orientation (Shorten the
Learning Curve)
7. Reduce Absenteeism
8. Improved Transfer of Knowledge
9. Increase Performance
www.aurico.com | 866.255.1852
Talent Management Solutions
www.retensa.com (212) 545-1280 15
Best Practices: Future Program Standards
1. Organizations that have uniform exit interview(s) more strongly agree that the information collected is valuable to organizational improvement
2. Exit Interviews are most effective when they are performed 2 weeks before to 2 weeks after separation. Post-exit interviews are most effective 3 to 6 months after separation
3. Consider Confidentiality, not Anonymity, for highest applicability of results
4. Mixed methods provide most cost-effective approach a. Voice-based for high level / high value / high turnover
b. Web-based for others
c. Minimize paper-based when possible
5. Use dedicated Exit Interview Software to automate and simplify deployment and reporting, look for: a. HRIS integration
b. Multiple survey capability
c. Multiple method capability
d. Multiple observer capability (HR or Manager)
6. In order of ROI value, Exit Interview populations should include: a. Voluntary, Transfers, Involuntary, Retirees Contingent/Project staff
Talent Management Solutions
www.retensa.com (212) 545-1280 16
Discover the next generation of Talent Management solutions:
Insightful Exit Interview Software: www.ExitPro.com
Revealing HR Metrics Dashboards: www.HRMetricsPro.com
ROI Driven Employee Retention Strategies: www.Retensa.com
Powerful Staff Appreciation Tips: www.StaffAppreciationDay.com
Compliant Background Screening Options: www.aurico.com/background-screening
Simplified Drug Testing Solutions: www.aurico.com/drug-testing
To order/download the full 53 page Exit Interview Research Study report with
advanced insights, visit: www.exitinterviewsurvey.com/termination-checklist
Use this discount code for $100 off in next 3 days: EIRSWeb514
www.aurico.com | 866.255.1852
Talent Management Solutions
www.retensa.com (212) 545-1280 17
Thank You
For More Information:
www.aurico.com | 866.255.1852
Laura Randazzo Vice President, Compliance
Aurico lrandazzo@aurico.com
847.890.4034
Chason Hecht President Retensa
chason@retensa.com
212.545.1280
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