Retaining your best employees and minimizing unwanted turnover is critical to being a high-performance organization. Understanding why top talent stays or leaves, and recognizing the early indicators that they may leave, is essential. But if your company is like most, collecting the necessary data and making informed decisions to mitigate this costly risk is a struggle.
The Institute for Corporate Productivity (i4cp), a research firm that discovers the people practices that drive high performance, has launched a new solution to help mitigate this talent risk: ExitMetrix™, the next evolution of online exit surveys and stay interviews.
One of the most popular methods for determining why employees leave is conducting in-person exit interviews shortly before the employment term ends. In fact, i4cp research has shown that over 80% of organizations use this method exclusively to discuss an employee’s reason for departure and gather other related data. But doing exit surveys or interviews in-person and in-house usually proves to be inaccurate, inconsistent, and time-consuming. And it’s no surprise that departing employees are hesitant to burn bridges with candid feedback at this critical moment in their career.
With i4cp’s ExitMetrix, organizations can gather confidential and consistent data that is often only conveyed to an impartial third party, along with actionable, research-based reporting in order to:
- Understand why your best employees choose to leave (or stay with) the organization
- Identify early warning signals of retention issues
- Gain insights into employee preferences and motivations to mitigate future attrition
- Assess the competitiveness of your company’s employee value proposition and strength of management, among other critical components
“ExitMetrix fills a void that we see in many of the organizations we work with,” said Kevin Oakes, CEO of i4cp. “Our members often request research and peer connections on the subject of mitigating turnover, particularly with critical and pivotal roles and top people. Today, many organizations are focused on talent risk, and the retention of high-performing and high-potential employees is a huge part of this risk. A key to understanding this risk is through conducting exit surveys—and maybe even more importantly stay interviews—a next practice that our research shows has a positive impact on market performance.”
ExitMetrix is available immediately to i4cp member organizations.
Learn more about ExitMetrix at i4cp.com/exitmetrix