It is human nature to want to better yourself in both your personal and professional endeavors. “Stay interviews” may still lead to your star employees accepting other positions but at least you will know you gave it your best and you just simply could not compete with the new offer from a different company.
*First off, opposite of an exit interview, a stay interview is a proactive step you can take to avoid a resignation from ever happening.
Many companies perform exit interviews to find out why they are leaving the company but it still doesn’t improve turnover rates.
Stay interviews may do just that. Decrease turn over and make employees want to stick with their current company.
**Definition: A “stay interview” is a periodic one-on-one structured retention interview between a manager and a highly valued “at-risk-of-leaving employee” that identifies and then reinforces the factors that drive an employee to stay. It also identifies and minimizes any “triggers” that might cause them to consider quitting.
*Questions to ask during a stay interview; what do you enjoy most about this job? Do you feel as though you are making a difference in the organization and beyond? Are you receiving the regular feedback you need to do your job well? Do you feel as though you are being fairly recognized for your contributions here? What specifically would you want to change about your current role, if given the chance? How could we improve your work/life balance?
These questions might open up a can of worms and get the ball rolling in the right direction for you as a superior….because remember as a manager, ideally you are supposed to do more listening than talking during a stay interview.
Reasons to consider using stay interviews as a retention tool.
**-They stimulate employees. Many will be excited that the company is concerned about their future and they took the time to consult with them.
**-A personalized approach. Unlike surveys that are targeting a large group of people this approach is customized to a single individual.
**-They include actions. Unlike exit interviews which usually only identify problems, stay interviews encourage everyone to improve and eliminate frustration.
**-Stay interviews don’t require training and are inexpensive to conduct.
These interviews can do much more than what is written above. In addition to that it can pinpoint what is working for the office and what is not. A stay interview can save you from losing a talented worker causing you to save time, money and the hassle of finding a worthy replacement.
*Careerbuilder.com – Wait, Don’t Let Your Best Employees Walk Out the Door – Try Stay Interviews
**www.ere.net – Stay Interviews: an Essential Tool for Winning ‘the War to Keep Your Employees’