As a result of COVID-19, many employees are being laid off. However, many more are taking this opportunity to pursue other ventures and passions. Employers are desperately trying to stem the flood of their employees during these unprecedented times, and struggling with how to do so.
According to the Society for Human Resource Management (SHRM,) there is no better technique than the stay interview.
We have all heard of traditional, technical, panel, and exit interviews, but stay interviews are becoming increasingly popular with companies who are attempting to keep their (mostly) millennial employees content. The basic principle of the stay interview asks why your staff members STAY working for your company and provides insight into what your company can do to make or keep them satisfied.
What makes stay interviews so critical is they shed light on what/how managers motivate and retain specific employees, and solutions are tailored to individuals rather than the masses.
SHRM suggests starting the stay interview with, “I would like to talk with you about the reasons you stay with [Company Name], so I understand what I might be able to do to make this a great place to work for you.” Additionally, these interviews should, at max, should be kept to fifteen minutes. Mainly, you want to express that you value their contribution to the organization and understand why they are happy, content, or unhappy.
Data from the U.S. Bureau of Labor Statistics supports that there is a definite trend in employees leaving for greener pastures. Don’t let your company fall victim to these unprecedented times too. Contact Legacy Elevated today to learn the secrets of implementing the stay interview into your managers’ toolbox and enjoy happy, more productive employees tomorrow.