One of the biggest costs for any company is the expense associated with employee turnover. Not only is it time-consuming and expensive to advertise for open positions and to interview candidates, but the cost to train a new employee can be astronomical. If a company experiences high turnover, they may continue to waste money replacing employees, without finding the real reason employees are leaving. The stay interview is a technique managers can use to accurately retain employees and minimize costs. Working with managers and supervisors to complete stay interview training has several benefits to the company.
One of the best reasons to practice stay interview training with managers is to reduce costs. A manager can work with employees to understand their contentment within the workplace. Properly diagnosing the reasons why employees are leaving, and creating a plan to combat turnover are the best ways to reduce hiring and training expenses. By having employees stay longer, less money is spent on advertising, interviewing, and expensive training.
Through a stay interview with individual employees, a manager or supervisor is able to understand an employee’s motivation and goals. Based on the answers provided by the employee, a manager can put together an accurate forecast for how long the employee will be in his or her current position. Understanding the time restraints on a current employee can help prepare the company for turnover when it does happen. If funds are appropriately budgeted for turnover, the company can better prepare for the inevitable.
Diagnose Current Problems
One of the best outcomes from practicing stay interview training is that managers and supervisors are able to successfully diagnose problems within the organization. Understanding the factors that may make a person decide to leave the company can help the company improve. Correcting an ongoing problem before it becomes worse within the company is a great opportunity to not only make the company stronger from within, but to create an attractive workplace that employees will want to come to.
Create a Plan
Working with employees one on one with a stay interview is a fantastic way to understand the employee’s goals. By learning which direction the employee hopes to go with his or her career, the manager or supervisor is able to create a plan within the workplace, to help the employee achieve their goals. When the employee is confident that his or her manager is actively working to develop and train him or her for a future within the organization, the employee is more likely to stay for years to come. By understanding and working with the employee, a new level of trust is created between the organization and the employee.