A couple generations ago, it wasn’t uncommon for people to spend their entire careers at just a couple of different companies. Today, individuals are far more likely to switch positions every few years in order to improve their job title and pay rate. This can be a good move for employees, but having to consistently replace excellent staff can be a huge blow for organizations.
One solution? Stay interviews.
Companies typically conduct performance reviews once or twice a year. This is obviously critical to letting an employee know what they are doing well and what they need to improve, but it’s also important to make sure that you are hearing from your employees about their experience, what they feel like they need in order to grow, and what—if anything—they would like to change about their work environment.
Conducting stay interviews can make a tremendous difference in both your retention rate and your employees’ satisfaction levels. Take a look at some of the biggest benefits and then start implementing them within your own organization.
Show that you’re open to feedback
One of the biggest reasons why employees start to look for new opportunities is because there are aspects about their current job that they don’t like, and they don’t believe that these things will change.
Ask your employees what they love about their positions, and also what they believe needs to be improved. Find out if they feel like they need additional support or resources. The most important aspect is to then take this criticism to heart and actually implement the changes discussed.
Be an active participant in your employees’ career trajectory
While you are thinking about your bottom line and larger business strategies, your employees are thinking about what their careers are going to look like in the next one, five, ten years. If you want your top employees to be around to help you build the future of your organization, you also need to be actively helping them work toward their own personal goals.
Ask employees what skills they are most interested in honing. Make sure you know what types of projects they most enjoy working on, and where they want to be in the next X years. Then make a concerted effort to give your employees these opportunities.
Shape the culture of your company
Employees want to feel like part of a valued team. If they don’t enjoy coming into work every day, chances are that they aren’t going to be sticking around for too long. Talk to your employees to find out what they love about working at your company, and what they would like to change.
Chances are that you aren’t involved in all of the small day to day happenings and workplace relationships. If you are going to create an environment that people enjoy, you need to have these open and honest conversations.
Actions speak louder than words
Actively having these conversations with employees is just the first step to increasing employee retention and improving workplace morale. But you need to take this feedback to heart and follow through if it is going to make any meaningful difference in the long run. By regularly conducting stay interviews and maintaining an ongoing and open dialogue, you’ll have happier employees that stay with you for years.