Research has found that although organizations are well-equipped with the latest technological tools to hire and onboard new people, they struggle to implement the same during the offboarding or exit process.
Exit management encompasses various processes designed to support employees who will not be a part of the company anymore. Starting from resignation to exit interviews and to helping employees better understand the external market opportunities and easing the application process for them. Exit analysis is an important aspect of the exit management process. Interestingly, 90% of Fortune 500 companies conduct exit interviews. However, only 40% of them found the practice to be useful. That’s not surprising considering the fact that an average employer views an exit interview as a “corporate ritual” rather than a hidden opportunity. This essentially boils down to the fact that almost every company has ample data regarding why employees leave, but more than half of them are not able to utilize and present this data to improve future retention and attrition rates. This no longer has to remain the same.
With data collected through the exit management process of a vast pool of employees, the AI-powered tools embedded in the system can help to effectively draw useful insights in order to improve the employment situation, transform internal conditions, retain talent and reduce turnover. The analyzed data on ‘why employees leave” can be very helpful for an organization to guide future practices, review existing styles, pay scales and more.
This, in turn, will better align the overall HR strategy and help roll-over programs that will encourage the top talent to stay in the future. The data-driven analysis quite simply reviews what went wrong and presents a clear picture as to why the staff is exiting the organization, their decision influencers, and what might be the pull factor that an organization presently does not possess. AI-powered solutions significantly take the guesswork out of the equation and use metrics, analytics and benchmarks to proactively create better talent retention initiatives.
AI helps crunch the feedback of the outgoing employees which is of immense importance for quality maintenance in HR policies. It steps in a big way to ensure that the data gathered during the exit interview of an employee is objectively analyzed without biases and at the same time maintains the privacy of the employee as well as company. Companies are even employing AI-based video and audio tools to capture the feedback effectively.
In all, AI in HR tries to seek out the patterns for why good employees leave. These very patterns act as a sophisticated SWOT analysis of the situation and help companies come up with tangible ways to improve employee engagement and retention rates.
- Posted Date: 11-MAR-2020