Business Education

Not Conducting Exit Interviews? Here’s What You’re Missing

An exit interview is conducted for two principal purposes. The first is to learn about the soon-to-be former employee’s experiences at the company. The second is to determine the reason he or she is leaving. Those are pretty straightforward and can provide valuable insight into how a business operates from an employee’s point of view. This is why large corporations establish these separation procedures. However, even small businesses can take advantage of what exit interviews have to offer.

Downsides to Holding Exit Interviews

Now, there are of course pros and cons to conducting exit interviews. The first and perhaps most obvious is that a future former employee May be unwilling and/or apprehensive about the possibility of burning bridges. In other words, you might not get the unfettered truth to every answer. Plus, it’s possible the person will go out of his or her way not to offer honest answers. Then, there’s also the possibility he or she will hold back information and that of course can undermine the entire exercise.

Exit interviews are conducted to generate feedback from employees with the goal to lower employee turnover rate, raise employee retention, and improves aspects of the organization as a whole. After conducting the interviews and reviewing the data, organizations will use the employees’ suggestions to create a better organization for which their employees want to work and succeed. —Work Institute.com

What’s more, if you do get the whole truth, and nothing but the truth, your action on the other side can be very detrimental. After all, the departing employee might provide valuable insight into correcting certain issues or problems within his or her position that could benefit his or her successor and/or, the business as a whole. Failing to apply solutions could result in remaining employees knowing that nothing was done, and that can be quite damaging to morale.

3 Biggest Exit Interview Benefits

Obviously, companies conduct interviews as part of their business practices for good reason. And, as mentioned above, even small businesses can reap the same benefits. Here are the biggest advantages of conducting exit interviews:

Gain inside perspective. Managers, administrators, and owners are routinely surprised by what they learn through exit interviews. Because they are in charge at the top, they believe they have some sort of omniscient knowledge, but that’s certainly not always true. In fact, this is why third-party HR services offer exit interviews since they understand through experience that the upper echelons of companies aren’t always aware of everything that’s actually going on.
Discover unknown issues. Along the same line, it’s not only learning the intricate dynamics or the minutiae of a certain position, but also the problems and issues that affect said position being vacated. It’s not at all unusual for the exit interviewee to reveal certain points of friction or areas of frustration with the position they are leaving. This too is very valuable information and gives the company and opportunity to make key changes.
Increase employee retention. One of the main reasons companies conduct exit interviews is to gain knowledge of the benefits listed above in order to enact reforms or policy initiatives that serve the employees better. By doing so, the businesses are able to improve on their operational practices and that can also benefit other areas, such as employee cohesion, morale, and productivity.

What other advantages do exit interviews offer? Please take a brief moment to leave a comment and share your thoughts and experiences so others can benefit from your input. Interested in learning more about business? Then just visit Waters Business Consulting Group.

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The Corona Virus is a Stark Reminder of How Businesses should Deal with the Flu

March 16, 2020 No Comments

As the coronavirus continues to dominate the news headlines, people grow ever-more concerned about its spread and possible contagion. While the risk of contracting the illness is very slight, it does help to raise awareness about the spread of common infections, like the cold and flu. And, this is something businesses need to be prepared for, particularly when employees start getting sick. Why Illness and Work just Don’t Mix Either an outbreak of a cold or flu strain can wreak havoc on any small business. Worse yet, in more ways than one. First and foremost is of course, the spread of it to other team members. Then, there’s the productivity hit that follows. With fewer people on the job, it’s more difficult to keep up and quality eventually begins to suffer. The threat cold-and-flu season poses to companies isn’t something to sneeze at. According to the Centers for Disease Control, the flu alone costs U.S. companies $10.4 billion in direct costs including hospitalizations and outpatient visits. The CDC also estimates up to one-fifth of the U.S. population will get the flu in a given flu season, and more than 200,000 Americans will be hospitalized with seasonal, flu-related complications. —Entrepreneur.com Even employees who can power their way through a sickness can’t bring their A game and that can make the difference in key situations. Plus, it encourages people to spread the illness to others without regard to employees’ health. How to Prevent the Flu from Spreading in Your Business The flu or a cold can be devastating to any small business. But, it’s better to handle it in a smart way than trying to go about business as usual. Here are some effective ways the Centers for Disease Control and Prevention recommends businesses prevent the spread of cold and flu in the workplace: Encourage team members to get a flu vaccine. The CDC advises anyone who is 6 months of age and older to get an annual flu vaccine. (Remember, this is just a recommendation and not a requirement.) Develop and stick-with good sick leave policies. Create sick policies which encourage employees to take time off without fear of losing out on compensation or fear of reprisal. Advise sick employees to stay home for enough time. Anyone who gets a cold or the flu should not return to work until at least 24 hours after they get over a fever. This way, they aren’t a continuing source for infecting others. Allow well employees with sick family members to work (at home). Although the CDC says healthy employees with sick relatives can come to work, it’s not always a good idea. For instance, if a child or elderly parent is sick, their head won’t be in the game anyway. Provide proactive, preventative necessities throughout the workplace. Things like hand sanitizer, tissues, hand soap, and more preventative necessities should be readily available, all throughout the workplace. What other suggestions do you have to deal with a cold or flu outbreak in the workplace? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

My Biggest, Most Important Client is #!@_&% — How can I Keep Them and Not Go Crazy

February 10, 2022 No Comments

Fill in the blank. Angry, anxious, cheapskate, short-tempered, impatient, annoying, hard-to-please. No one enjoys dealing with difficult business clients, but sometimes we have to. These clients can be demanding, angry, and anxious. They can sap our energy and make us feel like we’re going crazy. But don’t worry – there are strategies for how to deal with them. Running a Business Means Dealing with Challenges No one ever said that running a business would be easy. In fact, it can often be downright difficult to deal with the various challenges and situations that come up. Whether you’re struggling to keep afloat or trying to figure out how to take your company to the next level, there are some effective ways to deal with difficult business situations. Many small business owners have ‘em—you know, the clients who make you cringe when you see that they’re calling. The ones who drain your energy, criticize everything, and are slow to pay. Difficult customers exist in every business, for every company, and even though you may want to kick them to the curb some days, you know that it’s better to keep them if you can. So, how might you keep your difficult clients and your sanity? —American Express The key attributes are persistence and patience. Entrepreneurs who stay the course but don’t rush into things tend to be the most successful over the long term. They push when necessary and recognize futility for what it is. In other words, they act appropriately to the circumstances they experience and do not try to bend reality. Best Strategies for Managing Impossible Clients Dealing with difficult business clients can be a nightmare. They can be demanding, angry, and anxious, and they can really put a damper on your day. However, with the right strategies in place, you can manage them effectively and keep them from ruining your business relationships, like the following: Keep your cool. One of the most important things to remember when dealing with difficult clients is to stay calm and collected. If you start getting angry or frustrated, it will only make the situation worse. Take a few deep breaths and try to relax. This will help you think more clearly and come up with a plan of action. Put on their shoes. Another thing to keep in mind is that these clients are just people. They have their own problems, and they’re probably stressed out too. Try to put yourself in their shoes and see things from their point of view. This will help you understand where they’re coming from so you can better address the problem at hand. Don’t retaliate in anger. If possible, avoid getting into arguments with these clients. You might think this is impossible, but it can be done. Stay calm and collected — even if they’re yelling at you or cussing you out. If necessary, take a break from the situation. Politely end the phone call or meeting and go for walk outside. This will give both parties time to cool down and reset. Walk the walk, talk the talk. Finally, always try to stay professional. These clients are probably already angry and frustrated, so don’t add to the problem by being rude or unprofessional. Address the issue at hand in a polite and respectful manner. You’ll be surprised how much this can help diffuse the situation. What other strategies would you use to deal with difficult customers? Please, take a moment to share your thoughts and experiences so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How to Get Past All the Hype about a New Business

September 7, 2018 No Comments

Samuel Langhorne Clemens, otherwise known by the pen name Mark Twain, once said, “There are three types of lies: lies, damn lies, and statistics.” Today, we’re past the sad story of Theranos and the fall of Elizabeth Holmes. But, Elon Musk and Tesla are filling the void. (As are a number of other brands and emerging technologies.) You can pick your favorite, because there are a number of these hyped or buzz generating entities out there. And, it’s precisely the attention and shine that fools so many people. This includes people looking for opportunities to go into business for themselves. So, how do you know if it’s legitimate or just hype? Why Hype often Falls Short Let’s begin with an important lesson. Buzz dies down and hype eventually wears off. But why? The question is more about a matter of time than some exotic explanation. The fact of the matter is, when an organization or a product is surrounded by hype, it’s usually due to an artificial yet real, phenomenon. In other words, some outrageous (or ingenious) marketing tactics work. People are awe-struck and want to believe. Fortunes were made on products using such hype marketing strategies. Many a consumer bought in to the sizzle once, never to be burned again by products that couldn’t possibly live up to the hype. The world’s a different place today, and consumers are far more demanding. The list of tactics that no longer work on today’s savvy consumers is long, and so is the list of things you can learn from the failures of hype-marketing tactics. —American Express OPEN Forum Although, we all know, reality will rear its presence, at some point. There comes a time when hype and buzz just can’t conceal the fact there’s not much there, there. When the dust settles, hindsight becomes 20/20. Now, sometimes, like in the case of Theranos and Elizabeth Holmes, it’s just investigative reporting. But other times, it’s just high expectations. Remember when the Segway concept first leaked to the public? It proclaimed the future of transportation. That fell way short. How to Get Past All the Hype about a New Business So, just how do you tell if a business idea or even a product or service is only hype? What are the telltale signs? Unfortunately, there’s no magic bullet. But, there are some things you can to do get past all the hype about a new business: Quick! Stop the press! Thomas Edison didn’t exactly invent much. In fact, he once said he’s more of a sponge than an inventor. He also used what’s known as the vaporware marketing tactic. Hearing a rival would soon introduce the first incandescent light bulb, he invited newspaper reports to see his, first. He brought them into a room, one-by-one. And, showed them a prototype. He’d then hurry them out just before it burned out. The same remains true today. You’ve got to look past the glowing press coverage. Look at the fundamentals. Speaking of looking past the media buzz, how about going a bit deeper and actually investigating the fundamentals. Is the company sound? Does it have a workable plan to grow? These and other questions will help you separate fact from fiction. If it sounds too good to be true… Okay, this is practically cliché. Or is it? Take a big step back. Take time to breathe. And, come back with a fresh disposition. If it sounds too good to be true, it probably is. But, it takes an objective look to cut through the buzz. What other ways do you spot hype? How do you look past the buzz and get to the real story? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.