Exit Interview Surveys & Employee Retention Surveys Identify Ways to Decrease Employee Attrition

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Why it Makes Sense to Manage and Reduce Voluntary Employee Turnover:

While some employee turnover can be healthy for your organization, excessive employee turnover can be very costly. High levels of employee turnover often indicates dissatisfaction with one or more aspects of working for your organization, including ineffective managers and leaders, uncompetitive compensation and benefits, insufficient training, development and career opportunities, and other possible factors.

Employee turnover surveys, employee retention surveys and exit interview surveys gather information and perceptions from former employees and/or current employees about what it is like to work for your organization and what it takes to keep employees. These employee surveys identify why employees are satisfied, engaged and are likely to stay with your organization for the foreseeable future, or why employees are thinking about leaving, or in the case of former employees, why they left your company.

The high costs of excessive voluntary employee turnover include:

• Costs for recruiting new replacement employees
• Costs for training and developing replacement employees
• Learning curve costs – While they are learning their new job, learning about your products and services, about your organization and other important information, it often takes many weeks or months for new employees to reach their potential performance
• The negative impact on customers while replacement employees are not yet hired and while new replacement employees are not yet fully trained and fully proficient
• The negative impact on customers and employees covering for staffing shortfalls due to employee attrition
The negative impact on your organization’s “employer of choice” reputation due to high employee turnover

The types of Employee Retention Surveys / Exit Interview Surveys Include:

• Employee Turnover Surveys (feedback or opinion surveys of former employees). Employee turnover surveys identify why former employees left your company, where they went and why, what could have been done to improve their work experience and keep them with your company, and other pertinent information and insight. These surveys are typically conducted semi-annually or annually and are sent to all former employees that left your organization on their own initiative.
• Exit Interview Surveys (employees complete the employee exit interview survey prior to leaving your company). Exit interview surveys identify why employees are leaving your company, where they are going and why, what could have been done to improve their work experience at your company, and other pertinent information and insight.
• Employee Retention Surveys / Employee Turnover Surveys of Current Employees with a particular focus on employee retention. These surveys are highly effective for companies with high employee turnover throughout the organization, or with high turnover in one particular department such as sales or a call center, etc. These employee surveys assess key aspects of employee satisfaction and employee engagement, and the likelihood that employees will stay with your company for the foreseeable future. These employee surveys also identify reasons employees are likely to leave your company and what can be done to reduce voluntary employee turnover.

Employee Retention Survey/Employee Turnover Survey and Exit Interview Survey Metrics:

Employee retention surveys provide a wealth of information and insight regarding why employees are thinking of leaving or are actually leaving your company. Acting on this information and insight, your company can significantly reduce unwanted employee turnover, generating a strong payback on the surveys and bottom line results.

Employee retention surveys. employee turnover surveys and exit interview surveys are especially useful for organizations or specific departments experiencing high levels of turnover. For example, these surveys can identify what needs to be done to reduce turnover and increase performance of a company’s sales force, a department that often experiences high levels of turnover.

Depending on your industry and the products and services your company sells, employee turnover metrics include these and other criteria driving employee retention:

• Communications effectiveness
• Support from and treatment by managers
• Recognition received from management
• Work environment
• Adequacy of tools and information needed to perform the job effectively
• Effectiveness of sales performance feedback and mentoring
• Satisfaction with compensation and benefits plans
• Satisfaction with career opportunities
• Clear understanding of job
• Job is what was promised when hired
• Clear expectations for job performance
• Availability/effectiveness of training and development
• Company culture
• Empowerment
• Receptivity of management to employees' ideas
• Competitiveness of company’s products and services
• Satisfaction with the job and company
• Satisfaction with company direction
• Likelihood of staying with your organization for the foreseeable future (in surveys of current employees only)
• Willingness to recommend your company for employment

Benefits of Employee Retention Surveys / Employee Turnover Surveys / Exit Interview Surveys include:

• Gaining information and insight for attracting and retaining employees
• Reducing costly employee turnover
• Identifying ways to increase employee satisfaction and employee engagement
• Increasing "employer of choice" status
• Increasing effectiveness of managers
• Improving the recruiting & hiring process
• Avoiding hiring employees who are not likely to be successful
• Eliminating obstacles impacting employee performance
• Improving communications with employees
• Identifying drivers of employee turnover enabling changes based on employee feedback
• For retention surveys of former employees, learn why they left your company and what they like better at their new company
• Gathering suggestions for running your organization more effectively

Conducting an Employee Survey – Final Thoughts:

Employee surveys generate significant bottom-line benefits and a very strong payback when action is taken based on the employee survey findings. Survey companies have the experience, expertise and objectivity to conduct these surveys well and to quickly provide reports that are full of actionable information.

Organizations that conduct employee satisfaction surveys, employee engagement surveys or employee opinion surveys can, to a lesser extent, also identify causes of employee turnover and what needs to be done to increase employee retention.

Article Source: http://depositarticles.com/

Howard Deutsch is the CEO of Quantisoft, a full service survey company. Contact Howard Deutsch at (609) 409-9945 or hdeutsch@quantisoftdotcom •• Quantisoft – Cost effective surveys •• Quantisoft – Employee Engagement Surveys & Employee Satisfaction Surveys •• Employee Retention Surveys

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