Have you ever been caught by surprise when a key member of your team suddenly submitted their resignation? Unfortunately, this scenario plays out all too often in today’s competitive work environment. It is too late to try to retain top talent when they are handing in their resignation. Everyone in the company feels the impact when this happens. Retaining key performers is not merely a Human Resources task. Talent retention is effective leadership and demonstrates a strong company culture of trust and loyalty.
Employees typically decide to seek out new employers or accept interviews from other companies because they are looking for something that they feel is missing at their current company. Perhaps their current position is not challenging enough. Maybe they feel they are not being professionally developed. Others may believe they are not getting the right support from their direct manager.
Imagine the potential for improving retention if you had a proverbial “Crystal Ball” that provided insight into the perceptions your employees have about the company. How powerful it would be to know in advance what employees feel may be missing.
Stay Interviews – Talent Retention Tool
One way to improve retention is by creating your own “Crystal Ball” through the use of Stay Interviews. Stay Interviews are gaining popularity with top rated employers as a unique communication strategy. These interviews are designed to connect with employees not only on their overall satisfaction but to go deeper. Stay Interviews are often conducted with top talent to identify what is motivating them to remain and uncover what might entice them to leave.
Stay Interviews do not eliminate the need for more formal employee tools designed to gather levels of employee satisfaction from the employee population. The Stay Interview Process captures relevant data and identifies areas of improvement to retain talent. Employees appreciate the chance to vocalize any suggestions or issues they may have that impact them directly or the overall company. It is often valuable to have Stay Interviews conducted by an external partner. An external partner provides employees a comfortable forum to share feelings openly and feel confident that the findings will be presented without bias.
In today’s highly competitive labor market it is imperative for employers to retain their talent. The information gathered in the “Crystal Ball” is powerful. It provides clear reasons why employees stay and reasons they might decide to look elsewhere. Incorporating Stay Interviews into your business may enhance the engagement of key talent and avoid the unpleasant surprise of a resignation letter appearing on your desk in the near future.