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I've always struggled know really understand what the point was of an exit interview. Other than going over final formalities such as turning over badges, equipment, finalizing any paperwork and policies, and being informed of your final compensation.

Other than that I don't understand why a company would wait for so long to try and determine what it takes to keep an employee or an employee's reason for leaving. As an employee I wouldn't have any reason to provide them any feedback on those subjects at all. If they hadn't listen to me for the previous year or more that I was there why does it have to come to this extreme to get their attention. If they do want my valuable insight on what it takes to keep and retain employees and cultural problems at the company and so forth they can hire me as a consultant and pay me for my time.

Exit interviews are the strategy of piss poor management. The type of manager's who value exit interview feedback aren't managers at all they are bosses. A true manager is in touch with their people empowering their people to bring profit and profitability to the company. A boss is someone who is detached from their people and just expect them to turn out work.

A manager would never have need of an exit interview and when it came time to part ways they would know exactly why and they would wish the person well and hope that they can have a relationship in the future.

A boss needs the exit interview because they're shocked that you would ever want to leave this horribly lopsided relationship. And it usually turns into the how dare you have the courage to think that you're better than this company.

Sometimes, people leave jobs that they like because they have a chance at something different. What about the scenario where things are perfectly fine, but an employee is suddenly offered a better salary somewhere else? Or they completed study to enter into another field?
I covered those scenarios in this paragraph.

"A manager would never have need of an exit interview and when it came time to part ways they would know exactly why and they would wish the person well and hope that they can have a relationship in the future."

The exit interview is exclusively for those out if touch with their employees. They use it as a guise to cover their bad management styles.