Use Stay Interviews to Reduce Employee Turnover

by Thom Tracy

1 min read

As the labor market tightens, attracting and retaining top talent becomes increasingly difficult. It is more cost effective to keep the key employees you have rather than continuously refilling those positions. The high cost of talent acquisition has many small business owners implementing stay interviews, a systematic process to open lines of communication between management and workers. Stay interviews are a invaluable method to open dialogue between bosses and employees, detecting dissatisfaction before it’s too late. In contrast to the candidate interview, you should schedule stay interviews at regular intervals in the employee’s first year with the company. Ideally, you should meet with your new hire at three, six, and 12-month milestones. This type of interview reverses roles from the candidate interview. Look to gain as much critical feedback as possible from your employee. Ask open-ended questions that reveal the attitudes and perspective of newly minted hires. These meetings allow insight into satisfaction levels and bonds that may be forming within the team you’ve assembled. At this juncture, you can gauge whether a key hire is likely to remain with your firm or consider seeking employment elsewhere. After the first year of employment, schedule a stay interview semi-annually, keeping your finger on the pulse of personnel. Onboarding new employees can be both costly and time-consuming. Avoid the hassle of employee turnover by engaging your workers on a consistent basis. Utilize stay interviews to keep valued team members in your chairs, not the competition’s.

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