While waiting until an employee leaves the company may not be the ideal way to receive feedback about your business, exit interviews can provide a wealth of vital knowledge that can help business leaders make changes to their company processes and policies for the better. Employees are often more honest and open when leaving their positions, and their feedback can shed light on issues leaders may not have even known existed.
However, to ensure you don’t have to wait until an employee leaves to start implementing changes, eight members of Young Entrepreneur Council list the top lessons they learned from exit interviews and the impact those lessons had on the way they run their businesses now.
Young Entrepreneur Council members share their top lessons learned from exit interviews.
Photos courtesy of the individual members.1. I Need To Make Job Descriptions Clear
The feedback I received validated that I had the wrong fit in a role. My management skills needed to improve, and I needed to write clearer job descriptions. I learned this after hearing that staff members felt their roles were not as clear as I had intended them to be. The impact this left on the company included me prioritizing management, spending more time with the organizational chart and planning. I had rushed hiring and paid the price with replacing staff too soon, which is a high cost for any company. - Libby Rothschild, Dietitian Boss
2. I Need To Share More Information With My Staff
Honestly, the most valuable feedback I ever learned was that I needed to be more communicative with my staff. I had always been a bit of a hands-off manager, and I thought that was the best way to get work done. I never wanted to micromanage things. However, my staff told me they felt like they were always in the dark about what was going on and would have appreciated more communication from me. But I couldn't find the proper balance. Since then, I have made a concerted effort to be more communicative with my staff. I hold regular meetings to update them on what is happening in the company and make myself available to answer any questions they may have. This has positively impacted my business, as my team is now more engaged and loyal. - Kelly Richardson, Infobrandz
3. I Need To Focus On Accomplishments Over Hours Worked
The most valuable feedback I've ever learned from an exit interview or an employee leaving the company is to focus more on what my employees are actually accomplishing rather than just how many hours they are working. This has had a huge impact on how I run my business, as it has helped me to create a more productive and positive work environment for my team. By focusing on results rather than hours, I've been able to foster a culture of excellence and achievement within my company. This switch has not only made my employees happier, but it has also made us more successful in meeting our goals. - Sujay Pawar, CartFlows
4. I Need To Ask For My Team's Feedback
One of the most valuable pieces of feedback I've ever received from an exit interview—from a senior employee—was that I needed to spend more time listening to staff by asking for their insights on future projects, internal culture and overall employee training and development. After I started asking for opinions from my team, they were much happier, and we became a cohesive unit. Although exit interviews can be awkward, I think they are valuable in terms of offering employees continuing education and development. - Kristin Kimberly Marquet, Marquet Media, LLC
5. I Need To Provide More Opportunities For Growth
I learned that employees leaving the company didn't feel like they had the opportunity to grow. This had a huge impact on how I run my business because it made me realize that I need to provide more opportunities for my employees to grow. I now make sure to offer training and development opportunities on a regular basis so that my employees can continue to develop their skills and knowledge. This has helped to improve employee retention and satisfaction levels at my company. - Adam Preiser, WPCrafter
6. I Need To Overhaul Our Onboarding Process
I learned from our exit interviews that our onboarding process had room for improvement. We saw a few new hires leave quickly after joining the team. During the exit interviews, we asked why they decided to move on. They explained that they were having a hard time learning the ropes because of our lack of official training. We took this feedback and developed a deep training system with detailed documentation and other features, like weekly partner programs, to help new employees feel comfortable and happy in their roles. - John Brackett, Smash Balloon LLC
7. I Need To Address Communication Breakdowns
The most valuable thing I've learned from exit interviews is the importance of communication. When an employee leaves a company, it's often because they feel like they weren't being heard or their concerns weren't being addressed. As a result, exit interviews are now one of the top ways I learn about any communication breakdowns that may have occurred within our company. This lesson has impacted how I run my business by making me more aware of the need for clear and open communication. I now make sure to have regular check-ins with each member of my team so that everyone is on the same page and no one feels like their concerns are being ignored. This is especially helpful for the more reserved team members who might otherwise hold back their honest feedback about any frustrations they have. - Richard Fong, Disability Help
8. I Need To Promote From Within
Just because an employee leaves doesn’t mean they were unhappy. Sometimes employees just want to try something new or develop different skills. A departing employee is not always a disgruntled employee. Great opportunities that offer different kinds of experiences can be enticing. As CEO, I try to promote from within and give deserving employees the chance to move up in the company. Providing continuing opportunities is one way to retain good employees. - Evan Nierman, Red Banyan
