22 Jun 3 Ways the Stay Interview Is More Than Just A Retention Tool
Retaining top talent is an infallible strategy for reducing turnover costs and helping your business succeed. While many companies are implementing the stay interview method to assist them in achieving their retention goals, it turns out that this effective business practice, especially when supported by tools such as stay interview software, can do much more than that.
Here are some of the things that regular stay interviews can do to improve your business:
- Build Stronger Career Paths
Anthill Magazine says that developing a clear career path is a great practice for keeping your employees motivated and productive. When managers meet with their associates during one-on-one stay interview sessions, they help uncover where it is that employees want to go in the company so that they can develop stay plans to help support those goals.
- Identify Problem Areas
Managers should ask at least one stay interview question that prompts the employee to identify any areas of concern he or she might have. One Employer Solutions blog recommends asking the associate to identify any issues that may cause him/her to leave. Not only is this useful for identifying any issues that may be making the employee unhappy, but it’s also helpful for management, as these problem areas could also be hindering progress on a larger scale.
- Create Trust for Better Performance
When managers meet with employees for a stay interview, they’re showing an interest in their people’s satisfaction at work. They further prove that employee satisfaction is a priority when they act upon the employee’s stay plan to improve the work experience. As such, the employee develops a deep sense of trust for his or her manager. This is critical, because while Fortune indicates that employees perform better when they trust their managers, Entrepreneur reports that nearly 60% of associates feel their companies lack trust.
Thus, not only is the stay interview the best strategy for improving retention, it can also have a far-reaching impact on many other key aspects of your workplace.
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!