“Stay” Interviews?

Most companies conduct exit interviews, but a new, productive trend is that of “stay interviews.” These are essentially informal, open-topic meetings held periodically between supervisors and employees on a regular schedule. Instead of asking at an exit interview something on the order of “What could we have done better to enable you to stay?” supervisors have an informal, unstructured meeting more frequently, e.g., semi-annually or every 3 or 4 months. Turnover these days is high (and expensive), and statistics indicate that about half of employees are looking for new jobs, so this could be an effective preemption. The time and effort expended could be paid back in multiples. Case in point: The focus of the fastest-growing companies in the US is now employee retention, not recruiting. One sound piece of advice is this: “Regularly ask why your team stays, what’s working, and where they're struggling—then act on it.”