Financial Institution Leverages Exit Survey Insights To Drive Retention Efforts

Challenge

Exit interviews are critical for organizations to understand why an individual is leaving and to glean insights that can have a dramatic impact on employee retention.  In the past, this 10,000+ employee financial institution had attempted to conduct exit surveys to gain a better understanding of employee attrition.  However, with their current approach, they were not successful in getting employees that were leaving the company to participate, often-times, only getting 30-35% participation rates.

The financial institution wanted to dramatically increase survey participation rates and make it easier for departing employees to provide feedback. This is where People Element provided their employee experience and engagement platform.

Solution

Utilizing People Element’s employee experience and engagement solution and the easy-to-use process and communication templates, this client was able to provide a frictionless way to collect vital data from their departing employees.   Participation for this client was driven through a three-pronged approach including email, SMS (text), and phone calls (supported by  the People Element call center). In addition, the HR team was able to track and monitor participation through People Element’s innovative reporting features integrated into the platform.

  • Make providing feedback easy for employees
  • Provide multiple ways for employees to complete surveys (email, SMS, phone)
  • Leverage People Element’s designed Engagement Surveys & Communications Templates
  • Track and monitor participation in real time to increase participation

Results

This financial institution was able to increase their exit survey participation rate to over 70% within a 2-3 month period.  This is the highest participation rate they have ever seen on any of their surveys and helped them to gather valuable insights about their employee’s well being, level of engagement and reason for leaving the company.  From an HR team perspective, the process of administering exit surveys was streamlined and simplified and the robust reporting gave them the information they needed to better manage the exit survey process.

  • Participation rate increased from 30% to 70% participation in 2-3 months
  • Insights gathered from surveys is helping to inform employee engagement and retention strategies
  • Robust reporting gives HR team tracking and monitoring to simplify survey administration
Subscribe for industry tips

Ready to build a better workplace?