Talent Circles

Tuesday, April 2, 2013

The Benefit of Stay Interviews

 

By Jessica Miller-Merrell

Sometimes in the world of HR and recruiting we get bogged down in the process making things harder than they actually should be. Most Human Resources departments use the exit interviews to get the departing opinions of their experiences with the company, but why bother? Why not focus on what matters: Stay Interviews.

Stay interviews are designed to engage and work with the employee before they become an active job seeker outside your organization. At the 63rd Annual SHRM Conference, Richard Finnegan spoke on the importance of stay interviews. He stated that conducting stay interviews isn’t for the faint at heart. His reasoning behind this statement was that stay interviews allow HR to uncover employee and retention issues that might be hidden.

Stay Interviews are one of the hardest obstacles for a manager to overcome. Although simple in nature, they require a management staff that is fluent in the art of following up with their employees. Engagement and retention programs are only as strong as the leaders within your organization. The looming fear of an employee giving them the ultimatum of a pay raise vs. leaving the company is unfounded. No matter the situation a manager must be willing to field the hard questions. The limitations of each company can only bend so far. If there’s no money in the budget, the employee leaves. According to an interview conducted by Monster.com, they stated that few stay interviews come in with pay being the thing that makes them want to stay or leave.

The benefits of a stay interview are numerous. Not only do they give the employer a chance to fix a problem that a employee might be experiencing, but even in the event of an employee leaving, they gain valuable insights into the problems that might exist. On average one standard deviation improvement in engagement increases revenue $4,675 per year. This means that if one process can be fixed due to an employee leaving, that departure won’t be in total vain. Information gained in stay interviews are usually very real and truth telling. Most employees who are leaving a company are willing to speak out more because repercussions are very limited.

If stay interviews help fix and improve just one process per year, in the long run, it’s worth it. Most companies are afraid to invest in stay interviews because they’ve seen the long list of data and information out there surrounding other types of strategies to fix their company from within. In order to boost your bottom line and increase employee retention it’s important to invest in new strategies and techniques that encourage growth. If exit interviews and engagement surveys aren’t moving the needle on your organization’s employee attrition numbers, what do you have to lose?

Does your company participate in stay interviews? Why or why not?

Jessica Miller-Merrell, SPHR is a workplace and technology strategist specializing in social media. She’s an author who writes at Blogging4Jobs. You can follow her on Twitter @blogging4jobs


Photo Credit.

1 comment:

  1. The actual 4 varying types of actions inside the rolex replica keychain wallet wrist watches accept the important thing arranged motion, the actual originate arranged motion form lever arranged motion and then the pin number arranged motion. The actual fashionable keychain wallet wrist watches utilizes the most recent methods in order to design the actual wallet wrist watches. These types of u-boat replica times, numerous numerous types of keychain wallet wrist watches is actually accessible. Consequently you can select the very best view among this. The actual keychain wallet wrist watches is actually put on through the people due to it's spectacular appear. The actual keychain wallet wrist watches is actually better-off to become utilized when compared with any kind of normal watch. This includes a sequence that is associated with this completely. The actual keychain wallet hublot replica wrist watches is going to be merely held or possibly attached inside the wallet as soon as locking this using the switch. The person may also connect this the actual belt cycle or even lapel, connect this in order to something that is actually encouraging. This could maintain this safe and sound. An additional option would be to attach the actual panerai replica keychain wallet wrist watches having a short nevertheless durable leather-based string straps. This can help to prevent the problem associated with having a lengthy string. Once the mobile phone wrist watches telephone M810 Cellular, you are able to browse the web, similar to the smartphone, the industry function which i wasn't anticipating a lot, however it increased upon me personally mere seconds.

    ReplyDelete