If you are attempting to improve your retention rates or specifically want to keep an employee from leaving your organization, stay interviews can be a useful tool. Employers can use these meetings to determine what actions they should take to better the situation. Here is how stay interviews can help improve employee retention and keep top talent at your company.
What is a Stay Interview?
Stay interviews, or pre-exit interviews, are meetings with employees who are at risk of leaving the company. This means the employer has otherwise figured out that one of their key players on the team is losing interest in their job.
During a stay interview, employers typically dive into why the person is looking to leave. They also talk about what aspects of the job they enjoy and what can be improved. In some cases, the employee may be looking for a raise or better benefits, which the employer may be able to remedy (or not). The interview may reveal some other personal reasons for leaving that, in some cases, can be mended by the employer as well.
Benefits of a Stay Interview
Obviously, stay interviews have their perks. They can help employers focus on things that need to be improved from an employee standpoint. Here are some of the specific benefits to consider.
- They can help improve retention rates. When you perform a stay interview, it will give you ideas on how to retain the employee you talk to. After the discussion, you can take whatever action is needed to improve their work experience.
- Your employee will feel their input is valued. Scheduling a stay interview will help employees feel valued when they might not have been feeling that way before. When you take their feedback and make changes, they will see the company values their input. This improves morale all around.
- Stay interviews can help reduce costs to your company. Recruiting costs can get pricey, especially if you are replacing one of your top employees. Performing a stay interview can help you avoid those costs altogether. Even if your employee is looking for a raise or benefits, it is likely to be less expensive than a new hire.
- They can improve your brand image in the industry. When you perform a stay interview, it can improve your employee’s vision of the company. In turn, they will likely relay their experience to colleagues in the industry. This can help improve your image.
- It gives the employer insight into employee needs. While surveys can give you a “big picture” view of what your employees are looking for, a stay interview will give you insight into a specific employee’s needs. If they are a key part of your team and some of your top talents, the time it takes to meet with them and make changes to meet those needs is well worth it.
Learn How We Can Help with Your Hiring Needs
Beyond stay interviews, employers can do a number of things to ensure they have top talent on their team. Consider working with recruiters from Top Notch Personnel to help you establish a well-rounded staff for your organization.