Retention is always a challenge in any industry. However, retaining your key talents saves the time and resources spent on rehiring, onboarding, and training a candidate. In addition, engaging employees can prevent employees from leaving, and one of the most effective ways to understand and engage employees with your organization is to conduct meaningful and effective surveys. Surveys can help to track and measure employee engagement, and most Human Resource Management Software now offers to execute diverse employee surveys.
Interviews are conducted in different stages of the employee lifecycle. A popular example is hiring and onboarding interviews; also, there are exit interviews, HR interviews or manager interviews for performance reviews, etc. A new addition to the list is a stay interview that helps to understand employee loyalty, engagement, motivation, and chances of attrition for that employee.
What is a stay interview?
Stay interviews try to gauge employee experience regarding work, organization, and more. The goal is to comprehend the employee satisfaction level, identify the possibilities of employees leaving and encourage them to stay in the organization. It is an excellent way to retain talented and high-performing employees.
Reasons to conduct stay interviews
Stay interviews shows that organization values their employees. It depicts that they are not mere numbers but valued individuals in their organization, and management is interested in their professional development. It helps them understand the scope of career advancements and progress inside the organization, resumes their interest, and engages them successfully with their work and your organization. You can use Human Resource Management Software to record and analyze employee responses.
Proactive Responses to employee attrition
Most of the response to attrition is reactive and slow. Surveying workers who are leaving or forming a committee or group can identify why employees leave the organization. However, this cannot make them stay or at least give them a valid reason to remain in your organization. But stay interviews can serve both purposes as they can collect employee feedback on reasons for turnover and motivate employees to stay.
It shows dedication to your employees and allows them to express their opinions. Again, Human Resource Management Software can be an excellent tool to combine interview results with other interviews and surveys outcome and other insights to get a complete overview of employee engagement and attrition.
Retention of talented employees
Highly skilled workers or employees with rare skills and high performers are hard to replace. Stay interviews can be an effective approach to make your reliable staff stay longer. Stay interviews must be based on the past performance and potential of the employees, and they should be flexible to accommodate individual employee needs. Many organizations provide learning options with LMS or holistic Human Resource Management Software for employee growth.
Reduce the costs of rehiring, onboarding, and retraining employees.
Higher retention reduces the open positions and needs to fill those positions. Moreover, new employees must be onboard, trained and need some to acclimatize and to be productive. All these can be avoided if the existing individual decides to continue with your organization. Also, the time and effort of recruiters, hiring managers, trainers, and others will be saved and can be spent on more productive activities.
It is more than simply taking over the taking in responsibilities and retaining track of tax information. There are many abidance and regulations governing hiring, employment, taxes, and even data security, which are some technical aspects of the HR department.
It is always suggested to choose a tailor-made solution as per the industry for the organization.
Conclusion
Stay interviews are an instrument to understand employees and uncover new possibilities. It can offer practical insights into employee engagement, reasons for dissatisfaction or conflicts, and the potential for employee turnover. But the most incredible part is that it does not stop here but can help retain them. Predicting employee turnover stay interviews can dig up some very important and interesting insights.
Use HR tools or industry-specific solutions like contact center quality assurance software to collect and analyze survey and interview data. Combining with other surveys and data from the company and outside systems can explain the attrition dynamics better, spot the employees at risk of turnover, and help develop better strategies to prevent it.
