Stay interviews are just as, if not, more important than exit interviews. While most of us are familiar with exit interviews, having heard it from friends or having gone through one yourself. But stay interviews aren’t that commonly heard, partly because it is not yet a widely adopted strategy for employee management.
It is odd to observe that more companies have exit interviews as part of their process but not stay interviews. Why would a company be more interested in learning from someone who has chosen to leave and make sure things end on a good note but not put in the same effort for those who are staying back.? Well, when you think we do that with other aspects of life as well, like relationships, you can understand this oddity better.
Stay interviews help you get a closer look at what’s happening in your workplace, what’s working and what’s not. It is the modern workplace equivalent of kings and royals mingling with their subjects as common folk to know their kingdom better. The more effort that is invested in curating this process and perfecting it to suit your company culture, the more glorious the rewards will be. It also gives a clear signal to your employees that you care about this association and you are open to hearing suggestions to make it a better and more fruitful one for all parties involved.
While setting up a stay interview process, keep the following things in mind -
How often do you have to do it: Once or twice a year, disjointed from the appraisal process
How do you do it: A simple one-on-one discussion with the boss or super-boss accompanied by a member of the Talent Management department. A company-wide anonymous survey could augment the discussions better with a larger dataset where people can be more open about their likes and dislikes.
Discussion items:
What do you like about your job.?
What do you dislike about your job.? or What one thing could be better about your job.?
Describe your dream job. How is your current job different from your dream job.?
When was the last time you felt happy/anxious/thought of leaving the job.?
What would tempt you to leave the company.?
Where do this job and company fit your overall plan.?
What role do you see yourself playing in this company in X years.?
As they say in life, a simple conversation could help avoid many heartbreaks. The same applies to employee retention and a stay interview is a simple, elegant, and free tool at your disposal that will directly influence employee morale and retention.