Improving Employee Retention & Engagement Through Stay Interviews

Recorded Webinar | Pete Tosh | From: Sep 12, 2023 - To: Dec 31, 2023

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Recording     $249
Digital Download     $299
Transcript (PDF)     $249

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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

Areas Covered:-

The Objectives 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

Key Points:-

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.

Why Should You Attend:-

Turnover today is rampant because employees can be choosy with:

  • The lowest unemployment rate in 48 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 likely 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 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
  • 25% lower turnover in high-turnover organizations

Who Will Benefit:-

Any Leader, Manager, or Supervisor [HR, Production, Accounting, Sales, IT, etc.]– who wants to increase employee engagement and/or retention.