Exit interviews can save your company money, since replacing a valuable employee can cost as much as 30% of the departing employee's salary. Finding out why people are leaving can provide valuable insight on how to prevent others from leaving the organization.

The exit interview is an interview given to a departing employee. This is usually done for employees that voluntarily quit instead of those that are fired or laid off. It should be fully customized based upon your organization's specifications. Typically, it should ask the exiting employees about themselves, their reasons for leaving, their satisfaction on several aspects of the organization, and if any changes would have enticed them to remain at your organization.

Effective exit interviews are structured to ensure that all the important issues are covered, and they typically include both specific and open-ended questions. This format enables the interviewer to collect job-related details along with more general feedback and opinions. The questions you include will vary depending on the type of information you need. However, exit interviews usually include certain standard lines of questioning (with appropriate follow-up questions based on the employee's responses).

· Why are you leaving?

· Are there any changes or improvements that would have prevented you from leaving?

· What did you like most about working for this organization?

. What did you like least about working for this organization?

· How would you evaluate the performance of your supervisor?

· Did you feel the organization provided you with sufficient training, opportunities for advancement, benefits, etc.?

· Do you have any suggestions for ways the organization or your department might make work more pleasant and productive?

If any ill feelings or misunderstandings about the employer's policies are uncovered, then the interviewer can attempt to defuse the issues or adjust any wrong actions.

To benefit from the insights a separating employee provides, you need to make sure you do several things:

· Follow up on any information you obtain that points to inappropriate or unacceptable behavior, such as allegations of harassment, discrimination, or poor management.

· Keep track of the information so you can analyze any trends, such as high turnover in certain departments, recurring references to a lack of advancement opportunities, or repeated mentions of problems with a specific individual.

· Communicate employee feedback to those who can use the information to analyze and correct any problems in your organization.

The Information that you obtain from employees during the exit interviews can provide your organization with an incredible resource for shaping company policies and troubleshooting problems in the work environment. The exit interview provides us with a good mechanism to take a hard look at how your company is perceived. Since the employee is leaving, they will often be more open and frank in their discussions about the company as long as the interviewer is not a previous supervisor or someone who will provide employment references. The best choice is a third party.

To a great degree, voluntary turnover is manageable. Investing in retention solutions that result in even a small reduction in your company's turnover rate can realize substantial reductions in turnover expenses over the long term. Companies that do not conduct exit interviews no matter their size miss out on a great opportunity.