Retaining employees seems to be on all of our minds these days. With few applicants, employers are working hard to hire and onboard quality employees. After employees are trained in, it’s easy to move on to other things and assume that ‘no news is good news’. Unfortunately, that’s not always accurate.
Stay interviews provide leadership with information on:
2022 SHRM benchmark data found that the median cost-per-hire is $1,244 in hard costs. This does not include time spent:
When these factors are included, the cost of replacing a current worker is estimated to be 6 to 9 months of the employee’s annual salary.
Gallup research found that 52% of employees who voluntarily leave the organization say their manager or organization could have done something to prevent them from leaving their job. Common reasons for resignations include:
Stay interviews are a conversation to capture the perspective of an employee on working at the organization. The goal is to learn about any potential issues BEFORE the employee begins looking for another position or responds to headhunter messages on LinkedIn. Once an employee begins looking, one foot is out the door and it often becomes difficult to retain them (both financially and emotionally).
Stay interviews conducted by managers who have a trusting relationship with the employee are the most impactful. However, not all employees feel comfortable or safe sharing their perspectives with their manager. In those cases, it is best if HR or another third-party conducts the stay interviews. This will improve the quality of feedback received.
Too often, we ask people “How’s it going?” and assume that we’ve asked them how they are doing. In the U.S., that question is actually a greeting. When was the last time you heard an in-depth response to that question? If you received a lengthy response, you may have been slightly shocked that the response was more than “good” or “fine”. Taking a few minutes in the morning to ask employees “How’s it going” is friendly and likely appreciated, but it’s also typically a superficial conversation.
A stay interview conversation takes preparation.
Prepare Questions. A number of sample questions are included below for your reference. These are meant as a starting point for leadership. Add additional questions that make sense for your situation.
There are situation-specific factors that may trigger additional questions to be added. Those factors may include:
Communicate Intentions. Before the conversation, share your intentions of the conversation with the employee. Provide an overview of questions you will ask them. This helps them prepare and will provide you with better data.
Plan for Success. Schedule enough time to have an in-depth conversation based on the number of questions included. Plan a location and space that will allow for confidential conversations without interruptions. Turn off your email and cell phone notifications during the meeting so the employee has your complete attention.
Conduct the Stay Interview. Take time to connect with each employee before jumping into stay interview questions, to make them more comfortable. Reaffirm your commitment to confidentiality, transparency and your interest in learning about the employee’s experience on the team and in the organization.
Don’t make promises you may not be able to keep. Make efforts to neutralize your response and work to avoid any negative or defensive responses. Be conscious of voice tone and body language.
End the interview by asking if they have any additional feedback or thoughts that should be known and thank them for their time.
After the Stay Interview. Take note of any commitments for follow-up and ensure those are completed in a timely manner. Maintain confidences to ensure ongoing trust with employees. The data provided will give managers insights on how best to motivate, distribute work and create a more productive environment.
While nothing will prevent all unwanted turnover, stay interviews can provide leadership with the information needed to make adjustments, improve employee engagement, and reduce turnover.
Foundations Consulting offers stay interview services for organizations that are looking for an outside perspective to capture insights on current trends.