The phenomenon known as the “Great Resignation” has marked an important shift in the dynamics between employers and employees, giving employees the leverage. Caused by several factors including Covid-19-induced burnout, a reluctance to return to the physical workplace, low salaries, company’s lack of flexibility, and, in general, a reevaluation of personal goals, the Great Resignation has presented new challenges for employers, the most important being to find an effective way to avoid losing employees.
Stay interviews are a great retention strategy because they help employers understand:
- What motivates employees to keep coming into work every day and perform well
- If there are issues in the team or with managers, and how they could be solved
- What employees would like to change about their current position
- If employees feel heard, valued, and recognized
- What would lead employees to leave the company
By engaging the employees and establishing trust, companies have the chance to create a work environment that boosts productivity and loyalty, and prevents staff from leaving.
For stay interviews to be effective, employers must be prepared to take the criticisms constructively: employees should feel free to speak knowing that the company values their opinions and is willing to implement the feedback gathered.
Stay interviews are a powerful retention tool also because they are preemptive measures. While exit interviews only offer employers the opportunity to learn from their mistakes when the employee is already out of the door, stay interviews, if done in a timely manner, give employers the chance to identify and correct “blemishes” before they become full-blown problems.
Even a company’s branding strategy can benefit from stay interviews as managers can better understand what employees need to be successful and productive. Gathering this perspective gives companies the opportunity to improve their culture, thereby creating a brand that will draw in more talent.
To cope with the Great Resignation, companies need to re-imagine how the workplace can become an appealing space which encourages productivity, creativity, and quality of life. Carrying out systematic stay interviews allows companies to engage employees, gauge their satisfaction, and uncover problems when there’s still time to solve them, preventing them from finding “greener pastures” and leaving.
Nexxt is a recruitment media company that uses today’s most effective marketing tactics to reach the full spectrum of talent – from active to passive, and everything in between. Learn more about hiring with Nexxt.
This article was written by Alex Cherici.
Alex Cherici is a PhD candidate in Chinese Linguistics at Indiana University. She's currently writing her dissertation and teaching undergraduate courses. Before resuming her academic studies, she has worked as a language teacher and school manager for eight years.