The U.S. workforce is experiencing a turnover tsunami and those organizations proactive in employee feedback efforts will undoubtedly see their retention improve.
Like mining for gold, you actively prospect and sift through applicants to strike pay dirt with employees that have the potential to be high-performers and to stay with your company for a long time. After hiring the employee, you find out that many of those new hires do not pan out and leave the company within their first year of employment, digging a gulch in the bottom line as they exit.
Unlike mining for gold, organizations can measure the likelihood of new hires remaining for the long-term with Stay Interviews that deliver precise, data-driven evidence behind employee intentions to stay or leave. And with most, up to 90%, companies believing a new hire’s decision to stay with the company is decided in the first six months1, you need this evidence.
Stay Interviews identify the real risks of newly hired employees leaving by asking questions to uncover their challenges. This in turn offers you an opportunity to make the necessary changes so these employees stay for the long-term.
When conducted effectively, data from Stay Interviews help organizations understand employee perceptions, including strengths, weaknesses, and opportunities for improvement in four key areas: Company, Managers or Direct Supervisors, Team and Job.
Stay Interviews are most effective when conducted by an outside firm, utilizing mixed methodology research. When conducted by an outside firm, Stay Interviews are likely to be more accurate. When organizations partner with a firm that utilizes Mixed Methods research, integrating open ended questions (qualitative) with quantitative ratings, the most true and actionable data is uncovered2.
New hires are most likely not going to tell you or other company leadership when they plan to leave. However, organizations can be confident as they uncover ways to maintain the employment relationship with new hire top performers with Stay Interviews.
To learn more about the best practices in Stay Interviews, read the Essential Guide to Conducting Stay Interviews.
Resources:
- Aberdeen Group. (2006). Onboarding Benchmark Report: Technology Drivers Help Improve the New Hire Experience.
- Hinrichs, John R. (1975). Measurement of Reasons for Resignation of Professionals: Questionnaire Versus Company and Consultant Exit Interviews. Journal of Applied Psychology, Vol. 60, No. 4, 530-532.