As the challenge to find talent becomes more difficult, it is critical that employers focus on retaining their existing workforce. One of the latest tools utilized to help employers determine why people remain with the organization is the Stay Interview. These interviews help managers identify the keys to retain high performing personnel and alert them to policies, processes or practices that may cause that same employee to leave the organization.
While the concept of Stay Interviews may be new to some, according to a recent survey of approximately 100 HR executives conducted by Challenger, Gray & Christmas, Inc., just over 27% currently conduct Stay Interviews and another 24.2% plan to begin utilizing them.
Ideally, managers should regularly interview their high performing employees and expand those interviews to other departmental employees as time permits.
PREPARING FOR THE INTERVIEW
As with a new hire interview, the Stay Interview should be scheduled and the manager should have a list of questions geared to providing the organization with the main reasons key employee remains with the company as well as identifying issues that may cause them to leave.
Training managers on how to conduct the interview and analyze the results is crucial to the success of the program. While it may not be too different from conducting a new hire interview, the information we’re trying to obtain and analyze is different and may require the manager to adjust their thought processes on what’s important to hear and notate.
Generally, the Stay Interview should only take between 15-20 minutes, depending on how many questions are asked.
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