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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
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.
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