The Power of Stay Interviews For Engagement & Retention Dick Finnegan, Speaker, Author, & CEO, C-Suite Analytics
Whe When n you u travel to work k each h da day, , wha what th thin ings do you lo look forwar ard to? Discuss this with your partner. Discuss this with your partner.
St Stay I Interview 5 Qu 5 Question ons 1. When you travel to work each day, what things do you look forward to?
The The Power er of Stay In Inter ervi views A Stay Interview is a structured discussion a supervisor conducts with each individual employee to learn the specific actions he must take to strengthen that employee’s engagement and retention with the organization Stay Interviews… ^ Bring information that can be used today ^ Focus on individual employees including top performers ^ Put supervisors in the solution seat
Pu Purpose of Stay Inte terview Pr Process… Reduce undesirable turnover Increase employee engagement
Eng Engagement Stuc uck… k… pe per Gallup/ allup/De Delo loit itte 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2018 2017 2016 Engaged 2015 2014 Not Engaged 2013 2012 Actively Disengaged 2011 2010 2009 2008 2007 U.S. spends $1.53 2006 Billion each year to 2005 improve engagement 2004 2003 2002 2001 2000
U. U.S. Voluntary Quit Percentages, Post-Re Recession …U …U.S. Bureau of Labor Statistics 30 25 20 15 Young U.S. 10 workers will hold 10-14 jobs by age 38 5 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Reduce Cost of Turnover Improve Employee Engagement Improve Revenue & Profitability
DOLLARS Reduce Cost of Turnover Improve Employee Engagement Improve Revenue & Profitability
Ho How w Muc uch h Does es It It Cost t to Lose e One ne Agen ent? t? Top-5 Financial Services Call Center: $10,000
St Stay I Interview 5 Qu 5 Question ons 5. What can I do to make your experience at work better for you?
Fir First-Li Line Su Supervisor ors’ I Imp mpact ct on on T Turn rnover
Fir First-Li Line Su Supervisor ors’ I Imp mpact ct on on T Turn rnover
Why Was Your Best Boss Your Best Boss? Why Was Your Worst Boss Your Worst Boss?
The The Mo Most I Impo portan ant S Skill is is…
GOALS Reduce Cost of Turnover Improve Employee Engagement Improve Revenue & Profitability
Yo Your Employee Retention Goals Reduce total annual turnover to ¤ 30% by 12.31.19 Reduce 60-day new hire turnover ¤ by 50%
Ti Tips for Hi Hiring ng Em Empl ployees ees Who Who Stay Referrals Realistic Job Previews with Follow-Up the Questions New Guy Job Offers
STAY INTERVIEW S Reduce Cost of Turnover Improve Employee Engagement Improve Revenue & Profitability
St Stay I Interview P Proce ocess K Key I Ingredients Conducted by supervisors vs HR ^ Separate from Performance Review ^ Conduct Stay Interviews at least ^ 1X/yr for existing employees and 2X/yr in new hire goal period Create individual Stay Plans ^
Introduction Script Sample: “I want to have a one-on-one meeting with you to learn what I can do to make working here better for you.”
St Stay I Interview 5 Qu 5 Question ons 1. When you travel to work each day, what things do you look forward to? 2. What are you learning here? 3. Why do you stay here? 4. When was the last time you thought about leaving our team? What prompted it? 5. What can I do to make your experience at work better for you?
Fo Four Essential Skills During a Sta tay Interview Taking Listening Notes Taking Probing Responsibility
FORECAST S Reduce Cost of Turnover Improve Employee Engagement Improve Revenue & Profitability
Su Supervisor ors F For orecast R Retention on n Likely to leave in n Likely to stay a n Likely to leave in less than 6 months year or more 6 – 12 months * Can be changed at any time if new information
Bes Best Tool fo for Retention Forecasting
ACCOUNTABILITY “Relationships between employees and supervisors are personal.” - from Rethinking Retention In Good Times and Bad
The Incredible Power of Accountability & First-Line Retention Goals
Gallup’s 100 Year Commitment
Gallup’s 100 Year Commitment
To To Obtain…
The Power of Stay Interviews Th Thank nk you ou…
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