Stay Interviews: A Great Tool for Employee Retention

More than 8 out of 10 employees will be looking for a new
job in 2014 according to a survey by Right Management.

When you combine the results of this survey with the
unemployment rate in December 2013 at a 5 year low of 7%,
it can spell disaster for those companies without an
engaged workforce.

One of the best tools for reducing employee turnover is a
stay interview.

A stay interview is a 1-on-1, structured conversation with
a key employee to get a sense for:

1. Why he/she stays with the organization?

2. What are his/her career aspirations?

3. What ways the organization can improve in order to
increase the chances of all good employees staying with
the business?

The primary motivation for implementing stay interviews is
the retention of key employees. Stay interviews are often
utilized with all employees. However, the primary target
is key employees.

HR POINTER: Every year, managers are shocked when high
potential employees resign. These managers are often told
by employees the same old story: “I wasn’t looking, but a
great opportunity fell into my lap…” If you believe this
story, we have a great bridge for sale in the New York
area that’s the perfect investment opportunity for you!

When key employees leave a firm, it’s not “just business,”
it’s personal. They aren’t just leaving the company; they
are leaving you, the manager.

Many managers fool themselves by thinking that they
understand employee motivations and aspirations because
they do annual performance reviews, exit interviews, or
engagement surveys.

Unfortunately unless a manager provides an employee with a
dedicated conversation about the employee’s work and
career goals, a manager will never have true insight into
the employee and will never understand how to customize
opportunities to meet an employee’s personal goals.

The stay interview provides the insight into personal
goals with questions such as:

1. What are your proudest accomplishments and biggest
disappointments?

2. What activities energize you and drain you?

3. Do you feel your talents are being used well?

4. What is your five-year career goal?

The stay interview is not about the manager or the
organization, it’s really all about the employee!

If a business has not previously conducted stay interviews
and/or the managers are not properly trained in receiving
such feedback, stay interviews can be an employee
relations disaster. As such, a business would be well
advised to consider using a 3rd party to conduct the first
round of stay interviews.

Our firm conducts stay interviews on behalf of our
clients. If you would like to receive a PDF of the
benefits of implementing our Stay Interview Program,
please contact the Member-Partner in your area or the
Member-Partner who provided you with this email.

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One Response to Stay Interviews: A Great Tool for Employee Retention

  1. Ed Henkler says:

    Great post. I think the “stay interview” can also be combined with elements of Matthew Kelly’s “The Dream Manager” to create a work environment which visibly and continuously strives to understand and help employees realize their dreams.

    Even with “stay interviews”, employees will leave your company but perhaps they will leave as advocates rather than neutral observers or even embittered employees.

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