Employees are quitting in droves, according to a recent Wall Street Journal article, backed up by hard data from the Bureau of Labor Statistics. Employee retention is easier than recruiting, I argued in my article about reducing employee turnover. And a great technique for employee retention is the Stay Interview.
Exit interviews are common but too much like talking to cows about why they left the barn. The stay interview asks why employees remain with you. The benefits are ample, argues Richard Finnegan, author of the cleverly titled book, The Stay Interview.
I spoke with Finnegan recently about the high quit rate across the economy. He said,
“Hard data proves the top reason employees quit is they don’t trust their managers. Stay Interviews are the absolute best trust-building activity…and therefore the best retention tool.”
On the surface, the stay interview appears to be a mirror image of an exit interview, identifying things people like about their job rather than things they dislike. That’s worthwhile, but the stay interview is much more valuable because it provides insights managers can use to motivate and retain the particular employee, not just a group.