04 Aug Employee Retention & Turnover – Why focus on it?
People leave their job for many reasons, and a moderate level of employee turnover is healthy and normal within a company. However, once you start losing highly valued, experienced and formerly loyal employees, some red flags should be raised. The truth is, losing employees can harm your internal morale and external image, as well as your profits. Your employee turnover reduction strategy should focus upon:
- Clear job expectations
- Strong and fair policies
- Effective and honest performance reviews
- A venue for staff to voice concerns or dissatisfaction
- Managerial training, engagement and accountability
Meet the Stay Interview – Your New Partner in Turnover Reduction
The strategic points of employee retention sound great in theory, but how do you go about real-world, day-to-day implementation? The stay interview process is similar to commonly performed exit interviews, with the exception that they are performed periodically throughout a staff member's employment, and not right before they leave. Aspects of a stay interview system include:
- Determining points of employee satisfaction or contention
- Access to needed resources and training
- Satisfaction with management and policies
- Compensation and benefit evaluations
When regularly and consistently performed, this process can provide a baseline of valuable data concerning company issues and advantages.
Stay Interview Programs – An Actionable and Proven Method of Reducing Employee Turnover
Conducting stay interviews should be done in a consistent, structured and policy-compliant manner. Stay interview software provides the guidance and data collecting parameters needed to effectively integrate a turnover reduction strategy by:
- Providing a structured plan for each interview
- Creating individualized plans aimed at retaining employees
- Future reporting through historical data collection and analysis
- Creating an atmosphere of open communication and accountability within management and HR hierarchies
By making your employees active partners in their own engagement and satisfaction, you'll begin almost immediately to build unparalleled levels of commitment, morale and performance engagement. All things considered, stay interview systems may yield the biggest profit return of all software investments by keeping your valued employees at your company and out of the active hiring pool.
HRsoft – The Stay Interview Software Leader
HRsoft is a leading provider of stay interview and employee retention software for mid to large sized companies in North America. To learn more about our Stay Interview System, STAYview™, click the button below!
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