Using Stay Interviews to Improve Employee Retention & Engagement

There is a strong business case for retaining your talent because:

Turnover is rampant

» Most resignations ever in the U.S. in April 2021
» 4% unemployment rate – 2.2% for college grads
» 63% of employees say it is likely they can find a job as good as the one they have
» 51% of employees & 60% of millennials are considering new employment opportunities
» Average tenure for employees in their 20s is less than 18 months

Turnover is expensive

» 16% of salary for jobs under $30,000 – replacing a $ 10-hour employee costs $3,328
» 20% of wages for $30-50,000 jobs – replacing a $40,000 employee costs $8,000
» Up to 213% of salary for management positions; replacing a $100,000 employee can cost $200,000

And your most talented employees:

» Are more likely to be recruited with more opportunities available to them
» Are the most expensive to replace
» May take top performers and/or customers with them

Why Should You Attend

Managers account for 70% of the variance in employee engagement & retention with:

» 65% of employees leaving their boss – not their job
» Because of poor managers, productive employees leave organizations even when satisfied with the pay & perks
» The prism through which employees see their organization is their view of their manager
» Managers being the best resource for improving retention & engagement

The most important thing a manager can do is build trust with his/her direct reports. Employees who trust their managers stay & give their best. And stay interviews build trust because they:

» Re-recruit talent by understanding why employees stay or might leave
» Make employees feel valued while improving engagement, productivity & retention
» Reinforce good relationships between managers & employees, forge new ones & help repair those that are strained
» Identify employees’ needs & how those needs can best be met, creating better employee experiences
» Prevent exit interviews

Areas Covered in the Session

#1. The Objectives of Stay Interviews
#2. What Stay Interviews Are
#3. What Stay Interviews Are Not
#4. Steps in Initiating a Stay Interview Program
#5. Conducting Stay Interviews
» Frequency & length
» Techniques & skills
» Core stay interview questions
» Sample potential issues & related probes of employees
» Closing a stay interview

#5. Following Through on Your Stay Interviews
» Components of a stay interview action plan
» Stay interview cautions
» Three-step process for retaining employees

Who Will Benefit

» Anyone with leadership, management, or supervisory responsibility
To Register (or) for more details please click on the below link:
<a href=”https://shorturl.at/2WPS1″<https://shorturl.at/2WPS1/a>
Email: support@concordeducations.com
Tel: (989)341-8773