An exit interview is usually conducted by the HR professionals or bosses on the last day of the employee at work. It is a kind of survey wherein the individual shares his experience of working with the organization and his relationship with his boss and immediate team members. Exit interviews also happen between a student and an educational institute or a member and an association.
The organization can utilize the information gained from the departing employee to understand what process or work should be upgraded or kept as it is. Even organizations can use the feedback they get from the departing employees to reduce employee turnover and thus, improve productivity and engagement with other employees. An exit interview can avert the higher costs that get occurred during employee turnover. Exit interviews can also help to reduce the recruitment and hiring process, lower the absenteeism rates, innovate and invent more, and sustain a continued progress in employees’ performances.
Every organization can customize their own exit interview in order to understand how to conduct the employee shares his feelings of departure with the company. In order to close the off-boarding process between the employer and employee, important information in the form of feedback and insights forms can be collected so that there are no loose ends.
During the exit interview, employees can be asked about the reason they are leaving the organization and what encouraged them to take the step to separate from the company, and what the other company is offering them that the current company is not able to provide. Businesses can take this information and come up with better HR strategies so that they can have good top talent retained in the organization.
For example, an exit interview for a small and medium-scale company can help it to understand what went wrong in the relationship between the company and the employee and how the feedback can be incorporated into their policies so that other good employees do not leave the company for similar reasons in the near future.