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We've never done them here, at least as far as I know. I'm in the "waste of time" camp myself. They're only meaningful if 1) people are honest during them and 2) management actually acts on what they've learned through them. I'm not confident either would happen here, so I'm glad we don't bother.
Chief
Exit interviews can sometimes reveal patterns that managers may not see day to day. When structured well, they can highlight issues around culture, management, or workload that contribute to turnover.
Rising Star
Never done them at my place either and it’s not something I would be up for doing.