VACO INSIGHTS & RESOURCES
Exit Interviews: Essential Tips and Best Practices
Companies with a strategic exit interview process can make the most of a worker’s final days. Asking standardized exit interview questions provides an opportunity to gather valuable feedback and identify trends about where recruitment and retention strategies are missing the mark.
Here are three tips to create an effective exit interview process:
- Ask for Input from Leadership Before Collecting Data: Ask stakeholders for specific data points that will help them understand how they can support a happier, more engaged workplace.
- Standardize Exit Interview or Survey Questions: Ask workers leaving the job the same questions to keep the process consistent. This will help identify relevant trends.
- Offer a Survey and an Exit Interview: Exit interviews (whether they’re in person or virtual) give companies the opportunity to dive deeper into responses for additional context and clarity. Due to high turnover or scheduling issues, it may not be possible to speak with every worker before they leave. Offering alternative ways for feedback like surveys or forms gives companies an option to gather their responses.
Source: Vaco
VACO INSIGHTS & RESOURCES
Is It the Right Time to Add Managed Services to Your Business?
Managed services, often known as outsourcing, can help organizations focus on core activities while an outside provider handles a specific part of the business for a flat rate. This arrangement can take various forms. Here are a few common ones:
END-TO-END SERVICE DELIVERY
The provider hires, trains, and oversees the entire team, taking full responsibility for the operation’s performance.
MANAGED DELIVERY TEAMS
A provider hires, trains, and manages a team dedicated to a specific project or service for the client. The provider focuses on handling the workflow, reporting, and performance tied to that project, rather than managing the client’s entire operation.
STAFF AUGMENTATION
Providers help manage increased demand, special projects, or specialized skills not available internally. In this arrangement, the client is responsible for managing the support operation, as well as overseeing task management and performance.
With managed services, providers take full responsibility for a company’s function—ensuring quality, managing risk, and supporting team development. Unlike staffing, where a company simply provides talent, managed services focus on delivering specific business outcomes.
Vaco via Staffing Industry Analysts
VACO CASE STUDY
Transforming Financial Operations for a Global Events Leader
The Challenge:
A global events company struggled with financial inefficiencies due to high turnover and a shortage of finance talent. Those issues led to a 90-day backlog in payments and costly third-party collections, which impacted revenue recognition, operational stability, and overall financial health.
The Solution:
Vaco worked closely with the company to understand their needs. It quickly deployed nearshore accounts payable professionals and onshore management to tackle the 90-day payment backlog. Impressed with the results, the company expanded the project to further improve its account payables, account receivables, and revenue processes, adding another professional to document processes and standard operating procedures.
The Impact:
Vaco’s customized and collaborative approach quickly demonstrated the value of nearshoring, leading to the expansion of the project from 2 to 20 professionals. Additional results included:
- Removed the third-party collections agency, reducing collection costs by 89%.
- Decreased accounts payable ticket volume by 90%.
- Reduced accounts payable headcount by four professionals due to the efficiencies gained.
- Achieved the lowest organizational day sales outstanding in a decade.
- Lowered operational accounting turnover by 25%.
Source: Vaco
