5 Reasons Your Organization Needs to Conduct Stay Interviews
The entire purpose of conducting stay interviews is to see what changes can be made in your organization to improve employee engagement and retention. How do stay interviews help achieve this goal? Let’s take a quick look at the top four reasons stay interviews serve as a viable solution for improving retention and engagement.
Decrease Turnover Expenses
Studies show when stay interviews are conducted, employee retention can be increased by as much as 70% within the first six months. Not only does increased retention benefit a company from a monetary point of view, but it also brings about a plethora of alternative advantages, such as improved customer service, enhanced customer satisfaction levels, and magnified productivity levels.
Boost Engagement Levels
Gallup data proves the true value of supervisor-employee relationships. When these relationships are healthy and there is a high level of trust between workers and their supervisors, retention and engagement tend to soar through the roof. And while many leaders are misguided in thinking there is a one-size-fits-all solution to improving employee retention and engagement, stay interviews highlight the true advantage of assessing workers on an individual basis to determine what actions need to be implemented to improve their retention and engagement levels.
Lower New-hire Turnover Rates
Employees want to know they are cared about and that their opinions truly to matter. With stay interviews, leaders can easily convey just how important each employee is to the entire organization. When new employees are hired, it is best to conduct a stay interview within the first 30 days; this helps send the message that the employee is valued, and the company is willing to take any actions necessary to keep him or her on board. Another interview should be conducted within the next 30 days from the first interview; this is the time period in which the highest number of new hires tend to leave a company. Conducting another stay interview reinforces the concept that the employee is valued.
Improve Communication with High-Performers
Often, the employees who put forth the most work get overlooked. It’s the non-productive workers that are constantly in conversations with leaders and supervisors. When stay interviews are conducted, though, leaders are put in direct communication with all of their employees, inducing the high performing ones. Furthermore, stay interviews allow leaders to learn from their high-performers and even take in feedback from these employees to see which actions need to be taken to increase productivity within the entire department.