It’s not a secret. Right now, it’s tough to hire. With record-low unemployment, it could take months to fill an open position. Your best defense against this is retaining your current team. Most practices have offered raises & enhanced benefits to keep staff. This is a great start, but studies show that there is more to job retention than compensation. Conducting stay interviews is a great strategy to increase your employee retention rate.
The goal of a stay interview is to foster trust and provide support. It should help you understand why a team member stays with your practice & what could make them leave. Structure the one-on-one interview but keep it informal & conversational. Budget 15-20 minutes & conduct them monthly or quarterly. Do not combine a stay interview with a performance review or discussion. Your goal is to show your team member empathy & gain insight into their motivation & deepen their connection to the practice.
Before conducting the interview, let the team member know why you are doing it & give them some questions in advance so they can prepare. Keep it positive & tell them your motivation is to help support them in their role & development in the practice. Here are some questions to consider asking in the stay interview:
- Who do you feel connected to at work?
- What barriers can I remove for you?
- What would make your job more satisfying?
- What would you like to learn here?
- How do you want to be recognized?
- What keeps you working here?
- What talents are not being used in your current role?
- What might tempt you to leave?
Keep the interview conversational & avoid interrogating them. End the meeting on a positive note & be prepared to respond to the team member’s input. They may ask for a raise or time off. Know in advance how you plan to address such requests. Remember, your purpose with a stay interview is to have the opportunity to address issues that could cause a team member to leave. If you conduct the interview in a perfunctory manner, you risk losing connection & trust. If you acknowledge their concerns and take action to address those concerns, you build connection & trust.
References
https://www.shrm.org/resourcesandtools/tools-and-samples/hr-forms/pages/stayinterviewquestions.aspx
https://www.bamboohr.com/resources/hr-glossary/stay-interviews
https://hbr.org/2022/03/what-stops-people-on-your-team-from-leaving
https://www.gallup.com/workplace/236213/why-need-best-friends-work.aspx
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