16 Feb Boosting Retention of Employees: The Stay Interview Secret
With consumer buying patterns changing rapidly, newer skill-sets which were not at the top of the priorities list before are holding the talent market ransom. Combine this with the fact that ‘value’ driven employees are leaving in record numbers and you get a super competitive marketplace where productivity and domain expertise are rewarded with salary hikes when their talent leaves.
The retention of employees is a major cause of concern for industries. All businesses large or small are equally affected by turnover. And the worst part of the entire scenario is that companies tend to zero in on inadequate compensation as the only reason for employee turnover.
Compensation is important. But job satisfaction, a sense of trust and bonding with the line manager and the belief that a position can lead to better opportunities down the line are even more beneficial. This is the reason why stay interviews are so effective at boosting the retention of employees. They are solutions that target turnover before it happens.
What is a Stay Interview?
Stay interviews are candid, one-on-one conversations between line managers and their employees. They allow the managers to ask probing questions which draw out a worker’s biggest dissatisfactions with their experience at the organization. Since there is no sense of judgment in these interviews, likability and trust improve between the manager and each member of the team.
Stay interviews lead to the creation of personalized stay plans which involve the identification of concrete actions that can be taken right away. This gives employees the satisfaction of knowing that the company genuinely cares about their loyalty and performance. They push managers to be more accountable as they are responsible for their predicted turnover compared to the actual turnover rate.
It is no secret that poor line managers drive voluntary quits. Stay interviews are proactive instruments in providing conditions conducive to staying.
HRsoft is a leading provider of strategic talent management software that improves manager effectiveness and business results. Our full suite of cloud-based HR software solutions includes applicant tracking software, compensation planning software, total rewards software, stay interview software, performance management software, and content management software. To learn more about our Stay Interview Software, STAYview, click the button below!