Retaining Top Talent: Insights and Strategies Did you know according to a recent LinkedIn study that while 79% of workers are satisfied with their current jobs, 86% remain open to new opportunities? This highlights a workforce that, although content, is still curious about potential career advancements. ❔ As employers, what can we do to retain our top talent? Studies say replacing an employee can cost up to four times their annual salary. Hidden costs, such as lowered productivity, reduced work quality, morale dips, and loss of company knowledge, can further strain an organization. Plus, it can take new hires one to two years to really hit their stride, causing potential delays and impacting the company's bottom line. The main reasons folks leave often boil down to feeling undervalued, dealing with a toxic work culture, hitting a growth ceiling, poor leadership, or feeling like their paycheck doesn’t match their efforts. Just this week, I heard a story from a colleague about someone who resigned because they felt undervalued, despite liking other aspects of the company. They did an exit interview, sure, but what if the company had regular chats about concerns and possible new paths within the organization? They might have stayed. To reduce turnover, one effective and easy-to-implement strategy is conducting stay interviews— one-on-one conversations where employees provide honest feedback on motivations, what could make their job better, and where they see themselves going. Turns out, more and more companies are catching on to this. Nonprofit HR found that the use of stay interviews jumped from 33% in 2022 to 46% in 2023. To be successful, it’s also important to note who conducts these interviews. They should be personal conversations between employees and their direct managers, not HR. Here are ten critical stay interview questions: 1️⃣ What do you look forward to at work each day? 2️⃣ What aspect of your job do you wish you could change? 3️⃣ Are there talents you have that you don’t get to use in your position? 4️⃣ What factors contribute to you doing your best work? 5️⃣ How could your work-life balance be improved? 6️⃣ What situations have made you consider resigning? 7️⃣ What could the company improve about employee recognition? 8️⃣ What are your long-term career goals? 9️⃣ How can we continue to support your career growth and development? 🔟 What feedback do you feel would be helpful that you aren't currently receiving? How often should you conduct a stay interview? Our suggestion is semi-annually if not quarterly discussions, keeping those lines of communication open. For more insight on stay interviews, see the link below in the comments. ⬇ Thank you to Madeline Nelson for sharing your insights and expertise on stay interviews!
Nick Burns
1mo
Great insights on Stay Interviews, Madeline! Stay interviews will help reduce exit interviews, and your tips should be utilized by all companies.
Lindsey Kiesling
1mo
This is GREAT information to be aware of. Especially in todays market. Thank you for sharing your insights Madeline Nelson, your knowledge on this information is exceptional!
Lindsey Burns
1mo
This is so helpful Madeline Nelson! Great work.
This is well written Madeline, your suggestion at the end for having a regular cadence with these conversations is gold, consistency matters. Thank you for sharing your wisdom!!!