Is it Time to Conduct a Stay Interview?
There is an expectation that the “Great Resignation” is coming – so this blog may be timelier that you think.
“Good morning! Do you have a minute?” That’s a phrase many managers and HR representatives dread hearing at the start of their day. Why? The answer is simple: It’s usually a tell-tale sign that an employee is about to give their notice. Within the next two weeks, management and HR will be conducting a series of interviews for a new hire - and one last interview for the resigned employee: The exit interview.
Many businesses focus their attention on exit interviews and for good reason. It’s important to understand the reasons why employees choose to leave. While this is useful information that can inform company culture and policy moving forward, it’s also the essence of the phrase “hindsight is 20/20”. Instead of analyzing and evaluating the past to help the company successfully move forward, businesses should focus on the here and now. That’s where stay interviews can help.
The Importance of Stay Interviews
While exit interviews are extremely common with most HR policies and procedures, stay interviews are less so, which is unfortunate. Stay interviews can help an organization gain valuable insight from its employees by giving them the opportunity to:
speak confidentially and truthfully about their reasons for continuing to work with the company,
what they enjoy most about being a part of the team, and
share, without fear of repercussions, any concerns they may have about the company’s culture and policies.
By giving employees a platform to speak openly and honestly, they feel more valued which in turn helps them build trust within the company. Stay interviews are beneficial for organizations as they give them the opportunity to identify problems and begin the process to improve these issues before they result in higher turnover rates or disciplinary action.
When To Conduct Stay Interviews
“When should we conduct stay interviews?” For most businesses the answer is “As soon as you can!” - especially if the business has never executed this practice before. Just because it’s all quiet on the work front doesn’t mean everything is great. It could be the calm before the storm. Quiet times may provide the perfect opportunity for businesses to identify any impending issues and resolve them before they become long-term problems.
Another great opportunity to conduct a stay interview is several months after a policy change or new policy implementation. For example, businesses that switched to temporary remote work arrangements due to recent events may wish to conduct a stay interview to learn more about the employees’ experiences. What did they like about remote working? What was problematic about it? Would a hybrid arrangement work better? The answers to these questions may help businesses make positive changes to its culture and policies.
Stay Interview Missteps to Avoid
There are periods of time when it’s unwise to conduct stay interviews. Case in point: if an organization is experiencing high turnover and is fully engaged in exit interviews, then conducting stay interviews would be futile. If employees are resigning in large numbers, then the company needs to address the issues that caused these departures before they can expect the remaining employees to trust management.
Businesses should also avoid blending performance reviews and stay interviews. Although the idea of performing these two tasks at the same time seems efficient and practical, they are two different practices, and they should remain as such. Employer trust will shatter if employees feel that their pay increases or other benefits are tied to their view of the company and not their actual performance.
While conducting stay interviews with your current employees, you may also be ready to expand your team. The experts at Elite Personnel are ready to help! Contact us today to develop a hiring plan and bring the right candidates in the door.