Employee retention is not a one-size-fits-all solution; however, there is one strategy waiting to be unlocked that is already within reach for most companies.
Companies have found success in utilizing Stay Interviews.
The Society for Human Resource Management (SHRM), says the purpose of stay interviews is to help managers understand why employees stay and what might cause them to leave. Why wait to gather employee feedback until an exit interview when the opportunity to take action is clearly too late?
To engage employees and keep them from searching outside your walls, discover what motivates them by asking directly.
How to Conduct Stay Interviews
Stay Interviews should be short. The format is intended to be casual and conversational, so keep the interviews to 30 minutes maximum. The process should be informative and engaging, not tedious and lengthy.
Employees should also be selected at random to gather a wide variety of responses. Make sure not to rule out new employees. Their fresh perspectives could lead to creative ideas.
The frequency of hosting Stay Interviews can be determined by a company’s leadership team; however, we recommend conducting them at least annually or bi-annually to keep a current pulse on morale.
Asking the Right Questions
One company we recently met with asked questions like:
- What should we keep doing?
- What should we stop doing?
- What can we do better?
- What should we start doing?
One of our favorite questions from the company’s Stay Interviews was: When was the last time you laughed at work? The underlying theme of this question aligns with the Gallup Q12 Index behavioral questions that ask employees if they have a best friend at work.
Studies have found that employees who have work best friends or laugh often are more loyal and passionate towards their organizations. They feel connected as a part of a community.
Finally, if there are instant changes that can be made, delegate responsibilities to the employees most recently interviewed. You will find this boosts their productivity because they feel accountable to a bigger mission.
Employee talent retention is vital to the success of your company, and Stay Interviews are just one useful strategy. Contact The Overture Group for more expert business solutions today.