Stay Interviews: Part 1
The Great Resignation has employers increasingly concerned about employee retention. As a result, stay interviews are becoming increasingly popular as a means of decreasing turnover but what exactly are stay interviews and why are they the next big thing? Continue reading to find out…
What is a stay interview?
A stay interview is when a manager has a one-on-one sit-down conversation with an employee focusing on what motivates them to stay with the company and what could be improved. Stay interviews are like exit interviews, but different because they are conducted on active employees rather than those leaving the company.
What’s the purpose of a stay interview?
The goal of stay interviews is to boost employee retention rates in the long run. Stay interviews help avoid the cost associated with new hires by simply retaining current employees. This is extremely important because the estimated costs of hiring a new employee is about $4,000 and 24 days. Stay interviews also give management an overview of employee’s well-being and overall satisfaction within the workplace.
Are stay interviews effective?
Yes, they can be if the feedback collected is used efficiently. For stay interviews to be successful, the feedback collected must be conveyed to the top management. This is done so that they can accurately identify the tools, resources, or opportunities that employees aren't getting already. These can include things such as sense of purpose, fair salaries, or more flexibility. Issues addressed during stay interviews can be solved with tailored solutions that best fulfill the needs of individual employees. This helps employees feel heard and valued within the organization.
What are the benefits of stay interviews?
Improved employee morale and loyalty to an organization
Expense-free way to scope out issues
Helps retain top talent and leaders
Promotes an outlook of teamwork and togetherness
Assesses the health of your company culture
Lucy
RaezerConnect