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“If a company wants to compete and hire well, it must pay attention to the way it lets people go.” (Bayer, 2000)
Exit interviews, defined as a ‘formal or informal, structured, or relatively unstructured information-gathering session with voluntarily departing employees’ are a key component of managing a firm’s reputational capital. Originating as a practice, based on the work of behavioural scientists, exit interviews apart from help reduce turnover, provide information that may be compiled into a database to diagnose organizational problems, improve internal processes, and create a workplace that attracts and retains top talent. Thus, they can serve as the mirrors for the organizations and be used as symbols of self-reflection, introspection, and self-awareness.
While it seems to be widely implemented as a practice in the employee offboarding process, it is purported to be one of most perfunctory exercise and least used tool to be leveraged for strategic purpose by organizations.
According to general exit interview statistics put forth by Soocial, a leading branding agency, almost 75% of all businesses use exit interviews but only 1% are doing them correctly. Mid-sized businesses are taking the lead, with 87% conducting mandatory exit reviews. But compared to those, only 77% of large and 66% of small companies have implemented…
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