Stay Interviews are both more effective and more efficient than other retention initiatives because they actually lead to improved engagement and improved retention. Here are seven reasons why:
Reason #1: Managers conduct them and not HR…and we know now that leaders on all levels drive engagement and retention with their direct reports.
Reason #2: Managers then provide solutions that are individualized, one-on-one, rather than program solutions that are one-size-fits-all but don’t fix anything.
Reason #3: Managers learn to ask the right questions and then probe deeply for the absolutely most important issues for each employee…rather than have superficial “How’s it goin’?” hallway conversations.
Reason #4: Aggregated data leads to company-wide fixes for work/life balance and other white-hot issues…and is fresher and more reliable than any engagement survey results.
Reason #5: Never again will an employee’s exit cause you to say, “Had we only known this, we could have fixed it”.
Reason #6: Stay Interviews are targeted to both continuing and newly-hired employees…and data tells us that fixing engagement and retention issues early leads to longer engagement and retention overall.
Reason #7: Engagement and retention solutions happen from the bottom up rather than tops-down or from HR on the side…and most if not all of the engagement and retention action happens with each employee’s relationship with his supervisor, peers, and duties; this is where the engagement and retention action happens!
And here’s a bonus reason, #8: Stay Interviews will teach your supervisors to build trust…or teach you and your executives that they can’t build trust.
One other way to apply Stay Interviews is to supplement your engagement survey process. Since surveys bring data but no solutions, ask your supervisors on all levels to conduct Stay Interviews as part of their survey action plans. Then they can dig deeper into survey results and develop solutions that address the needs of the group and also for each individual employee.