It's no secret that companies fight to get high-performing employees into the market. At the same time, it's surprising that organizations lose valuable employees due to reasons they can avoid. This emphasizes the need for a stay interview.
A stay interview is an underutilized tool that most companies need to retain their top talents. So, what is a stay interview? How does it work? And how does it benefit your company? Keep reading to learn more.
In this article, we’ll be covering the process for conducting a stay interview, allowing your team members to get the maximum benefit from this often overlooked process.
A stay interview is an interview between a manager and an employee meant to learn what motivates the employee to continue working in the company and what areas need improvement. It works as a reverse for exit interviews, especially when an organization risks losing its best employees.
Stay interviews are aimed at current employees rather than those that have decided to leave your organization. As a manager, you can use the results of the stay interview to improve your employee retention capacity. You can also identify issues that would help enhance vital departments in your organization.
A stay interview is a two-way conversation and a chance to ask questions and keep track of ideas. It should also help deal with your employees' happiness and concerns. You can also use it as a performance review, build trust, and improve your company culture.
You need to approach your stay interview carefully to achieve all these goals. Therefore, you should ask the right questions, commit to making positive changes and work towards implementing these changes.
Please note a stay interview can be ineffective if your company has poor employee engagement and lacks trust and open communication. If you're unsure about this, check on your staff turnover, total sales, and profitability to determine whether your organization is best suited to holding stay interviews.
The best way to handle a stay interview with a company not suited for this process is through an anonymous survey. This will help you gather information about your employees without knowing about their identity. You can then build a trustworthy and open environment by gradually implementing the ideas you've collected and possibly making it safe to hold one-on-one communication in the future.
Knowing when to hold your stay interview is ideal for its success. Contrary to popular opinion that these interviews work best before an employee leaves an organization, there are different times that you can hold a stay interview, including:
There are no clear-cut rules on how you should conduct a stay interview. However, there are specific factors you must consider to conduct your interview effectively. Here are a few effective meeting agendas you should consider in your stay interview:
If it's your first time conducting a stay interview, you don't have to conduct interviews with every employee. It would help to focus on high-performing, high-potential, and long-term employees.
It makes sense for managers to conduct stay interviews since they have stronger, more trusting working relationships with their employees than the human resource team. However, it's essential to take a short training session on how to handle the stay interview if you're not familiar with it.
Your questions should explore all aspects of the job, career, and role that would drive the employee to stay. Therefore, you must frame the questions around positive talking points that would bring a sense of understanding of what would make the employee remain in your organization.
At times, a stay interview can be dominated by a theme on staying. At this point, you need to ask questions that guarantee psychological safety. This is a situation where the employee feels that they are in a position to speak up, ask questions without fear, and offer ideas without the fear of being reprimanded.
Schedule at least thirty minutes to an hour for your stay interview. This time is enough to ask enough questions to help you capture relevant information from your employees.
You need to create an HR exit interview template that would help different interviewers ask the same questions to every employee to guarantee consistency with the answers you collect.
Eventually, you'll have to gather all the information collected during the stay interview for analysis. It's much easier to store these answers at a central location where it's easier for every manager to access them.
It would help to summarize your employees' recurring answers after the interview. This will avoid any misunderstanding.
Conducting numerous stay interviews with your team members detects recurring reasons your employees want to stay or leave. These issues are crucial since they will help you find ways to strengthen positive aspects and reduce the effects of negative factors.
Like any other purpose of a meeting, the goal of your stay interviews is finding ways to improve your employees' happiness and increase their commitment to your organization. Therefore, you need to take their feedback seriously and act on issues that require immediate attention while you find ways to implement long-term changes. This will significantly improve your employee's morale, especially when they realize that their opinions are valued.
Now you might be wondering what the stay interview questions look like. Here are 15 examples of stay interview questions, including a brief explanation of why it's helpful to ask them. These questions are divided into five categories depending on their aim for the company. These categories are as follows:
Please note you can mix and match these questions according to your needs. You should also note that some of these questions might not be relevant to your organization. These questions are as follows:
What motivates you to work every day?
You should expect a wide range of answers. For some, their motivation is working with their colleagues, while others are motivated by their handling projects.
Regardless of your answers, you should notice trends associated with their motivation. You should also work towards what motivates them to work for your company and build your brand around this.
What do you fear about every day you come to work?
The same goes with the previous question, but with a different expectation. Again, you should spot a trend and take the necessary action.
When did you last think of leaving the company? You need to identify why top performers in your company would think to leave your company, especially if they thought about this recently. This will help you capture any issues that may affect them and deal with them immediately.
What made you think of leaving our company?
This question helps you get employee-specific information. For some, they might think about leaving your organization since they don't find it challenging anymore. Others might think of leaving your organization since they don't earn enough or feel undervalued.
This will help you identify triggers that make your employees leave your organization and create employee satisfaction in their job.
Stay interviews can work better than determining your employee satisfaction. They offer an in-depth understanding of your organization and help you take actions that benefit it. In the long run, stay interviews would help you in the following ways:
Once your employees know that you care about them to seek and implement their ideas, you can promote trust and loyalty among yourselves. Employees would rarely leave an organization that they like working in.
One of the most significant differences between a stay and an exit interview is that it focuses on sharing ideas between work colleagues who want to achieve the same thing - an incredible experience for the company. This is different from an exit interview that mainly focuses on an organization's negative aspects without acknowledging positive aspects.
A stay interview can help you capture issues before they get too large. Companies can change policies, practices, and other related issues that aren't helping your company.
Apart from lowering employee turnover, a stay interview offers a chance to gather information to help retain key team members in your organization. Remember, valuable employees, want to feel engaged and happy about your company.
A company's culture is crucial for its growth. A stay interview grants an opportunity to gauge your company's culture through your employees' experiences. From this point, you can create an inclusive and dynamic culture to improve your overall performance.
Many organizations are at risk of losing their top talents seeking better working environments. Of course, this can significantly impact the growth of a company. A stay interview works as a suitable tool to gauge your employees and take action to keep them grounded in your company.
The success of a good stay interview depends on the questions that you choose how you gather information and implement them. Partnering with a service that offers stay interview templates can be suitable for the success of your interview. This guarantees a quick and detailed way to complete this process.
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Hiring or firing an employee is costly, so a company should know what they can do to retain their employees. One of the best ways to find out the answers is to conduct an exit interview.
Employee offboarding refers to the systematic and consistent way of managing the exit of an employee without affecting the normal running of an organization.
An employee can leave an organization for various reasons. Probably they have found another role that suits them better, or they are experiencing a hostile work environment. It's recommendable to understand why an employee chooses to work elsewhere.