What Is a Stay Interview?
Simply put, a stay interview is an interview between a manager and a valued employee within the organization. The goal of a stay interview is to learn what makes your employees want to continue to work for you and also discover what could be improved.[i] Often by conducting stay interviews, patterns in these answers begin to develop allowing for great improvement within the organization.
Based on research by the US Bureau of Labor Statistics data, three million employees have voluntarily left their job every month for the past year. Additionally, studies show that it costs an average of $4,000 to hire a new employee and the cost of replacing a highly-trained employee can cost nearly double their annual salary.[ii] Attracting, hiring, and retaining top talent is becoming an increasingly prevalent challenge for most organizations. Understanding what draws employees to your organization, but also why they leave are crucial elements to the overall growth of your organization.
Often when we think of drawing in new talent we think of interviews. What many organizations neglect to realize is that the interview process should continue throughout an employee’s entire career within the organization. A simple step to better retaining and engaging your employees, is through stay interviews.
The Advantages of Stay Interviews[iii]
Stay Interviews Bring Positive Change – What sets stay interviews apart from other discussions such as exit interviews, is that it typically brings about positive change. When problems are identified in a stay interview, both the employee and leader determine actionable items for moving forward. This ensures that improvements are constantly being made by both employees and employers.
Improves Employee Engagement – One of the more obvious benefits of stay interviews is their impact on employee engagement. There is no better source of information than those directly involved in your organization. By gathering this information while your employees are still with the company you are able to improve the experience for both current and future employees.
Personalization – Stay interviews are personalized. Unlike other employee engagement tactics that target large groups of employees at one time, stay interviews create a personalized experience for each employee.
Top 5 Questions to Ask During a Stay Interview[iv]
According to Knowledge Anywhere, there are five questions you must ask to get the most out of a stay interview:
- What is most satisfying or what do you like best about your position?
- How do you feel you are contributing to the success of the organization?
- If anything, what would you change about your position, the organization, and the culture?
- What is one change you would have made to your onboarding process?
- Do you feel you have the tools, resources, and working conditions to be successful in your position? If not, how could this be improved?