Why are industry leaders talking about "stay interviews"?

With the talent crisis showing no signs of abating as we move into 2022, leading companies are trying something new to retain top talent: stay interviews.

Hyped as “the opposite of exit interviews”, stay interviews are more informal than the name suggests.

Unlike a performance review, the stay interview is a relatively unstructured conversation where employees–and managers–can chat about their wellbeing and personal life rather than focusing on KPIs or salaries. Stay interviews may also be more frequent than a performance review; some companies are doing them monthly, as they don’t necessarily call for any formal preparation such as a self-evaluation form or survey.

The objective is to find out what the employer can do to retain the employee and to solve any recurring issues. That’s why it’s the opposite of an exit interview: rather than asking why someone is leaving and what could have been done to encourage them to stay, it aims to identify and make these changes before they become might-have-beens.

This is best accomplished by asking the employee open questions. Some recommended questions include:

?      How would you rate your work-life balance, and how could it be improved?

?      What can I do as your manager to make your experience better?

?      What do you think about the way employees are recognised?

?      What did you like about your last role that you no longer have?

?      What would your dream job look like?          

?      What would you change about our organisation if you were in charge?      

The concept of the stay interview rests on giving both employees and managers a channel for "continual communication", which builds employee engagement and loyalty and strengthens company culture.