6019801964690Staff Retention

6019801964690Staff Retention
&
Exit Interviews
Nichola Brady Assoc CIPD
HR Administrator
Tuesday, 27 November 2018
00Staff Retention
&
Exit Interviews
Nichola Brady Assoc CIPD
HR Administrator
Tuesday, 27 November 2018
-1083945-69850
Contents.Executive Summary3
Introduction 5
Main Body (Change)7
Conclusion 11
Reference List 12
apendices 15
Executive Summary
Further to our recent meetings between the senior management teams, Directors and the CEO from Wealth at Work, you will see how these report summaries the main parts and most of the outcomes from the discussions for the implementation of the exit interview process. It will also show some recommendations on how the company can look at keeping the staff retention at a low.

During these meetings it was discussed how important it was for the company to keep staff retention to a low and find out why the company are losing staff and what could do as a company to assure that all employees feel that they are valued and their options are valid.

Introduction
This report is going to explain, compare and give critial reviews on at least three different reports. These reports and blogs are from diffierent companies and show why it is important to the compnay that they have a breakdown on why employees are leaving and what Wealth at work could do to avoid this. In the report it is going to expain how and why it is important to keep staff retention and employees both engaged and satisfied within their work place.

Over the last few months it has been noted that we have had a increase in staff leaving the compnay. As the company is growing the senior management team, Direcotrs and CEO want to know why this is happening and what Wealth at work could do to prevent staff from leaving.
Why it is important for HR to start using Exit Interviews
Over the last 12 months Wealth at work it has been noticed that we have had a increase of employees leaving the organsation. It has been advised by the HR Team that we need to start doing exit interviews with all employee’s. This will be an important opportunity to find out as a buiness not only which parts of the business needs imporving but what is going well. This could also ensure that employees leave the organsation happy and they would have felt they have got their point across.
For the company to keep on moving forward it is important that exit interviews are done well and properly as this can give an insight into employee satisfaction and it will also give the employee the right to have their say on why they are leaving which could help contriubute towards staff retention. Every company would like to retain valued employers as research predicts that a high turnover predicts low performance. Wealth at Work employee staff with a particular skill sets are and this helps to drive the organsation to being successful. It can be very expensive when going through the recruitment period as the skill set that is required is very hard to find and this normally involves going to an agency for this. The expensive behind the recruiting and training staff is very high and if the company have a high turnover then this is where Wealth at work need to find out why this is happening. This is where the exit interviews can come in useful and help discover the problems people are having within the company, this may be too late for employees who have already decided to leave but this could help reduce staff turnover when we find out what the problem is and how Wealth at work can fix this. When employees start completing the exit interviews it will then be identified the factors for this and help provide staff with more incentives and benefits.
Please see the pie chart below on the percentages with the percentages on for the last 12 months of leavers within the organsiation.

After seeing these figures the Senior Managers, Directors and CEO realised that a change needed to happen and that exit interviews could have a impact on why this was happening weather it was impact on workloads, not earning enough bonus, teams not working together, productivity was down, mangers not having enough time to train new staff so more errors where being made. The cost into recruiting for these positions is costing the company thousands of pounds every year and if Wealth at work can save on this then the money could go towards pay rises, benefits such as private medical care, dental plans in which could help raise the culture of the office.
Critical Reviews
The HR team have chosen 3 different sources of information so they can provide a critical review. After the HR team met up the following was discussed at the meeting:
Pakon, Blog by Petros Vaxevanakis dated 27/09/2018
This is a written by Petros Vaxevanakis on 27/09/2018 and was a blog on the Peakon website. After reading this is clear that this is very one sided. Petros states that he felt employees had already left the company when they handed in their notice and stated that he felt that employees would not tell the company if he was happy with them, as they would not want to burn any bridges and may have some impact of the company providing them with a reference. It stated that a minority of employees would be honest in an exit interview as they feel they have a score to settle. It was agreed that Wealth at work thought that the directors would not want to hear any negativity in regards to the company and as they already get the employees to sign the policy on their stance on social media so this would not really apply to them. It is a well-known fact that once companies receive all information, they do not really do anything with this and it was asked by the CEO what is going to happen with the information and who is going to collate all this. This blog does have its advantages as it does state that having regular feedback with your employees would give you better feedback rather than waiting until someone leaves as this could help with it comes to employee retention. This would again need to be performed by someone who staff where comfortable to have this meeting with. If Wealth at work did apply this then HR thought that the managers would need to have extra training to manager these meetings and how they report this back. Its disadvantage is that it is very one sided and that it is a secondary source but it does not say where it is sourcing the information from. .

Southend University Hospital NHS dated 24/09/2014
Simon Branston wrote this report and was a meeting held for the Southend University Hospital on 07/10/2015. It states that this pilot was undertaken during November 2014 and March 2015 for leavers over the last 18 months but it does not say for how many people left between those dates. It also does not state how many of their employees completed these forms. The exit interview forms where not sent to the MSK, Theatres and critical cares but never said why. One of the main reasons for employees not completing these forms where the managers not sending the forms to the employees in time and then this resulted in these not being completed. An advantage is that they are looking into Southend University Hospital not only doing online exit interviews but they are looking into conducting face-to-face interviews, if staff do have a choice then they may be more inclined to complete these. This report does look into both pros and cons for the manager conducting the exit interviews such as if the manager has the time to feed the information straight back and if the employee who was leaving may not feel comfortable giving the manager all their reason. Wealth at work felt that this report had looked into most of the areas and covered the advantages and disadvantages. Due to this report being a primary source of data you can see that they have produced all their findings, gathered their own data, the information was up to date and that they set out their targets for any issues that needed to be addressed. This may have been time consuming but it was felt that all the information was there and was all about trying to save the NHS money in and keeping staff in their jobs. The report never stated if this was the rolled out thought out the whole of the NHS or just the Southend University Hospital.

Opus Talent Solutions Blog dated 10/01/2018
The exit interview guidelines for improved staff retention is a blog on the Opus Talent Solutions and were dated 10/01/2018. The HR team again found this to be very one sided and this blog agreed with Petros Vaxevanakis and believes that once people have resigned that they are too late to being saved. We disagree with this as Wealth at work has in the past managed to keep staff members with either a pay increase or the promise of more learning and development opportunities. They state that half of the organisation’s they have worked with analyse their findings but are they assuming this or have they had this information confirmed and what type of industries are they. The HR team do agree that there is no point in collecting the exit interview information if nothing is going to be done with this. It was also agreed that it does have advantages, disadvantages to having anonymity for these as people would prefer the information not to be linked to them, and people are more likely to detail the positives and the negatives of working for the company. This disadvantage of this would be that the HR team would not be able to keep accurate records of who completed the forms and who did not. Wealth at work would like to report on these figures so the team decided that this would not be the best route for us. It was stated that bringing an outside consultant would not be very beneficial to most companies, as this would occur extra cost, which our Directors and CEO would not agree to when this could be done in house. It was agreed as a company that the exit interviews should be sent out when the HR team receive the resignation letter, as it was felt that people would be more likely to respond and be honest. It would be an advantage to give employees the option of how they would like their exit interviews process and to confirm that this information would be used to feed back to the HR team for reporting purposes. The HR team also agreed that this would be a good opportunity for Wealth at work to find out what made them leave i.e. benefits, salary etc. This blog was a secondary source as this was information that other people had already collected and they had chosen what data they wanted to us to see for their purposes.
Recommadations
Please see below the recommadations that HR have put together. This should help Wealth at Work retain staff and also find out why staff are leaving.

Exit interviews are to be completed by all members of staff that leave the company and they should be sent to them as soon as the HR team recived the resignation letter.

The member of staff will be asked if they want to compete the exit interview with their line manager, team leader or HR. This will encourge employee to complete them and if they are leaving due to their manager then they can discuss this with HR or another senior member of staff.

Some employees do not feel comfortable doing the exit interview face to face so the company can look into completing these another way such as using survey monkey or even doing these amonus.

HR are going to produce 6 monthly survey / meetings for all exsisiting staff to complete. This will allow Wealth at work to look into improving staff retention and keeping employees enjaged and happpy within thir work place. By doing these surveys or meetings Wealth at work look at what makes you happy about your job and what we could do to imporvie your job such as more learning and deveopment opportunites or promotions and what they would need to be considered for these.

Once the exit interview has been completed the HR team need to extract the information that has been inputted on these to the Board meetings so the senior managers, Direcotors and CEO have an understanding of why staff are leaving. This should point out any peaks so we can have a better understanding of employees work experinece.
Looking at providing employees with more employee benefits throughtout their employemnet so HR neeed to look at promoting learning and developments, Wealth at work extras and a healthy work life balance through out your working week.

Consulsion
Wealth at work principle is the “Mum and Dad” principle which is “if you wouldn’t do it to your mum and dad then don’t do it at all”. After reading this report the HR team would hope that retaining employees is that it’s not only the cost that occurs but the need to retain staff from being approached by our competitors as we do lose our vision of being the leading provider of financial education, building on our market leading positon, achieving results for our clients and being a great place to work as we are not keeping our staff. As a company we
The HR team
To use the information gathered from exit interviews, maintain employee records using a secure exit interview and case management system. Use this resource to periodically analyze your company’s efforts to assess the overall quality of work life and identify opportunities to improve retention and employee engagement. If you are interested in learning more about the HR Acuity Exit Interview solution, send me an email or visit our website.