Stay interviews (1)
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Stay interviews are a preventative employee retention tool that involves regularly checking in with employees to understand their satisfaction levels, identify any potential issues, and address concerns before the employee decides to leave the company. The interview is informal and unstructured, allowing companies to proactively monitor workplace morale and catch issues early before they worsen. In contrast to exit interviews, which happen after an employee has already decided to leave, stay interviews provide benefits such as reduced turnover, early issue identification and resolution, and improved employee motivation and empowerment. They are particularly useful in knowledge-based industries where retaining skilled staff is important.
Stay interviews (1)
- 1. Stay Interviews – The latest Breakthrough in S.H.R.D Define Scope Compare Advantage/Benefits Model
- 2. Definition "These are an employee sensing exercise, to detect early warning signals, to know about compensatory expectations so that the company can make a proactive correction at the right time before the employee announces that he's leaving.”
- 3. Definition (Continues.. Stay interview is a preventive tool in employee retention strategy, which appreciates the existing best practices for horizontal deployment in the organization.
- 4. Definition (Continues) This concept came with the findings of the fact that “different people stay with organization for different reasons ”. Which may get un-noticed or uncovered in the “top to down driven” strategy. Firms can use stay interviews for those in key positions, for targeted "at risk" individuals or do a random sample.
- 5. Scope To retain their workforce. Constant engagement with employees. When the corrective action taken after exit interview was not able to contribute much on identifying the real cause of attrition. This approach is very positive and empowering for teams too.
- 6. Scope (Continues) In some of the cases when the decision was deferred by addressing the “significant few” reasons of quitting the job the “insignificant many” tends to piles up to backfire. There is appreciation from employees for the recognition of their successes. Motivated & empowered as contributors. Feel a part of the process actively.
- 7. Compare Exit Interviews. Lose – Win Formal. Structured. Its too late. Negotiation might be a failure at latter stages. Reactive. Efficient – the effort is needed. What went wrong? Diagnosis & Drugs Stay Interviews, Win – Win Informal. Unstructured. Any time. No need for negotiation. Pro-active. Effective – automatically monitor the Org climate. What’s going right? Exercise & Eat healthy.
- 8. Advantage The concept of Stay Interview is positive and empowering in approach. Proactively address potential issues that affect workplace morale and potential loss of staff. You are able to identify issues and problems at an early stage, before they have reached crisis point and are causing high Employee turnover. Gets to know its gray areas that are paralyzing its people and give a mechanism for collecting feedback on its popular & unpopular policies & practices.
- 9. Advantage (Continues) In the Indian context, where every industry is making a hue and cry about the challenge they face in attracting and retaining the right talent. "Losing knowledgeable and trained staff in the market is incredibly costly in terms of the intellectual property they take with them, the cost of re-hiring and the impact on productivity because of low morale.” Stay interviews provide a snapshot of employee satisfaction, identify potential issues before they occur and reduce the risk of employees resigning.
- 10. Model (Questionnaire) Stay Ques.doc