posted on 20 May 2016
from Challenger Gray and Christmas
While many American workers may be familiar with the concept of the exit interview, a tightening labor market is prompting employers to initiate "stay interviews" as a preemptive means of hanging onto talent.
More than 50 percent of respondents said their companies were already conducting stay interviews or planned to start doing so in the near future. Said John A. Challenger, chief executive officer of Challenger, Gray & Christmas:
The survey, conducted in March among approximately 100 human resources executives, found that 27 percent of companies were already conducting stay interviews to reduce turnover. Another 24 percent of respondents indicated that they plan to implement such interviews.
Exit interviews have long been a part of the human resources toolbox. Conducted when an employee leaves an organization, the exit interview helps companies determine what they are doing well and identify areas to improve; confirm skill sets, experience, and attributes best suited for the position; and capture useful knowledge, contacts and tips from the departing employee. Most importantly, exit interviews provide insight on why the employee is leaving.
Stay interviews, as the name suggests, are intended to provide all of this insight before the employee leaves. It is important that organizations understand why employees stay and what might compel them to leave.
Following are some sample questions for stay interviews offered by the Society for Human Resource Management (www.shrm.org):
Said Mary C. Shinsako, Manager, Human Resources for ArcelorMittal USA, a global steel and mining company with North American operations headquartered in Chicago.
Stay interviews are likely to become more widely used as labor markets get tighter around the country. As of February, there were 63 metropolitan areas with an unemployment rate of 4.0 percent or lower, according to the latest data from the US Bureau of Labor Statistics (BLS). There were 97 more with a rate below 5.0 percent.
Furthermore, the pool of available talent with a college degree is also getting particularly shallow. Among Americans 25 and older with a four-year college degree, the unemployment rate is just 2.6 percent. Said Challenger:
Indeed, in one of the most comprehensive surveys on job satisfaction, a 2014 survey of 200,000 people around the world by Boston Consulting Group (https://www.bcgperspectives.com/content/articles/human_resources_leaders...) found that the top factor for employee happiness on the job is to be appreciated for their work. Salary ranked eighth on the list of top 10 factors.
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