What is a Stay interview?
A Stay interview is an interview that happens between a manager and an employee that’s designed to learn information about the things the employee values about their job, what keeps them working for an organization, and what aspects need improvement.
A Stay interview is similar to an exit interview, but is conducted with employees that are active rather than those resigning the company. The ultimate goal of a Stay interview is to raise employee retention rates. Since exit interviews come too late to identify and solvate problems for the exiting employee.
The Stay interview results can give the organization the knowledge of what they can do to improve now and how they can retain valued employees.
When should Stay interviews be conducted?
In addition to ensuring that Stay interviews are conducted well before employees leave an organization, they should be done:
1. Within the first couple of months when a new employee gets settled into their job. New hires are likely more susceptible to turnover, therefore a Stay interview can enable employers to identify any possible issues before employees are at the risk of leaving.
2. Annually to ensure that issues and trends are recorded and managed before they go too long without being addressed.
3. When employees are disengaged for an extended period of time.
How to conduct Stay interviews
Keep Stay interviews simple. It should be a forum where employees are encouraged to give honest feedback. Employers can ask questions about why they say, why they might leave, and what might be done to increase job satisfaction.
Here are a few tips to conducting Stay interviews:
1. Ensure that Stay interviews are conducted within few weeks of each other so that the information gathered is recent and accurate.
2. Make sure the employee is aware of the interview ahead of time, knows its purpose and how to prepare for it.
3. Keep the interview 25-30 minutes long.
4. Performance reviews must not be included as a part of Stay interviews. Mentioning those may discourage employees from trusting the process and being honest with their feedback.
5. Have procedures in place for easy follow-ups.
6. Express gratitude towards the employee and how much their work his valued by the organization.