HR managers conduct stay interviews to collect insights and information from departing employees. It helps them understand what went wrong, how, where, and why. However, it comes across as sad and hurtful to employees who are leaving most of the time. They think that HR should have asked such questions before. Even after that, we cannot deny that HR managers need to conduct stay interviews.
What are these stay interviews?
We have listed the brief of stay interviews above. However, let’s explain it more here.
Stay interviews are conducted by the HR department with the employee who is leaving. It is not mandatory to conduct these interviews. However, it will only benefit the company to refine its culture and norms for the remaining batch of workers.
Stay interviews help to find out the trouble in the employee experience for all. Then, employers and HR managers work together to rectify the mistakes and improve the retention rate further.
Also Read: 7 Ways To Improve Employee Experience
Employees who are leaving might not give genuine answers. So, conducting stay interviews has its pros and cons. It is up to the management how they want to lead the culture depending upon the insights garnered from these interviews with departing employees.
So, in this blog, we will look at why stay interviews should be the staple of every company and what kind of benefits it can reap from these interviews. Read the blog at your speed and get to know the best pros possible of these interviews. Plus, when you conduct stay interviews with uKnowva HRMS, you are going to improve the user experience at every level.
4 benefits of conducting stay interviews
Saves company cost
When employees leave, companies spend a lot of money trying to finish up their daily work while looking for replacements. This is why many companies have solid HR departments whose primary job is focusing on retention strategies to keep the best of talent. Stay interviews help reduce the next batch of employees leaving the organisation. Reduced employee exits save the organisation money that would otherwise be spent on acquiring and training new employees.
Identity problem areas in the workplace
At every level in a company, there will be operational problems, but what makes a good company stand out from a great company is how the company tackles these problems. When dealing with human beings, you are not just dealing with someone who can complete tasks; you’re dealing with creativity, personalities, egos, strengths, and difficulties.
As a result, there will always be areas of trouble in the workplace.
Stay interviews can help companies identify unhappy employees because of poor communication or mishandled management. This can help companies rectify the issue so that either they can get the departing employee to stay with them or prevent unhappiness in others at the workplace.
Increases engagement levels in the workplace
If there is one thing that proves true in the management realm, it's that listening always helps. Most employees clock in, finish their jobs and head out for the day without ever being vocal about anything in the company. So it should be surprising that they would want to leave for different opportunities.
Thankfully, stay interviews give employees a chance to speak up one last time. Insights from these conversations and interviews can help boost engagement in the workplace.
Employee engagement, effective communication, and great retention are all intertwined. Engaged employees are less likely to walk away from the company.
Regular contact with your staff keeps them engaged in their work and committed to the company's objective.
Furthermore, stay interviews are also a good chance for employees to receive feedback on their work and improve their performance. That is when the manager decides to put them in a performance improvement plan (PIP) instead of termination. uKnowva HRMS has a proper PIP module to help managers streamline the process of retaining top talent at the right cost.
Create the best possible company culture
Culture is everything for an organisation’s workforce. Attributes like honesty, collaboration, positivity, and trust play a very important role in enforcing a healthy company culture. Trust is the foundation of a great corporate culture.
Building a strong, productive team is never easy, but with the help of stay interviews, companies have the advantage of moulding company culture in the right way.
Stay interviews aid in the development of a favourable culture because of the insights it highlights from unhappy employees. The sincere and open communication that these interviews provide demonstrates how employee expectations are important for a firm to be successful.
Stay interviews are effective strategies companies use to retain top talent as a last resort. Other than that, these interviews are fruitful in knowing the real impact and impression of the culture on employees. Those who are leaving will most likely be honest as they do not have the burden to be biassed or positive unnecessarily. So, to a certain extent, a company gets a real figure on what is going wrong with the firm and how to improve their conflicts on time.
uKnowva is the leading HRMS tool that helps companies gain insight by conducting surveys, and utilising a complaint and grievance system so that companies are never missing out on important parts of the workforce life.