Employee Retention Surveys
Exit Interview Surveys
Gain Information and Insight for
Increasing Employee Performance,
Decreasing Employee Turnover,
and Becoming an Employer of Choice
While some employee turnover may be healthy for your organization, excessive employee turnover can be very costly. High voluntary turnover levels are usually a sign of dissatisfaction with one or more aspects of working for a company, including ineffective management/leadership, inadequate compensation/benefits, lack of development and/or career opportunities, and other contributing factors.
Employee Turnover Surveys/Exit Interview Surveys generate a very strong payback
The full cost of voluntary turnover varies greatly based on the skills and compensation of employees voluntarily leaving your organization and their replacements.
At lower skill and compensation levels, the full cost of turnover is typically in the range of $2,500 - $5,000 per employee.
For highly skilled and compensated professional positions, the full cost of turnover is often $50,000 - $100,000 per employee and sometimes significantly higher.
For organizations experiencing high levels of employee turnover or wanting to be proactive in preventing turnover, the cost of conducting surveys is a small fraction of the full cost of turnover.
The high costs of excessive voluntary employee turnover include:
- Separation costs for employees leaving (costs for exit interviews; administrative functions related to termination; separation/severance pay; and any increase in unemployment compensation)
- Recruiting, training and development costs for replacement employees
- Other replacement costs (entrance interviews; testing; travel/moving expenses; pre-employment administrative expenses; medical exams; and acquisition and dissemination of information)
- Lower performance/productivity levels of new employees (learning curve costs)
- Negative impact on customers while replacement employees are not yet in place and when they are not yet fully trained/proficient
- Negative impact on employees that have to cover for staffing shortfalls due to turnover
- Reputation for high employee turnover impacts ability to attract and hire high performing employees
- Company's marketplace reputation is hurt by high turnover
Types of Quantisoft Employee Retention Surveys
- Exit Interview Surveys (employees complete the employee exit interview survey prior to leaving the company) identify why employees are leaving the company, where they are going and why, what could have been done to improve their work experience at your company, and other pertinent information and insight.
- Employee Turnover Surveys (feedback/opinion surveys of former employees) identify why employees left your company, where they went and why, what could have been done to improve their work experience at your company, and other pertinent information and insight. These surveys are typically conducted semi-annually or annually and are sent to all former employees that left your organization on their own initiative.
- Employee Satisfaction Surveys/Employee Engagement Surveys with a particular focus on employee retention. These surveys assess employee satisfaction and engagement and the likelihood that employees will stay with your company for the foreseeable future.
During Economic Downturns Employee Turnover is Often Low: Should Your Company be Happy With Low Turnover Due to Poor Business?
During economic downturns many employees are fearful of losing their job and few companies are hiring.
At such times, most employees are happy to keep their job (even if they are not happy with their job) and they would prefer to be searching for a new job if jobs were available.
Unfortunately, dissatisfied employees often become disengaged with their job and their performance tends to fall significantly.
This disengagement negatively impacts quality, productivity, sales, customer service, the company's reputation and bottom line.
Employee Turnover Escalates When the Economy Strengthens
When the economy strengthens companies start hiring and bid up compensation.
New positions open up with attractive growth opportunities.
Dissatisfied employees and employees looking to increase their compensation start leaving for new jobs and employee turnover accelerates.
Recruiting and search firms start contacting your top performers, often to place them with your competitors.
This is the time when turnover assessments and employee satisfaction surveys/employee engagement surveys are especially important.
Reducing Turnover in Specific High-Turnover Departments
In many organizations turnover is acceptable in most departments but a small number of departments may be experiencing high levels of turnover due to the nature of the jobs or for other reasons.
If your organization is experiencing high turnover in one or more departments, it is highly cost-effective to conduct an employee retention survey/employee turnover survey
to identify the reasons for the turnover as a first step in taking action to reduce turnover.
Quantisoft also conducts other types of employee surveys
focused on identifying reasons for staff turnover.
Employee Retention Survey/Employee Turnover Survey/Exit Interview Survey Metrics
Employee retention surveys provide a wealth of information and insight regarding why employees are thinking of leaving or are actually leaving your company. Acting on this information and insight, your company can significantly reduce unwanted turnover, generating a strong payback on the surveys and bottom line results.
Depending on your industry and the products and services your company sells, turnover metrics include these and other criteria driving employee retention:
- Communications effectiveness
- Support/treatment from managers
- Recognition received from management
- Work environment
- Effectiveness of sales performance feedback and mentoring
- Satisfaction with sales compensation and benefits plans
- Satisfaction with career opportunities
- Clear understanding of job
- Job is what was promised when hired
- Clear expectations for job performance
- Availability/effectiveness of training and development
- Company culture
- Receptivity to employees' ideas
- Satisfaction with the job and company
- Satisfaction with company direction
- Likelihood of staying with the company for the foreseeable future
- Willingness to recommend your company for employment
Benefits of Quantisoft's Surveys
Quantisoft's surveys generate significant bottom-line benefits and a very strong payback:
- Gain insight for attracting and retaining employees
- Reduce costly turnover
- Increase "employer of choice" status
- Increase effectiveness of managers
- Improve the recruiting/hiring process
- Avoid hiring employees that are not likely to be successful
- Eliminate obstacles impacting employee performance
- Improve communications
- Identify drivers of turnover companywide and by business unit and other demographics -- then make changes based on employee feedback
- For retention surveys of former employees, learn why they left your company and what they like better at their new company
- Gather ideas for running your business more effectively
Going Well Beyond Just Conducting Exit Interviews
Some organizations conduct exit interviews with employees before they leave the organization.
Exit interviews unfortunately provide minimal value if the type of information gathered is not consistent across the organization and if the information from all exiting staff is not aggregated and reported in a way that provides comprehensive information and insight for reducing turnover.
In addition to gathering information from exiting employees before they leave your organization, exit interview assessments build a database of turnover information by department, job and other demographics, enabling analysis of the causes of turnover and identification of what can be done to reduce turnover by job type, department, location, etc.