Overview:
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
Why you should 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 saying 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 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
Areas Covered in the Session:
- 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
Who Will Benefit:
- Any Leader
- Manager or Supervisor [HR, Production, Accounting, Sales, IT, etc.] - who wants to increase employee engagement and/or retention