Workforce

What is an Exit Interview?

What is an Exit Interview? Jonathan Poland

An exit interview is a formal meeting or conversation that takes place when an employee is leaving an organization, regardless of the reason for their departure. This could include employees who have been laid off, terminated for cause, or who have voluntarily resigned or retired. The purpose of an exit interview is to gather feedback and information from the departing employee about their experience at the organization. This feedback can be used to identify areas for improvement and make changes to better support and retain future employees. Exit interviews are typically conducted by a human resources representative or the employee’s manager. They may be conducted in person or virtually, depending on the circumstances. The following are common elements of an exit interview.

Relationship Management

Former employees are important to your reputation and maintaining a good relationship with them the primary objective of an exit interview. This includes employees who are terminated for cause. Former employees may go on to become customers, partners, regulators or media influencers who can have an significant impact on your business.

Administration

It is common to complete administrative processes as part of the exit interview. For example, communicating retirement benefits to a retiree and giving them access to a tool that they can use to administer their plans. Most exit interviews review a checklist for departing employees that features elements such as cleaning a desk out and returning assets.

Legal

Reviewing any legal agreements that will remain relevant when the employee departs such as a non-disclosure agreement.

Standing

If a departing employee remains in good standing with your organization it is common to communicate this and state that they are welcome to apply for positions with the organization again in the future.

Survey

The departing employee may be asked to complete a survey to collect data related to employee satisfaction or insights into the business.

Feedback

Departing employees are no longer bound by the politics of an organization and may offer more candid feedback than current employees. Some organizations fear this feedback and prefer to collect easy to use data from a survey that doesn’t allow for controversial ideas to surface. Other organizations collect freeform feedback that allows departing employees to document concerns and recommendations they may have. Many firms that collect this information do nothing with it. However, it is possible to create a summary report for executives from these comments to surface conditions at every level of an organization that impact employee satisfaction. It is also basic due diligence for the manager conducting the exit interview to escalate any serious accusations that are made by a departing employee in the exit interview.

Labor Productivity

Labor Productivity Jonathan Poland

Labor productivity is a measure of the efficiency with which labor is used to produce goods and services. It is typically expressed as the ratio of output to input, with output being the value of goods and services produced and input being the labor and other resources required to produce them. This report will provide an overview of labor productivity, including how it is measured and some factors that can affect it, and will discuss some best practices for improving labor productivity.

Measuring Labor Productivity

There are several ways to measure labor productivity, including:

  1. Output per hour: This is a common measure of labor productivity that compares the value of output produced to the number of hours worked.
  2. Output per worker: This measure compares the value of output produced to the number of workers involved in producing it.
  3. Output per unit of input: This measure compares the value of output produced to the quantity of inputs (such as materials, equipment, or energy) used in the production process.

Factors Affecting Labor Productivity

There are many factors that can affect labor productivity, including:

  1. Capital investment: Investing in new technology or equipment can increase labor productivity by enabling workers to produce more output in less time.
  2. Education and training: Investing in education and training can improve the skills and knowledge of the workforce, which can in turn increase labor productivity.
  3. Organizational structure: The way in which a company is organized can affect labor productivity, as a well-structured organization with clear roles and responsibilities may be more efficient than one that is less well-structured.
  4. Workplace conditions: The physical and psychological conditions of the workplace can affect labor productivity. For example, a workplace that is poorly lit, noisy, or unhealthy may lead to reduced productivity.
  5. Motivation and engagement: Motivated and engaged workers are more likely to be productive than those who are disengaged or unmotivated.

Best Practices for Improving Labor Productivity

To improve labor productivity, it is important to follow some best practices, including:

  1. Invest in capital: Investing in new technology or equipment can improve labor productivity by enabling workers to produce more output in less time.
  2. Invest in education and training: Investing in education and training can help improve the skills and knowledge of the workforce, which can in turn increase labor productivity.
  3. Review and optimize organizational structure: By reviewing and optimizing the organizational structure, it may be possible to improve efficiency and increase labor productivity.
  4. Improve workplace conditions: By improving the physical and psychological conditions of the workplace, it may be possible to increase labor productivity.
  5. Engage and motivate workers: Engaging and motivating workers can help improve their productivity, as motivated and engaged workers are more likely to be productive than those who are disengaged or unmotivated.

In conclusion, labor productivity is a measure of the efficiency with which labor is used to produce goods and services. By following best practices such as investing in capital and education and training, improving organizational structure, and engaging and motivating workers, it may be possible to improve labor productivity and increase competitiveness.

Persistence

Persistence Jonathan Poland

Persistence is the ability to maintain motivation and effort over a prolonged period of time. It is a behavior or character trait that is essential for productivity. With persistence, individuals are able to overcome obstacles and continue working towards their goals, even in the face of challenges and setbacks. This trait allows them to persevere and achieve their desired outcomes, ultimately leading to success in both their personal and professional lives. The following are illustrative examples.

Diligence

Persistence is strongly associated with a character trait known as conscientiousness whereby an individual takes their duty and role seriously. For example, an environment minister who actually tries to do their job to make improvements to the environment despite strong defense of the status quo by the rest of the government.

Work Ethic

Hard work is associated with persistence. For example, a hard working mechanic who solves the root cause of a jet engine malfunction where a coworker with a lower work ethic might just address the symptoms of the problem.

Optimism

Persistence is founded on optimism whereby an individual continues to believe in what they are doing despite obstacles. For example, a gardener who plants orchids again despite having failed to grow orchids to maturation for four years in a row.

Ambition

Ambition is a desire and determination to reach a goal. For example, a project manager who corners an executive outside their office to push them to clear an issue after the executive has repeatedly canceled or skipped meetings regarding the matter.

Resilience

The ability to continue on without loss of diligence when you face stress. For example, a pilot who continues to work professionally to control an aircraft in extreme turbulence.

Patience

Persistence is tied to patience as it may require working for extended periods of time without seeing any results. For example, a software developer who doesn’t give up on an app they are writing even when it takes two years instead of the planned two months.

Failure is Not An Option

Persistence can have a negative side whereby individuals or organizations refuse to recognize the realities of a failure. For example, a military organization that keeps spending on a new technology when it is clear the concept or design is fundamentally flawed.

Fail Well

Persistence doesn’t necessarily imply an irrational approach to failure. For example, fail well is the design of things to fail quickly, cheaply and safely such that you can learn from each failure and continue to pursue your goals.

Perfectionism

Perfectionism is the irrational pursuit of excessive perfection. This is a negative type of persistence. For example, a designer who spends hundreds of hours perfecting a project where the client has said they will only pay for 20 hours.

Refinement

Refinement is the rational pursuit of perfection. For example, an artist who sets a very high standard for their work.

Mastery

Mastery is an approach to learning and work that doesn’t progress to a new stage until the current stage is completely finished. For example, a student who doesn’t move on to the second unit in their math textbook until they understand the first unit.

Learn More
Algorithmic Pricing Jonathan Poland

Algorithmic Pricing

Algorithmic pricing involves using automation to set prices dynamically based on a variety of factors, such as customer behavior, market…

What is a Self-Replicating Machine? Jonathan Poland

What is a Self-Replicating Machine?

Self-replicating machines are robots or nanobots that are capable of producing copies of themselves, using scavenged materials and energy to…

Sales Pipeline Jonathan Poland

Sales Pipeline

A sales pipeline is a visual representation of the sales process, from the initial contact with a potential customer to…

Professionalism Jonathan Poland

Professionalism

Professionalism is the practice of following the standards and expectations of one’s profession, organization, and role. It involves upholding the…

Scaling 101 Jonathan Poland

Scaling 101

Scaling is the process of increasing the size, scope, or reach of a business, product, or service. This can involve…

Human Resources Jonathan Poland

Human Resources

Human resources is the department within a business that is responsible for managing and coordinating the people who work for…

Ambition Jonathan Poland

Ambition

Ambition is the drive and determination to achieve a particular goal. This can apply to any type of goal, including…

Augmented Product Jonathan Poland

Augmented Product

An augmented product is a product that includes intangible benefits beyond the physical product itself. These intangible benefits may include…

What is a Competitive Market? Jonathan Poland

What is a Competitive Market?

A competitive market is a type of market in which there are numerous buyers and sellers, and in which the…

Content Database

Search over 1,000 posts on topics across
business, finance, and capital markets.

Pricing Power Jonathan Poland

Pricing Power

Pricing power refers to a company’s ability to increase prices without significantly impacting demand for their products or services. This…

Durable Competitive Advantage Jonathan Poland

Durable Competitive Advantage

The most important aspect of durability is market fit. Unique super simple products or services that does change much if…

What is a Flagship? Jonathan Poland

What is a Flagship?

A flagship is a product or service that represents the best a company has to offer and is intended to…

Brand Values Jonathan Poland

Brand Values

Brand values are the principles and beliefs that a brand stands for and that guide its actions. They reflect the…

Organizational Structure Jonathan Poland

Organizational Structure

Organizational structure refers to the formal systems that define how an organization is governed, directed, operated, and controlled. It is…

Decision Tree Jonathan Poland

Decision Tree

A decision tree is a graphical representation of a decision-making process. It is a flowchart-like structure that shows the various…

Commodity Risk Jonathan Poland

Commodity Risk

Commodity risk is the risk that changes in commodity prices may result in losses for a business. Commodity prices can…

Cost Innovation Jonathan Poland

Cost Innovation

Cost innovation is the practice of finding ways to significantly improve value while reducing costs. This can be achieved through…

What is Baseline? Jonathan Poland

What is Baseline?

A baseline is a reference point or starting point that represents the status or condition of something at a specific…