One study says we are spending $1.5 billion each year to fix engagement, while the results would say we are flushing those dollars instead. These are not new problems, but they are screaming for new solutions. The time is right, then, for Stay Interviews.
All games…board games, video games baseball games…are built on foundations of rules, methods, and winners and losers. Let’s build a game regarding “The Great Resignation”.
A CFO participated in a turnover cost study, and we determined one engineer cost his company $121,450 – and how that fit in with other expenses. The next day that CFO said he couldn’t sleep, that he went in early to extrapolate numbers and determined turnover was their second biggest cost. A game changer.
In preparation for Dick Finnegan’s #SHRM22 mega-session: Case Studies: Cutting Turnover 20% and More During "The Great Resignation” we are reposting our blog that contains several real-world examples of clients cutting turnover that will be shared with updated data and additional examples from the stage.
There is a perpetual perceived link between turnover and pay, especially in the eyes of first-line supervisors who see employees walk out the door and can’t imagine it’s because of themselves. Pay becomes a target in part because it is tangible…and always controversial.
Wow. Retention problem plus a very creative and spot-on solution. Imagine how much that employee’s trust for her manager will increase when the manager returns to the employee and says, “Remember when you mentioned your concerns regarding product development? Well, I have an idea and want to see what you think about it.”
Most reporting on the causes of The Great Resignation miss the mark because the bigger story is about demographics. Two numbers we track month-to-month, how many workers are voluntarily quitting and how many jobs are open, is the hard data that tells us about the actual number of available workers.
Believing hiring a Chief Happiness Officer will improve turnover, or relying on any of the other seven most-used programs noted here, ignores the science that says the #1 reason employees stay or leave is how much they trust their supervisor.
Learning is alive, it’s current, it’s fresh and stimulates the mind to want to learn more. First-line supervisors are using Question 2 of the Stay Interview 5 as a practical approach to discovering what each employee wants to learn instead of jumping straight to a career development plan.
A recent SHRM report tells us about the rising level of worker mistrust that is leading to less-than-honest responses on engagement surveys. So why are Stay Interviews more trusted? Because Stay Interviews are delivered by humans…and those humans are trained to listen, probe, note, and are held accountable for results.