retensa uncover why your employees quit: the future of...

Created for:

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


www.retensa.com (212) 545-1280 2

Who is Retensa?

Internationally recognized employee retention experts by:




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




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


http://exitinterviewsurvey.com/

http://www.exitinterviewsurvey.com/termination-checklist





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




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




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



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



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?



www.retensa.com (212) 545-1280 10

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%



www.retensa.com (212) 545-1280 11

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.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



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.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.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


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


http://www.exitpro.com/


http://www.hrmetricspro.com/

http://www.hrmetricspro.com/

http://www.retensa.com/

http://www.staffappreciationday.com/


http://www.aurico.com/drug-testing







www.retensa.com (212) 545-1280 17

Thank You

For More Information:


Laura Randazzo Vice President, Compliance

Aurico [email protected]

847.890.4034

Chason Hecht President Retensa

[email protected]

212.545.1280


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