Using Stay Interviews To Improve Employee Retention & Engagement

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.