The Power of Stay Interviews - C-Suite Analytics · The Power of Stay Interviews A Stay Interview...
Transcript of The Power of Stay Interviews - C-Suite Analytics · The Power of Stay Interviews A Stay Interview...
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The Power of Stay InterviewsFor Engagement & Retention
Dick Finnegan, Speaker, Author, & CEO, C-Suite Analytics
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When you travel to work each day, what things do you look forward to?
Discuss this with your partner.Discuss this with your partner.
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Stay Interview 5 Questions1. When you travel to work each day,
what things do you look forward to?
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The Power of Stay InterviewsA Stay Interview is a structured discussion a supervisorconducts with each individual employee to learn the specific actions he must take to strengthen that employee’s engagement and retention with the organization
Stay Interviews…
^ Bring information that can be used today
^ Focus on individual employees including top performers
^ Put supervisors in the solution seat
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Purpose of Stay Interview Process…
Increase employee engagement
Reduceundesirable turnover
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Engagement Stuck…per Gallup/Deloitte0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
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Engaged
Not Engaged
Actively Disengaged
U.S. spends $1.53 Billion each year to improve engagement
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U.S. Voluntary Quit Percentages, Post-Recession…U.S. Bureau of Labor Statistics
Young U.S. workers will hold
10-14 jobs by age 38
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Reduce Cost of TurnoverImprove Employee Engagement Improve Revenue & Profitability
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Reduce Cost of TurnoverImprove Employee Engagement Improve Revenue & Profitability
DOLLARS
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How Much Does It Cost to Lose One Agent?
Top-5 Financial Services Call Center: $10,000
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Stay Interview 5 Questions
5. What can I do to make your experience at work better for you?
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First-Line Supervisors’ Impact on Turnover
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First-Line Supervisors’ Impact on Turnover
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Why Was Your Best Boss Your Best Boss?
Why Was Your Worst Boss Your Worst Boss?
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The Most Important Skill is…
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Reduce Cost of TurnoverImprove Employee Engagement Improve Revenue & Profitability
GOALS
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Your Employee Retention Goals
¤ Reduce total annual turnover to 30% by 12.31.19
¤ Reduce 60-day new hire turnover by 50%
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Tips for Hiring Employees Who Stay
the
New Guy
� Referrals
� Realistic Job Previews with Follow-Up Questions
� Job Offers
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Reduce Cost of TurnoverImprove Employee Engagement Improve Revenue & Profitability
STAYINTERVIEWS
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Stay Interview Process Key Ingredients
^ Conducted by supervisors vs HR
^ Separate from Performance Review ^ Conduct Stay Interviews at least
1X/yr for existing employees and 2X/yr in new hire goal period
^ Create individual Stay Plans
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Introduction Script Sample:“I want to have a one-on-one meeting with you to learn what I can do to make working here better for you.”
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Stay Interview 5 Questions1. When you travel to work each day,
what things do you look forward to?
2. What are you learning here?
3. Why do you stay here?
4. When was the last time you thought about leaving our team? What prompted it?
5. What can I do to make your experience at work better for you?
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Four Essential Skills During a Stay Interview
Listening
Probing TakingResponsibility
TakingNotes
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Reduce Cost of TurnoverImprove Employee Engagement Improve Revenue & Profitability
FORECASTS
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Supervisors Forecast Retention
n Likely to leave in less than 6 months
n Likely to stay a year or more
n Likely to leave in 6 – 12 months
* Can be changed at any time if new information
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Best Tool for Retention Forecasting
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“Relationships between employees and supervisors are personal.”- from Rethinking Retention In Good Times and Bad
ACCOUNTABILITY
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The Incredible Power of Accountability & First-Line Retention Goals
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Gallup’s 100 Year Commitment
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Gallup’s 100 Year Commitment
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To Obtain…
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The Power of Stay Interviews
Thank you…