You know about hiring and exit interviews as well as annual performance interviews, but stay interviews? If you don’t know what this is, or why it’s important, now is the time to get on board. Literally.
The University of Iowa’s Supervisor Training Program points to the explanation of Richard P. Finnegan. A stay interview guru and CEO of Finnegan Institute, he defines a stay interview as, “a structured discussion a leader conducts with an individual employee to learn specific actions the leader can take to strengthen the employee’s engagement and retention with the organization.”
Tip: “Stay interviews…will certainly improve engagement and retention in your company.”
According to Insperity, an HR solutions company, “The best stay interview questions help your most valuable employees understand:
Stay interviews improve turnover by one-fifth and more.
• You recognize and appreciate their loyalty.
• You care about more than just their performance.
• You’re open to making changes that would bring them more satisfaction.
And they help you discover:
• Warning signs that indicate a key player needs more support or direction.
• Ways to keep the employees in which you’ve invested the most time and resources.
• Low-cost changes that could reaffirm your employees’ commitment and engagement.”
Why does this matter? Finnegan answers that by explaining, “Stay interviews will not lead to perfect outcomes, but they will certainly improve engagement and retention in your company. And they will do this helping your leaders build more productive one-on-one relationships with their employees.”
They’ll also save you money. According to Finnegan, “Stay interviews improve turnover by 20% and more.” That’s a number that ought to bring a smile to the faces of everyone from managers and HR executives to finance and C-suite leaders.
Have you conducted stay interviews in your practice? If so, tell us about it and share in the conversation on Facebook here.
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