10 May Are You Asking Your Employees this Critical Stay Interview Question?
Today, turnover is costing businesses a significant amount of money, and the prospects for the future of employee retention aren’t so bright, either. Millennials (who will make up roughly half of the workplace within four years) typically stay with a company for an average of just two years, according to Huffington Post.
While these higher turnover rates may simply be a reflection of the changing business landscape, that doesn’t mean that there’s nothing that can be done to improve employee retention. In fact, you can drive retention for employees of all ages (not just Millennials), but the trick is taking action before it’s too late.
The Alternative to Exit Interviews
One highly effective employee retention solution is the stay interview. Unlike an exit interview, in which the employee has already decided to leave the company, the stay interview provides the opportunity for the employee to tell their managers what would make their jobs better while they’re still working for you, according to U.S. News.
The Right Question to Ask
If your company hasn’t already been performing stay interviews, you may want to familiarize your managers with some best practices and provide them with a stay interview template. Interviews should be informal and brief, but most importantly, they should address this one critical subject:
“What would cause you to leave the company?”
While there are many other questions you can (and should) include in the stay interview, this stay interview question gets right to the heart of the matter. It identifies any potential risk areas that might cause your employee to consider leaving.
Putting It In Action
The stay interview question listed above is so powerful because it shows employers what they can do to improve, which can significantly reduce retention, according to Recruiter.com. In order to use this employee retention tool most effectively, employees and managers should be encouraged to take action based on the insights discussed in the meeting. For this to happen, a stay plan must be created. In the plan, managers and employees will compile a list of action items to complete, and they can also develop a schedule to check in and ensure that progress is being made.
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!