Lessons Learned from Exit Interviews: Building a Stronger Company

Employee turnover has reached record highs during the Great Resignation, and companies are grappling with the challenges it presents. Many employees leave their jobs due to factors related to their work environment, which could have been addressed before their departure. In this article, we will explore seven lessons that CEOs and hiring managers have learned from exit interviews, which can help companies build a stronger and more appealing workplace. Additionally, we will introduce the concept of stay interviews as a proactive and productive way to retain employees.

According to Gallup’s State of the Global Workplace Report, employees were asked what changes would make their current workplace a great place to work. The responses highlighted three main categories: engagement or culture, pay, and well-being. Similarly, Joblist’s 2023 Q1 Market Report found that bad management or a toxic workplace were leading reasons why employed individuals planned to quit their jobs in 2023. These insights emphasize the importance of addressing employee needs and creating a positive work environment.

As a Partner at Boyden, a global executive search firm, I have had the opportunity to speak with CHROs and hiring managers. Through these conversations, it has become clear that many employees, including strong candidates, leave their positions because their needs were not met. Here are seven key lessons learned from exit interviews:

1. Prioritize accomplishments over working hours: The focus should be on quality rather than quantity. Flexible working hours empower employees to maintain a healthy work-life integration. By emphasizing goals and efficiency, rather than time spent in the office, companies can reward employees based on results. This approach leads to happier employees who feel appreciated and motivated to deliver success.
2. Relationships and empathy drive better results: Strong relationships build trust, which is essential for employee engagement. When employees trust their teams and leaders, they are more likely to care about the quality of their work and stay in their positions. Empathy plays a vital role in fostering these relationships. It is important for managers to genuinely care about their employees and actively listen to their concerns.
3. Transparency in communication: Leaders should share relevant information with their teams to ensure employees feel informed, educated, and included. Regular company meetings, feedback sessions, and open-door policies create a positive work environment and promote transparency.
4. Provide opportunities for growth: Offering training and development opportunities to employees at all levels is crucial. This helps prevent employees from feeling stagnant or unchallenged. Implementing programs like Stagwell’s EPIC (Education and Practice in an Inclusive and Collaborative Environment) allows employees to take control of their careers and access learning experiences tailored to their interests.
5. Create a safe and inclusive space: Workplace equity fosters inclusivity and resilience, leading to stronger opportunities for employee success. It is essential to prioritize diversity, equity, and inclusion programs and establish a welcoming and safe work environment. Open discussions, understanding each other’s strengths and weaknesses, and celebrating team wins contribute to a positive culture.
6. Prioritize well-being: Acknowledge employees’ needs for work-life balance and offer support programs related to wellness. Flexible PTO policies, flexible working hours, and health and wellness initiatives can lead to happier and more productive employees. Companies like Airbnb prioritize employee well-being through various initiatives, such as onsite fitness facilities and daily chef-prepared lunches.
7. Review and improve the onboarding process: A positive onboarding experience sets the tone for a new employee’s journey. Providing comprehensive training, clear guidelines, and support systems helps new employees feel confident and informed. Addressing any gaps in the onboarding process will contribute to higher employee satisfaction and reduce imposter syndrome.

While exit interviews provide valuable insights, conducting stay interviews can be more proactive and productive. Stay interviews focus on retaining employees by listening to their feedback and understanding their needs. These interviews should prioritize open dialogue and not be used as a time for reprimanding or making excuses. By asking simple questions like “What do you love about working here?” and “What needs to change?” companies can gain valuable insights to create positive and productive workplace environments.

By actively listening to feedback and taking action based on insights gained from exit and stay interviews, hiring managers and CEOs can create a workplace culture that attracts and retains top talent. Building a strong and appealing company requires understanding and addressing employee needs, fostering trust and empathy, promoting growth opportunities, prioritizing well-being, and ensuring open communication.