Stay and exit interviews are critical for employee retention and understanding the reasons behind an employee’s departure or at risk of leaving. Stay interviews allow companies to retain current employees by gathering feedback and addressing concerns before an employee considers leaving. Exit interviews are conducted after an employee has left the company and provide critical predictive data as to why employees will likely leave in the future. These interviews provide feedback on areas of improvement.
At Work Institute, we help businesses identify and strengthen qualities and traits within the organization that will help retain employees and foster a growth environment. Learn the difference between stay and exit interviews, and how both are critical for cultivating a better work environment.
Understanding Stay Interviews
Stay interviews are typically one-on-one conversations between the employee and their manager or HR representative. The goal of stay interviews is to understand why employees choose to stay at your company and what makes them satisfied in their roles. By understanding employee sentiments, companies can also identify retention challenges that impact the company’s morale.
Stay interviews typically offer a more relaxed, conversational environment where employees can feel comfortable sharing their thoughts and opinions about their experience in the company.
While stay interviews do address challenges that an employee may be facing, it’s also meant to highlight the positive aspects of the employee’s role and the company. The feedback in stay interviews should be used to create actionable plans and initiatives to address issues and improve employee satisfaction.
There are situations where employers choose to outsource stay interviews to an objective third-party. A third party can remove certain biases that may exist with internal resources and are more structured. Some third-parties also record the stay interview data in a system to allow for data visualization and identifying larger trends that may be impacted retention and engagement.
Exploring Exit Interviews
An exit interview is held after an employee has left the company. Exit interviews are meant to discuss the employee’s reason for leaving the company and their experience working for the company.
Exit interviews can be a great tool for companies to collect open and honest feedback that will help improve the employee experience moving forward. These interviews offer invaluable insights as they can reveal areas where improvements can be made in the company, such as company culture, processes, and management.
Research indicates that the best time to conduct an exit interview is one to two weeks after the employee has left the company. Employees are also more comfortable providing authentic responses if the exit interview is conducted by an objective third-party.
Best Practices for Conducting Interviews
Here are a few best practices when conducting stay and exit interviews:
Have a Clear Goal Set for the Results from the Interviews
Stay and exit interviews should help employers gain pivotal insights from an employee-centered perspective. The purpose should be to encourage individuals to share their honest thoughts and opinions about the work environment. Interviewers should present themselves as approachable and non-judgmental while being active listeners.
Ask Effective Questions
Ask questions that avoid a yes or no answer. Explore the “why” to gain more invaluable insights about the employee. More specifically, ask a variety of questions that explore the positives and negatives of the employee’s role.
Active Listening
To gain real insights, it’s essential for interviewers to actively listen while interviewing. This means listening more than you talk to focus on the employee’s experience and perspectives. It’s also essential to take notes that help you identify key themes and facilitate a follow-up.
Following-up
Following up is an excellent way to address employee concerns and discuss potential solutions. It’s also a good idea to follow up with any action taken in response to employee feedback. Companies should also be transparent about how their feedback will be used.
Contact us at Work Institute to Learn More About Retention Solutions
Work Institute has proven strategies to identify opportunities within the business structure, and we employ an engaging, 1-1 approach to help your business grow in many of the qualities that maintain a healthy work environment. It’s time to solve workforce challenges with data-driven solutions. At Work Institute, we help employers reduce turnover, boost employee engagement, and develop a thriving workforce using evidence-based insights.
Our experts are here to help companies attract and retain talent, improve performance, mitigate risk, and manage human capital costs by improving workplace conditions.
If you’re ready to see how Work Institute can help you improve employee engagement and retention in your organization, request a call from our workplace experts.
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