02 Dec The Stay Interview System: How & Why It Works
Effective talent retention has been a major issue for the past few decades. Everything from surveys to employee appreciation programs to exit interviews have been tried to reduce the high turnover rates experienced by every industry.
According to extensive research conducted by C-Suite Analytics, over 1 billion dollars is spent by US companies on engagement endeavours. Despite that almost 20% of the workforce is actively disengaged on a consistent basis. Obviously, there is a gap between what workers expect and what decision makers believe they want to give their best to the organization.
Why Aren’t Exit Interviews Effective?
Exit interviews are attempts made by the HR to glean as much insights and information as possible into why employees choose to leave a company. The reasoning behind this is to form a good idea of ‘what is going wrong’ with the business processes and the overall pay, compensation and work ethics of the enterprise so that matters can be remedied and retention boosted down the line. However there are two flaws here:
- Exit interviews happen at a time when an employee has made up his mind to quit and isn’t really in the mood to be persuaded. Exit interviews thus do absolutely nothing to reduce ongoing turnover. The whole focus is on the improvement of retention in future.
- Exit interviews happen with employees who have already ‘moved on’ to better prospects. They are not motivated to cooperate with the conductors of the Exit interviews and answer probing questions to help make matters better for their career. Why should they? When their association with the company has ended. Data from Exit interviews rarely ever reveal the real reason behind employee turnover.
A Turnover Solution: The Stay Interview
Stay interviews on the other hand take place periodically over the lifetime of an employee to quickly discover what meaningful actions may be taken to ensure their retention in the present. They are short, concise and structured in a way that elicits the most helpful revelations from the company talent. And best of all they are conducted by line managers. Stay Interviews do the following:
- Lay the foundation of trust between employees and their direct supervisors, the lack of which is the number one reason behind turnover.
- They give supervisors the ability to act as the solution provider and create comprehensive Stay Plans to work with individual employees to move forward their career goals and improve satisfaction.
- Yield actionable data that can be leveraged right away to ensure that company talent doesn’t feel neglected or frustrated in its present role.
A Stay Interview System builds accountability between employees and managers in order to improve retention goals.
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.