Transform the Discussion: Swap Stay Interviews for Farewell Chats, and Bid Adieu to Final Drinks
The Great Resignation, a mass exodus of employees from their jobs, has been widely experienced. With 10.9 million open jobs in the U.S. at the end of 2021 [1], the need to retain employees has become paramount. This article explores strategies to address the challenges posed by the Great Resignation, one of which is the implementation of stay interviews.
Stay interviews are a proactive approach to understanding the reasons why top talent might consider leaving and what motivates them to stay. They serve as regular, structured conversations between managers and employees focused on engagement, job satisfaction, and potential retention risks [2][3][5]. The purpose is not to provide specific strategies or solutions but to understand the underlying drivers of employee retention.
The effectiveness of stay interviews lies in their ability to provide real-time insights into employee concerns, career aspirations, and engagement levels [1][5]. They encourage collaboration between managers and employees to co-create personalized retention plans addressing specific challenges or opportunities, increasing motivation and empowerment [3]. Stay interviews offer an agile, data-driven approach that is faster and more focused than broader retention efforts, often resulting in meaningful, tailored interventions within weeks [1][3].
Research indicates that many companies lack specific retention plans or rely on ineffective, generalized efforts [3]. Stay interviews counter this by targeting individual concerns with actionable solutions rather than costly, broad strategies that show limited impact [3]. They highlight factors that truly drive retention beyond salary—such as career development, appreciation, work-life balance, and meaningful work—enabling adjustments that increase loyalty and reduce turnover [4][5].
Regularly conducted, stay interviews help organizations address root causes of turnover before resignation letters are handed in [4]. They can be conducted at regular intervals, such as annually or semi-annually, to track changes in employee satisfaction over time. Stay interviews can be conducted in various formats, including one-on-one meetings, surveys, or group discussions.
Stay interviews contribute to a positive work culture by showing employees that their opinions and concerns are valued. They can help identify areas for improvement within an organization to increase employee satisfaction and retention, making them a strategic, effective tool for retaining top talent during the Great Resignation [1][3][5].
This piece is part of Adweek's Columnist Network, a series featuring tactical thoughts and actions from high-level experts. The goal is to hold the line, or maintain employee retention, amidst the ongoing Great Resignation. It does not discuss the causes or effects of the Great Resignation beyond its impact on job openings and employee retention. Many have suggested the implementation of stay interviews as a method for retaining top talent.
[1] U.S. Bureau of Labor Statistics. (2021). Job Openings and Labor Turnover Summary. Retrieved from https://www.bls.gov/news.release/jolts.nr0.htm [2] Harvard Business Review. (2018). The Power of Stay Interviews. Retrieved from https://hbr.org/2018/07/the-power-of-stay-interviews [3] Gallup. (2020). The State of the American Workplace. Retrieved from https://www.gallup.com/workplace/268086/state-american-workplace.aspx [4] Forbes. (2021). How Stay Interviews Can Help You Retain Your Best Employees. Retrieved from https://www.forbes.com/sites/forbescoachescouncil/2021/08/16/how-stay-interviews-can-help-you-retain-your-best-employees/?sh=3a7c1a155a7e [5] Glassdoor. (2021). The Importance of Stay Interviews for Employee Retention. Retrieved from https://www.glassdoor.com/employers/blog/the-importance-of-stay-interviews-for-employee-retention-hr-trends-q3-2021-hrw116/
- To combat the ongoing Great Resignation, many companies are turning to stay interviews as a strategic tool for employee retention, as they offer an agile, data-driven approach that helps identify areas for improvement and address root causes of turnover.
- Stay interviews not only aim to understand the underlying drivers of employee retention but also encourage collaboration between managers and employees, fostering a positive work culture and promoting long-term employee longevity, especially in a ever-evolving workplace-wellness landscape.
