Employee Retention + Influence of Stay Interviews
In 2018, the average voluntary employee turnover rate was 15%. The leading causes of employee turnover included a more competitive job opportunity (81%), personal/family (62%), relocation (41%), more competitive compensation (39%), and career change (29%) (Mercer). Between recruiting and staffing new employees to fill the now-open positions and evaluating the causes and developing effective preventative solutions for employee turnover, employers may find themselves at a loss.
One great way to retain employees is conducting stay interviews. Much like an annual performance review or even an initial interview, a stay interview explores improvements to be made and an opportunity to work through employee obstacles or hardships to increase employee retention. They explore the following employee questions:
- What makes you want to work for our organization?
- What makes you not want to work for our organization?
- What would make our organization more attractive to employees?
While stay interviews may be uncomfortable for all individuals involved and might not prevent all employees from leaving, it also provides insight into employee motivations and ways to address any issues that influenced his or her decision to leave. In conducting such an interview, it is critical that the interviewer remains calm, neutral, and ensures the employee knows it is simply to understand issues they may have and not be punished.
Here are some sample questions you may ask during the interview:
- What is your favorite part of the workday?
- How would you rate your happiness with your position on a scale of 1 to 10? (Be sure to define the scale).
- What are some tasks that make your work life difficult?
- What part(s) of your position would you change?
- What are some influences that would sway you to leave the organization?
- How would you like to receive recognition for your work?
Once the stay interviews are completed, interviewers should compile the feedback and discuss a strategy to address the issues at hand. Immediate action is key to showcasing your intent to incorporate the feedback received and allow your employees to feel heard. If any action or changes cannot be made, it is important to communicate that to employees, as well as try to offer alternative solutions to ensure employees know their feedback was thoroughly deliberated.
Stay interviews are great methods for integrating employee feedback, improving employee retention, and overall adapting your business to changing perspectives of workflow and workplace dynamics. If you need HR management assistance, QBS is your leading PEO provider. We provide compensation services, employee benefits, and employee policy development. Our HR management team is equipped with HR specialists, tools, and resources to ensure you find a solution that best suits your business needs. Contact QBS today to discuss our full-service HR solutions.