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What Are Stay Interviews & How Important are They?

Learn How Stay Interviews Can Transform Your Internal Talent Pipeline

Many managers have not necessarily heard of “stay interviews.” Alternatively, they are referred to as pre-exit interviews. In any case, these interviews occur when there is a hint at someone leaving the company. But how important are they, and can a stay interview help you retain top talent?

What Are Stay Interviews?

Exit interviews have been used for quite some time, but asking why the employee is leaving the company is rarely a useful piece of information. If there is any hint to an employee leaving, conducting a stay interview can greatly help your chances of gaining information for retention as well as improve your relationship with employees.

Stay interviews are typically performed between a manager and an at-risk-of-leaving, but valued, employee. During this interview, managers usually strive to identify and highlight aspects of the job that make them want to stay. This meeting can also help the manager avoid behaviors and actions that may encourage the employee to leave.

Benefits of Stay Interviews

These interviews have proven to be a beneficial retention tool for many employers over the years. Here are some of the specific benefits of stay interviews.

  • Personalized: One of the key things about stay interview is that they are personalized for the employee in question. While in-house surveys may give you a good idea of what all of your employees want as a whole, these interviews give you insight into personal needs and desires.
  • Employee Stimulation: When you show your employees you are invested in their future at the company, it motivates them. Taking the time to perform a stay interview shows them you care.
  • Focus on Key Employees: While employee retention is important across the board, stay interviews allow you to hone in on key employees you may be concerned about losing from the team.
  • Action-Based: Stay interviews are held to identify potential problems and actions that can be taken to alleviate them. When an employee sees you’ve taken action needed to retain them, they will be more motivated to stay.
  • Fewer Emotions: If you get the chance to intercept an employee before they’ve made the decision to look elsewhere for work, there are fewer emotions at play.
  • Less Pressure: When managers perform stay interviews, there is less pressure on the management team to solve retention problems within the organization.
  • Opportunity to Focus on the Positive: Of course, there may be some negative things brought up during a stay interview, but they are not the main focus. The spotlight of the meeting should be what the employee does well and identifying what they enjoy about working there.
  • Inexpensive: All in all, stay interviews are an inexpensive retention tool. They don’t require any budget at all and are done in-house. More importantly, stay interviews don’t require any training on the managers part. Hopefully, it will save you from training a new employee as well. However, only if you take the information obtained from stay interviews and use it to make your key employees happy in the workplace.

Call GoSource Today to Learn How We Can Help You

If you are looking for ways to improve employee retention in your organization, employing the help of a recruitment agency can make a world of difference. Contact Go Source to see how our team can assist your business.