In-house or Third Party: Which is better to Conduct Exit Interviews?
There could be many reasons for leaving the organisation, from work culture to better opportunities. A company with a high attrition rate could signify low employee job satisfaction.
Hiring new employees to fill open positions may work as a solution, but it takes time, effort, and energy. Moreover, hiring new employees costs way higher than retaining the existing ones. Therefore, it becomes vital for an organisation to understand why the employee is leaving the company. This is where the exit interviews with departing employees can play a significant role for an employer in knowing why employees leave the company.
IDC Technologies, one of the leading staffing companies in India, understand how important it is for your business to retain employees. With the rising demand for talent, employers need to learn what attracts great employees.
Who should conduct exit interviews?
Some companies prefer to conduct exit interviews by themselves. However, some employees are reluctant to be completely honest in their in-house interviews because they fear it may risk their chances of getting a decent reference for future job applications.
It is found that companies conducting internal exit interviews by themselves only see a participation rate of around 15 to 20%. You can’t exactly get meaningful data from such a low number. The reason is that it will not help gain valuable insights into the organisation’s work culture and employee satisfaction. On top of that, an exit interview requires a lot of time, resources, and proper planning.
Exit interview processes are time-consuming and can take up to 60- 90 minutes if they are conducted face to face. The HR department usually has plenty of tasks to prioritize, and burdening them with exit interviews is not a good choice.
Why hire professionals to conduct exit interviews?
Just conducting the exit interviews won’t be sufficient. Analysing the feedback, identifying the problematic areas, and implementing actions are essential to improve the company’s work culture and employee satisfaction, reducing turnover rates.
Partnering with a third party to handle exit interviews offers several advantages.
● Allow employees to remain anonymous, making them feel more comfortable being honest with their feedback, resulting in a more exact idea of issues that can be addressed within the organisation.
● A third party focused on obtaining feedback for a client can offer multiple methods to bring in as much feedback as possible. Phone and online surveys are popular methods.
● Save a client a lot of time and headache trying to manage the necessary resources on their own.
Skilled employees are the asset that drives the success of an organisation. Therefore, companies should learn from them—why they stay, why they leave, and how the organisation needs to change its workplace culture, its systems and processes, HR policies and practices, and improve employee morale.
Hiring a third party like IDC Technologies for conducting exit interviews will help you get honest feedback from employees, helping you to improve the employees' retention level in the organisation. At IDC Technologies, we have all the resources in place to collect feedback and provide an accurate assessment of employee views.
