Conducting stay interviews is a great strategy to increase your employee retention rate.
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.