Talent scarcity is one of the top challenges for today’s recruiters, in fact, 68% of millennials plan to look for a new job in the next 12 months according to staffing firm Robert Half. Apart from the time, it takes from recruitment to onboarding and training Gallup estimates the cost of replacing an employee can range from half to fives times that person’s salary.
There is tons of advice on finding the perfect candidate, conducting performance reviews and even some tips conducting an exit interview. But in today’s competitive landscape what about a stay interview?
A stay interview is where existing employees evaluate the organisation. Like an appraisal for the company instead of for individual workers. Rober Half recommends first conducting stay interviews with your top performers, the ones that would really affect productivity if they left and find out what you can do to keep them from jumping ship.
Stay interviews are conducted right in the middle of an employees tenure with the company, at a critical juncture where you need to do all you can to convince valuable workers that they need to stay. Interviews should be conducted one-on-one. While company surveys can be helpful, you really want detailed insights from your top performers. Ask detailed questions that will provide honest, critical feedback. From a worker’s perspective, a company that values their opinion and takes it on board is one worth stay with.
Questions to ask in a stay interview
- What keeps you working here?
- What do you enjoy about your job?
- What do you like least?
- Can you describe a recent good day at work?
- How would you rate your happiness here on a scale of 1 to 10? What would it take to get you to a 10?
However, just an interview is never enough. Make sure to follow up and address your employee’s concerns and handle any pressing issues. You need do walk the walk if you intend to retain your best talent.
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