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Thursday, June 8, 2017

Why Are Exit Interviews So Important?

Exit interviews are a useful tool. They will be especially useful in the coming years as talent will be harder to come by.

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Exit interviews can help you improve your company culture, learn from your mistakes, and even help you retain your best people. As we get into 2017 and beyond, there will be a real war on talent, especially in vertical industries like IT, healthcare, and engineering.

We know there will be a huge shortfall of talent in these areas based on studies that are coming out. The baby boomers are retiring and leaving the workforce and there aren’t enough talented people in the next generation to take their places. Experts believe India and China could give us all the outsourcing help we could possibly handle and there would still be a talent shortfall in the U.S. in the next 10 years.

Companies will make some pretty aggressive counteroffers in exit interviews.

When companies, hiring managers, and HR departments start to understand this, exit interviews become very important. They allow you to ask questions about why people are leaving, what’s going on with company culture, and whether you failed to engage the employee in their role or not.

It’s important to not only sincerely ask these questions, but it might give you the opportunity to retain an “A” player in the process. Companies will make some pretty aggressive counteroffers in exit interviews because they know how difficult it will be to replace that person. 

Hopefully this has awoken you as to the importance of exit interviews. Use them to learn, be honest, and leave the door open to have that person come back down the road. Some of the best companies are even building alumni networks to supplement this idea.

If you have any questions for me, don’t hesitate to give me a call or send me an email. I look forward to hearing from you.