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Improving Employee Retention & Engagement Through Stay Interviews
The Objective of a Stay Interview
- Making employees feel valued & improving engagement, productivity & retention
- Reinforcing good relationships, forging new ones & helping repair those that are strained
- Re-recruiting talent, causing employees to feel valued & enhancing the relationship between an employee & his/her manager
What Stay Interviews Are
- Employee/supervisor meetings to uncover what is important to each employee
- Means of learning why employees stay, might leave & what their supervisor can do to improve their work experience
Why Stay Interviews Are Not
- Performance appraisals
- Conducted only when problems arise
- Personal development
- Causal, random discussions
Initiating a Stay Interview Program
- Who should conduct the interviews & why
- Training managers & leaders
- Setting retention goals
Scheduling & Conducting Stay Interviews
- Frequency & length of each interview
- Preparing for an interview
- The most effective stay interview questions
- How to probe for candid responses
- Handling employee responses for which you don’t have an immediate answer
Following Through on Your Stay Interviews
- Creating & documenting action plans
- Sharing accountability for the follow through
- Following up on the action plans
- Forecasting future turnover
Overview of the webinar
Stay interviews are an important means of re-recruiting your workforce – because what attracted your employees is often different from what will keep them. Stay interviews tend to improve engagement and productivity - as well as retention. In this webinar, you will learn how to prepare for, conduct & follow through on stay interviews.
It is easy to make the business case for retaining your organization’s talent because turnover is both rampant & expensive
And to make matters worse – the most talented employees:
- Have more opportunities available to them
- Are the most expensive to replace
- Are the quickest to leave if they are unengaged
- May take top performers with them
- May take customers with them
Stay Interviews have become a very popular and effective means of reducing turnover with supervisors meeting individually with their direct reports to learn why they are staying or might leave - and what the supervisor can do to improve each employee's work experience. To know how to encourage employees to stay, we have to ask – only they know. Exit Interviews are too late.
Who should attend?
Any Leader, Manager or Supervisor [HR, Production, Accounting, Sales, IT, etc.] – who wants to increase employee engagement and/or retention
Why should you attend?
Turnover today is rampant because employees can be choosy with:
- The lowest unemployment rate in years
- For the first time ever in the U.S., there are more job openings than eligible candidates
- Over half of U.S. employees say it is ‘somewhat likely’ or ‘very ikely’ they can find a job as good as the one they have
- 50% of employees & 60% of millennials considering new employment opportunities
- The average tenure for employees in their 20’s being less than 18 months
And turnover is expensive with the cost of replacing a:
- $10-hour employee over $3,000
- $30-50,000 job over $8,000
- Replacing a $100,000, often over $200,000
However, engaged employees, when compared to unengaged employees, have:
- 65% less turnover in low-turnover organizations
- And 25% lower turnover in high-turnover organizations
Faculty - Mr.Pete Tosh
Pete Tosh is the Founder of The Focus Group, a management consulting and training firm that assists organizations in sustaining profitable growth through four core disciplines:
- Maximizing Leadership Effectiveness
- Implementing Strategic HR Initiatives
- Strategic Planning
- Enhancing Customer Loyalty
The Focus Group has provided these consulting & training services to manufacturing & service organizations across the U.S., Canada, Europe & the Middle East. Prior to founding The Focus Group 25 years ago, Pete had 15 years of corporate leadership experience including serving as the V.P. of Human Resources & Quality
Pete frequently facilitates a variety of leadership development programs. Employees from over 3,500 organizations have benefited from Pete’s experience and perspective. Pete is also co-author of Leading Your Organization to the Next Level: The Core Disciplines of Sustained Profitable Growth.
Credits
HR (General) recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org
ComplianceIQ is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for [1] PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.