The best way to find out what your employees want and how to retain them is to ask them. Ask questions to gauge how you’re meeting your employees’ expectations. Not just “How’s it going?”, but specific questions to get specific answers.
Explore why these people remain with your company.
The stay interview is a one-on-one interview between a manager and a valued employee. Its aim, quite simply, is to learn what makes employees want to keep working for you. Likewise, it's designed to elicit what might motivate them to leave.
In an effective 30-minute stay interview, managers ask standard, structured employee retention questionnaire in a casual and conversational manner. It’s not a performance discussion but rather a “let me get to know you and your goals” discussion.
WHY SHOULD YOU ATTEND
A recent Harvard Business Review article ‘How to Keep Your Top Talent’ warns that 25% of your top talent plans to jump ship in the next year. The results for engagement and effort are even more alarming, since about a third of employees surveyed admit to phoning it in at work. That’s bad news if you believe that staying competitive relies on the passion, drive and creative energy of talented people.
Many companies use exit interviews to find out why employees are leaving their jobs. Unfortunately, asking an employee on their last day “why are you leaving?” doesn’t provide useful information in time to prevent the turnover. A superior approach is a “stay interview” because it occurs before there is any hint that an employee is about to exit the firm.
Stay interviews help managers understand why employees stay so that those important factors can be reinforced and new employee retention ideas can be formulated. They also signal frustrations that can be nipped in the bud before they drive the employee to start looking elsewhere.
The benefits of Stay Interviews are:
Adding stay interviews to your employee engagement strategies can help your organization retain critical employees.
The stay interview is an opportunity to build trust with employees and a chance to assess the degree of employee satisfaction and engagement that exists in a department or company. It also provides the manager with the opportunity to quickly reinforce the positives and deal with the employee’s concerns before they turn into real dissatisfaction.
WHO WILL BENEFIT
Years of Experience: 25+ years
Areas of Expertise: Leadership, Employee Engagement, and Change Management
Marcia Zidle is a board certified executive coach, business management consultant and keynote speaker, who helps organizations to leverage their leadership and human capital assets.
She has 25 years of management, business consulting and international experience in a variety of industries including health care, financial services, oil and gas, manufacturing, insurance, pharmaceuticals, hospitality, government and nonprofits.
She brings an expertise in strategy and alignment; social and emotional intelligence; executive and team leadership; employee engagement and innovation; personal and organization change management.
She has been selected as one of LinkedIn Profinder’s top coaches for 2016.
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Learn how to use stay interviews to improve retention and engagement of your talent pool. Also know how stay interviews help in developing better employee retention strategies.