Stay interviews are an important employee engagement and retention tool that serves as a means of re-recruiting your workforce – because what attracted your employees is often different from what will keep them. Stay interviews tend to improve engagement, productivity, employee loyalty and commitment - as well as retention.
In this webinar you will learn how to prepare for, conduct & follow through on stay interviews to improve retention.
Turnover today is rampant because employees can be choosy with:
• the lowest unemployment rate in 48 years
• for the first time ever in the U.S. there are more job openings than eligible candidates
• over half of U.S. employees saying it is ‘somewhat likely’ or ‘very likely’ they can find a job as good as the one they have
• 50% of employees & 60% of millennials considering new employment opportunities
• the average tenure for employees in their 20’s being less than 18 months
And turnover is expensive with the cost of replacing a:
• $10-hour employee over $3,000
• $30-50,000 job over $8,000
• $100,000 often over $200,000
However, engaged employees when compared to unengaged employees have:
• 65% less turnover in low-turnover organizations
• and 25% lower turnover in high-turnover organizations
The Objective of a Stay Interview
• Making employees feel valued & improving engagement, productivity & retention
• Reinforcing good relationships, forging new ones & helping repair those that are strained
• Re-recruiting talent, causing employees to feel valued & enhancing the relationship between an employee & his/her manager
What Stay Interviews Are
• Employee/supervisor meetings to uncover what is important to each employee
• Means of learning why employees stay, might leave & what their supervisor can do to improve their work experience
• A tool to enhance employee loyalty and commitment
Why Stay Interviews Are Not
• Performance appraisals
• Conducted only when problems arise
• Personal development
• Causal, random discussions
Initiating a Stay Interview Program
• Who should conduct the interviews & why
• Training managers & leaders
• Setting retention goals
Scheduling & Conducting Stay Interviews
• Frequency & length of each interview
• Preparing for an interview
• The most effective stay interview and employee retention questionnaire
• How to probe for candid responses
• Handling employee responses for which you don’t have an immediate answer
Following Through on Your Stay Interviews
• Creating & documenting action plans
• Sharing accountability for the follow through
• Following up on the action plans
• Forecasting future turnover
It is easy to make the business case for retaining your organization’s talent because turnover is both rampant & expensive.
And to make matters worse – the most talented employees:
• Have more opportunities available to them
• Are the most expensive to replace
• Are the quickest to leave if they are unengaged
• May take top performers with them
• May take customers with them
Stay Interviews have become a very popular and effective means of reducing turnover with supervisors meeting individually with their direct reports to learn why they are staying or might leave - and what the supervisor can do to improve each employee's work experience. To know how to encourage employees to stay, we have to ask what only they know. Exit Interviews are too late.
Any Leader, Manager or Supervisor [HR, Production, Accounting, Sales, IT, etc.] – who wants to increase employee engagement and/or retention.
Years of Experience: 25+ years
Areas of Expertise: Leadership Development and HR Management
Pete Tosh is Founder of The Focus Group, a management consulting and training firm that assists organizations in sustaining profitable growth through four core disciplines:
The Focus Group has provided these consulting and training services to manufacturing and service organizations across the U.S., Canada, Europe and the Middle East. Pete has worked closely with the leadership teams of organizations such as Exxon, Brinks, EMC, State Farm, Marriott, N.C.I. and Freddie Mac.
Prior to founding his own firm 25 years ago, Pete had 15 years of experience — at the plant, divisional and corporate levels — in Human Resource and Quality functions. Pete held leadership positions — to include the V.P. of Human Resources and Quality — with Allied Signal, Imperial Chemical Industries, Reynolds Metals, Charter Medical and Access Integrated Networks.
Pete also frequently facilitates a variety of leadership development programs for organizations such as the American Management Association — including Strategic Planning, Moving from an Operational Manager to a Strategic Leader, Strategic HR Management and Utilizing HR Metrics. Employees from over 3,000 organizations have benefited from Pete’s experience and perspective. Pete is co-author of Leading Your Organization to the Next Level: the Core Disciplines of Sustained Profitable Growth.
Pete holds a B.A. degree in Psychology from Emory and Henry College and Masters degrees in both Business Administration and Industrial Psychology from Virginia Commonwealth University.View all trainings by this speaker