« Another employee survey » ! This type of reaction is common when companies decide to start an employee satisfaction survey process.
The retention interview or « stay interview » differs greatly. It offers an effective and proactive solution to employee turnover and lack of engagement for all hierarchical levels.
The retention interview provides up-to-date information for retaining and mobilizing employees and equips managers to develop personalized retention plans.
The departing employee is often not transparent in their reasons for their decision during an exit interview. The missing information remains: « why is our high potential employee quitting » ?
The benefits of the retention interviews are significant :
→ Employee priorities are clear and precise ;
→ Interviews are organized quickly ;
→ Feedback can be applied today and benifits employee satisfaction in real time.
Richard Finnegan in ‘The power of Stay Interviews’ lists 5 important questions in a retention interview :
- 1. What motivates you when you start a working day?
- 2. What are you learning and what do you want to learn?
- 3. Why are you in your current position?
- 4. When was the last time you considered quitting your job?
- 5. What can I do to improve your current position?
Managers must nevertheless be prepared to manage several difficult issues following the retention interviews, namely: the interest of participating in strategic decisions, the diversification of responsibilities, compensation (a major challenge since the labor shortage and the inflation) and work-life balance to name a few.
The development of post-interview solutions and retention plans should be personalized and address to most important concerns.
According to the Finnegan Institute, the main reason an executive remains in office as well as that of his departure is the same: the possibility of participating in strategic decisions.
A PWC study indicates that millennials will form 75% of the workforce in 2025. They are primarily motivated by: a job with a ‘purpose’, professional development, a coach rather than a manager and prefer ongoing feedback to annual performance reviews.
The observation is clear, the current business climate is complex and offers significant challenges: the general labor shortage, the phenomenon of great resignation « the great resignation », a multicultural and multigenerational work environment, challenges of telework and demographic decline.
Retaining and retaining employees is today’s biggest challenge for companies. McKinsey & Company defines 2022 as « the great renegotiation period » for companies and their employees.
Turnover and lack of engagement cost business dearly. A PWC survey indicates a cost of 223 billion between 2014 and 2019 for Canadian companies.
Why not implement a tool that is easy to integrate and offers practical solutions to retain and retain employees?
Stefanie Rochford, CHRP, CRHA
President, Rochford Executive Search