What are stay interviews and how can they improve employee retention?
When it comes to employee retention and turnover, there are a number of tools businesses can use that might encourage employees to stay in their roles.
One of these tools is the stay interview which can help you as an employer to understand the needs and concerns of your workers which might improve your employee retention rate.
But what exactly is a stay interview? And what makes them an effective tool when it comes to employee retention?
What is a stay interview?
Essentially, a stay interview is a conversation between you and your employee where “the purpose being to learn what keeps that employee working for the organization, as well as any aspects that need improvement or change.”
In the post-pandemic climate where fears of a Great Resignation and a purported rise in Quiet Quitting dominate discussions, stay interviews can be incredibly helpful tools in allowing you to understand what your workers want and need – and how you can ensure you are more likely to retain top talent.
So why exactly are stay interviews so beneficial?
Why are they effective?
Stay interviews are valuable as they can provide key insight into what is going right and what is going wrong in your workplace.
This type of information is incredibly useful because it helps you in retaining a particular worker. It also assists in identifying any broader challenges or concerns that may impact or influence the decisions of all workers.
Recent research has found that amongst employees who had resigned, 52 percent that their employer “could have done something to prevent them from leaving their job.”
These types of conversations also signal to employees that you genuinely value them and are open to addressing their concerns. This will build trust and loyalty; thus encouraging employee retention.
The insights gained from stay interviews:
- provides useful information on employee wellbeing, engagement, satisfaction and your workplace culture more broadly;
- enables addressing potential problems effectively; and
- assists in building a culture which is more conducive to keeping (and attracting) the right people.
Conducting a stay interview: do’s and don’ts
So how exactly should employer’s approach a stay interview?
Do schedule a stay interview ahead of time (don’t pounce it on an employee), and be clear about what the meeting aims to address.
Do ensure that you invite employees to openly share what they feel is going well and what they feel needs improvement.
Do try to create an open and relaxed dialogue where employees feel they can share their views without a negative response or repercussions.
Don’t turn a stay interview into a performance review. These discussions should focus on the perspectives and feedback of the employee.
Don’t conduct a group stay interview. Make this personal and let the employee know that their opinions and feedback are valued. Group settings may hinder open discussions and limit the feedback you receive.
Don’t promise an employee that their specific feedback or suggestions will definitely be implemented. While you will certainly want to take on board any feedback in a meaningful way, making promises that may not be kept will do more harm than good.
Akyra’s key takeaways
- Stay interviews are discussions between an employer and an employee where feedback is sought to see what is going right and what is going wrong from the employee’s perspective
- Stay interviews should be open, friendly conversations where employee’s feel they can provide honest feedback to their employer – without negative reactions or repercussions
- By conducting regular stay interviews, employers can identify (and address) potential problems in the workplace, enhance their culture and improve employee retention rates
NEED MORE INFORMATION?
Akyra can help your business to assist and support all your questions and concerns related to stay interviews and employee retention. Please contact Akyra on 07 3204 8830 or book a free 30-minute consultation for an obligation-free conversation.
Disclaimer – Reliance on Content
The material distributed is general information only. The information supplied is not intended to be legal or other professional advice, nor should it be relied upon as such. You should seek legal or professional advice in relation to your specific situation.
