We’re being told that the UK is experiencing the lowest unemployment numbers in decades. There are more jobs available than ever before. Brexit is not impacting confidence in hiring.
This is all great news. It is positive if you’re a candidate looking for a job or you’re an organisation looking for new talent.
But what if you don’t want your talent to leave?
The cost associated with replacing a role is higher than you think. You have to deal with the absence of someone performing in a role so there’s no output, there’s the extra time you spend in the selection process. If you’re lucky you’ll have an in-house recruitment team to run the process. If not you’re dealing with this yourself or through partners and agencies and this comes with a monetary cost. It all adds up.
However, it is inevitable that people move on.
So what can you do to keep hold of your talent that little bit longer?
There are numerous things you can do. Where do you start though?
For me it’s all about the understanding why your talent is moving on.
And this starts with an Exit interview.
It still surprises me that organisations across the UK still don't take the exit element of the employees life cycle seriously. The lack of engagement can be minimal, almost as if both the employee and the employer have disowned each other. Simply by going through a straight forward and quick exit interview can give you so much insight. The opportunity to learn about the organisation's working culture, roles and line manager etc and then make changes is immeasurable.
An employee is more likely to be honest than at any other point in their career with you. Especially if they are the employee you don't want to leave. So learn from them. Ask the questions you may not want to hear the answers for. It may be uncomfortable reading but this could drive significant positive change through your organisation.
You may think that this is all time consuming and expensive. You need to build the questions, hold the interview with the employee and then divulge the information received. It doesn't have to be the case. An exit interview can always be through an online survey or questionnaire, it can be emailed, keep the questions succinct and to the point. Just remember the data and insight you can start gathering could be vital in securing and keeping the next wave of talent.
If you're one of the many that don't have any exit questions or interview in process, I dare you to set something up. After all you don't know what you don't know.