Get access to the exclusive HR Resources you need to succeed in 2018.
Sign up for free email newsletters and get more SHRM content delivered to your inbox.
Is your employee handbook keeping up with the changing world of work? With SHRM's Employee Handbook Builder get peace of mind that your handbook is up-to-date.
Build competencies, establish credibility and advance your career—while earning PDCs—at SHRM Seminars in 14 cities across the U.S. this fall.
Gain the skills you need to rise to the next level in your career. Jon us at SHRM's Leadership Development Forum, October 2-3 in Boston.
Members may download one copy of our sample forms and templates for your personal use within your organization. Please note that all such forms and policies should be reviewed by your legal counsel for compliance with applicable law, and should be modified to suit your organization’s culture, industry, and practices. Neither members nor non-members may reproduce such samples in any other way (e.g., to republish in a book or use for a commercial purpose) without SHRM’s permission. To request permission for specific items, click on the “reuse permissions” button on the page where you find the item.
LAS VEGAS—Conducting “stay” interviews isn’t for the faint of heart, Richard Finnegan, author of Rethinking Retention in Good Times and Bad: Breakthrough Ideas for Keeping Your Best Workers (Davies-Black, 2010) and CEO of C-Suite Analytics in Orlando, Fla., warned HR professionals at his June 26, 2011, afternoon presentation, “Exit Interviews? Stay Interviews Work Better!” The presentation was given during the Society for Human Resource Management’s (SHRM) 63rd Annual Conference & Exposition in Las Vegas.
That’s because they can uncover employee and retention issues that HR might not even know about.
But that’s precisely the point, said Finnegan. You can’t solve problems that you don’t even know about so the rewards of doing these structured discussions between managers and employees make them worthwhile.
“One standard deviation improvement in engagement increases revenue per employee by $4,675,” he said.
During stay interviews, managers who receive training in listening and interview skills meet face to face with employees to ask, “Why do you stay?” “What can I do to make you stay longer?” and “How can I make your work better?”
Many companies don’t conduct stay interviews because they are awash in data from focus groups, employee surveys and exit interviews. But many of these exercises don’t ask employees directly why they stay. Exit interviews don’t work because often they include too many questions to make them effective, Finnegan said.
“You really just want to know why someone left,” he said. “And after they’re gone, you can’t do anything about it.”
He gave three examples of how stay interviews have been used to drive down turnover and keep employees engaged:
Finnegan talked about one company that conducts stay interviews and uses a color-coded scorecard to predict retention.
Advanced Technology Systems in Peoria, Ill., develops its scorecard based on answers that employees give supervisors. Green means the employee is likely to stay, yellow means the employee is a retention risk, and red means the employee is unlikely to stay. The company then develops action plans for employees in the red and yellow categories.
Another book by Finnegan, The Power of Stay Interviews for Engagement and Retention, will be published by SHRM.
Desda Moss is managing editor of HR Magazine.
You have successfully saved this page as a bookmark.
Please confirm that you want to proceed with deleting bookmark.
You have successfully removed bookmark.
Please log in as a SHRM member before saving bookmarks.
Please sign in as a SHRM member before saving bookmarks.
Please purchase a SHRM membership before saving bookmarks.
An error has occurred
Recommended for you
Choose from dozens of free webcasts on the most timely HR topics.
SHRM’s HR Vendor Directory contains over 10,000 companies