Employee retention specialist TalentDrain has launched a new feature on its website which calculates the organisational cost of conducting face-to-face exit interviews and the annual HR budget and time savings that would accumulate if the process was undertaken online.
The Exit Process Cost Comparison Calculator is a simple tool, accessible via a web-browser, which enables you to enter the number of employees who leave the organisation each year, the average time spent preparing and conducting an exit interview, and undertaking post-interview actions, and the average salary of the interviewers.
An on-screen calculator then shows you the annual cost of conducting face-to-face exit interviews as well as the actual cost per interview.
By allowing you to choose from a range of options, the Exit Process Cost Comparison Calculator can also compare your existing face-to-face exit interview process against an online approach.
It reveals both the cost savings and the HR time saving that would accumulate annually if the organisation switched to online questionnaires.
"Responsible organisations collect open and honest exit feedback so they can better understand why employees leave and implement appropriate measures to cut attrition,” said Ron Eldridge, Director of TalentDrain.
"Many organisations don’t realise that they can save hundreds or even thousands of HR hours per year by moving the process online. We’ve created the Exit Process Cost Comparison Calculator to show them the true cost of their face-to-face exit process and the actual savings they can accrue.
"By switching to an online approach, they’ll also improve the consistency of their data and they’ll eliminate the administrative burden of aggregating and analysing the responses."
For example, an organisation that conducts 600 face-to-face exit interviews per year and spends an average of two hours per interview, with an hour’s preparation beforehand and an hour’s time on actions afterwards - and has an average interviewer salary of £30,000 - will spend a total of £42,672 per year on its exit process.
Switching to an online approach would result in an annual cost saving of £24,485 (57.4%) and a corresponding saving of 2,052 hours (or 274 working days) of HR time per year.