Are your employees resigning frequently? Find out why!
It can be quite disappointing when an employee leaves your company. But when he does, it is time to dig deep. Even if your overall employee engagement rate is high, you can still ask new questions to understand the reason for employee churn. Ensure your most talented employees' long-term loyalty and reduce your employer turnover rate by learning from the responses of an Employee Exit Survey.
Conduct an Effective Employee Exit Survey
- Do an in-depth review of each employee exit survey result and rule out any discrepancies.
- Gather more insights by carefully categorizing your results. Divide your employees into two groups based on their performance and then study your survey results.
- DonÃ¢â‚¬â„¢t forget to look at the aggregated results of your employee exit survey. Use it to make a comparison and base some more questions on that.
- Use the survey to identify your weaknesses, strengths, as well as any areas of improvement.
- Figure out the actions you must take on the results you get from your survey. Also, involve your existing employees to come up with new ideas.
Turnover can be one of the most expensive problems at a company
Cost of Turnover
The financial burden caused by regular turnovers is enormous! According to research by Catalyst, the US alone loses a whopping $536 Billion per year thanks to voluntary turnover. This calls for a collective effort by companies to detect the reasons behind employee turnover and rectify them proactively.
Employee Turnover Rate Is Increasing
Over the past three years, nearly 63% of the CFOS have reported an increase in the employee turnover rate. This is a huge issue for companies as it affects everything from the company's brand, morale, and overall productivity. Losing some employees also poses a risk of the company losing more employees in the near future.
An Employee Exit Survey Can Help In Several Ways
- Find our potential issues in your HR.
- Discover the perception your employees have about the work
- Use it to determine HR benchmarks like benefits and salary at other competing companies.
- Learn valuable information about the effectiveness of your manager and his leadership style
- Bring about innovation in your company by acting upon new ideas for its overall growth
When determining appropriate compensation levels, management must determine if the employee turnover rate is too low, too high, or just right. If the turnover rate is high enough to impact the entity's performance adversely, then employee compensation is probably too low.