Using Stay Interviews To Improve Employee Retention & Engagement

Recorded Session
90 Minutes
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Overview:
There is a strong business case for retaining your talent because:
Turnover is rampant

  • Most resignations ever in the U.S. in April 2021
  • 4% unemployment rate - 2.2% for college grads
  • 63% of employees say it is  likely they can find a job as good as the one they have
  • 51% of employees & 60% of millennials are considering new employment opportunities
  • The average tenure for employees in their 20s is less than 18 months

Turnover is expensive

  • 16% of salary for jobs under $30,000 - replacing a $ 10-hour employee costs $3,328
  • 20% of salary for $30-50,000 jobs - replacing a $40,000 employee costs $8,000
  • Up to 213% of salary for management positions; replacing a $100,000 employee can cost $200,000

And your most talented employees:

  • Are more likely to be recruited with more opportunities available to them
  • Are the most expensive to replace
  • May take top performers and/or customers with them

Managers account for 70% of the variance in  employee engagement & retention with:

  • 65% of employees leaving their boss – not their job
  • Because of poor managers, productive employees leave organizations even when satisfied with the pay & perks
  • The prism through which employees see their organization is their view of their manager
  • Managers are the best resource for improving retention & engagement

The most important thing a manager can do is build trust with his/her direct reports. Employees who trust their managers stay & give their best. And stay interviews build trust because they:

  • Re-recruit talent by understanding why employees stay or might leave
  • Make employees feel valued while improving engagement, productivity & retention
  • Reinforce good relationships between managers & employees, forge new ones & help repair those that are strained
  • Identify employees’ needs & how those needs can best be met creating better employee experiences
  • Prevent exit interviews.

AREA COVERED

The Objectives of Stay Interviews 
What Stay Interviews Are
What Stay Interviews Are Not
Steps in Initiating a Stay Interview Program 
Conducting Stay Interviews

  • Frequency & length
  • Techniques & skills
  • Core stay interview questions
  • Sample potential issues & related probes of employees
  • Closing a stay interview

Following Through on Your Stay Interviews

  • Components of a stay interview action plan
  • Stay interview cautions
  • The three-step process for retaining employees.

WHO WILL BENEFIT?

Anyone with leadership, management, or supervisory responsibility. 

The Objectives of Stay Interviews 
What Stay Interviews Are
What Stay Interviews Are Not
Steps in Initiating a Stay Interview Program 
Conducting Stay Interviews

  • Frequency & length
  • Techniques & skills
  • Core stay interview questions
  • Sample potential issues & related probes of employees
  • Closing a stay interview

Following Through on Your Stay Interviews

  • Components of a stay interview action plan
  • Stay interview cautions
  • The three-step process for retaining employees.

Anyone with leadership, management, or supervisory responsibility. 

Webinar Option
Transcript (PDF Transcript of the Training)
Downloadable Recorded Session
Training CD

Speaker Profile

ins_img Pete Tosh

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:Implementing Strategic HR Initiatives: Executive Search, Conducting HR Department Audits, Enhancing Recruiting, Interviewing & Selection Processes, Installing Performance Management Programs, Conducting Training Needs Assessments, Installing HR Metrics, etcMaximizing Leadership Effectiveness: Facilitating Team Building Initiatives, Designing and Facilitating 360 Performance Assessments, Executive Coaching, Measuring and Enhancing Employee Engagement and Performance, etcStrategic Planning: Facilitating Strategic Planning Events, Establishing Succession Plans, Installing Business Performance Metrics, etcEnhancing Customer Loyalty: Conducting Customer Satisfaction Surveys, Facilitating Customer Advisory Councils, Developing Standards of …

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