How Stay Interviews Became the Hottest Workforce-Retention Tool – Entrepreneur

Posted: March 15, 2020 at 3:44 am

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Want to hold on to top talent? Check in before they check out.

March 13, 2020 5 min read

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Every organizations secret weapon is its employees. The 2019 Work Institutes Retention Report highlighted that more thanone in three workerswould voluntarily quit their jobs each year by 2023. That's why thestay interview, which seeksimprovements in the employer-employee relationshipthrough a kind of real-time fact-finding mission, is today'soptimal workforce-retention tool. Although withouta culture of trust that nurtures honest and transparent feedback, stay interviews won't be nearly as constructive.

Accenture managers, as one example,have been renowned for probing their staff'sprofessional goals and checking in with them about their quality of work-life balance. To make a powerful impact on retention rate, organizations must integratestay interviews alongside more traditional tools like surveys that measure engagement.

TakeWhirlpool Corporation, whichidentified that it waslosing talent at a faster rate than it was attracting new talent, anddeveloped a retention risk-assessment toolkit in response. Leadershipparticipated in stay interviewsand collaborated on solutions with supporting managers.The initial conversations were awkward for many managers and employees, but through building stronger relationships, employees eventually reported that communication improved and doors opened forprofessional learning and growth.

Related: Forget Exit Interviews; Here's Why You Should Conduct a Stay Interview Instead

When organizations are committed to understanding what matters most to their team, they can gain clarity on how to spend time, energy and money on mprovements. So with that in mind, here are seven of the most valuable questions leaders can ask of their employees during stay interviews.

Revealing what inspires an employee about their role provides valuable insight into their intrinsic motivators, their position within the officeand how they contribute to workplace culture. By bringing peoples motivation to the forefront of the conversation, organizations uncover employees'sinterests, their proudest achievementsand how their passions can paint a picture for future opportunities.

It is isnt rocket science; organizations that invest in employee recognition have31 percent lower turnover rates.People want to be respected and feel valued by others for their contributions. Ask your employeehow they like to be acknowledged for their efforts. Recognizing workersfor their outstanding efforts sends a powerful message to the recipient, their peers and other employees throughout the organization.

Work-life balance is a huge retention factor. FlexJobs 2019 study reported that16 percent of workerscurrently looking for a new job experienced lack of flexibility in their current role, and73 percent identifiedwork-life balanceas one of the most critical factors they consider when evaluating a job. By asking about their employees's balance, organizations explore more family friendly policies such as remote work or sabbaticals. At the same time, organizations must be transparent in what they can offer so as not to over-promise and under-deliver.

The 2018 LinkedIn Learning Report highlighted that94 percent of employeeswould remain in their current role longer if the organization had invested in their professional development. Lifelong learning provides a flexible and easy way for upskilling, encourages collaboration and brings awareness to the latest trends and developments in the marketplace.

There are amplecost-effective developmentopportunities to support a teams continuing education.Udemyhosts thousands of online courses onleadership, IT and software to personal development, whileLinkedIn Learningdelivers growth opportunities ranging from effective planning and building presentations to career-management courses.

This is apowerful question that encourages employees to share what they enjoy and how they can make a difference, and it opens the door for feedback on managementstyle. Some leadersmay feel as if they need to lock themselvesin for a bumpy ride, but it can also provide welcome opportunties for learning how to adapt and evolve.

Related: Knowing When to Leave a Job or Stay

The purpose of this question is to gain insight into what holdsemployees back, unlocking any complaints, concerns or injustices they have about their role, workplace or culture that compels them to look for alternate employment. Also, the question identifies standout or critical challenges for yourbusiness. And these additional, related inquiries can allow you to delve even deeper:

Sometimes organizations fail totap into the full potential of their people. As the employee journey evolves, exploring their passion invites additional opportunities in which employees can assist their colleagues or close gaps within the business. This information is invaluable when matching future projects with the best employee, and underscores how important it is to check in with your team before they check out.

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How Stay Interviews Became the Hottest Workforce-Retention Tool - Entrepreneur

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March 15th, 2020 at 3:44 am