Stay Interviews_A Critical Element of Engagement and Retention_Webinar

Stay Interviews
A Critical Element of Every Organization’s
Engagement and Retention Strategy
PRESENTED BY DANNY A. NELMS
The Work Institute


MEET YOUR SESSION LEADER
Mr. Danny A. Nelms, MBA
SVP & Managing Director
The Work Institute
Co-author of The Why Factor: Winning With
Workforce Intelligence
Agent of change, thought leader, and expert in
helping companies forge new directions with 20
years of experience and insight into human capital
dynamics
Bachelor of Business Administration from Georgia
State University
Masters of Business Administration from the
Massey School at Belmont University
Adjunct faculty member at Lipscomb University in
Nashville, Tennessee


KEY TOPICS FOR DISCUSSION
Overview of Talent Management
Impact of Stay Interviews
Monetizing Intent to Stay
We Believe Every Word Counts

Overview of Talent
Management
“Talent Intelligence could be a key lever in today’s hyper-competitive
world. As ‘business intelligence’ captures, extracts and analyzes key
data on an organization’s traditional hard assets, ‘talent intelligence’
centers on key data on its people assets to generate insights that can
drive improved decision-making and performance.”
- Human Capital Institute


DEFINING TALENT MANAGEMENT
Talent Management is the science of using strategic HR to
improve business value and make it possible for companies
and organizations to reach their goals.


KEY TALENT MANAGEMENT COMPONENTS


TIMING IS EVERYTHING
Employees’ views change
during the employment lifecycle, so it’s important to
collect valuable intelligence
from employees at varying
times throughout the
employment experience.


The Impact of Stay

Interviews
“The robustness of any talent management process should be
periodically measured to ensure that it continues to be effective.
Monitoring enables an organization to fine-tune its talent
management system on an ongoing basis in accordance with its
creed and talent management strategy..”
- Lance and Dorothy Berger, The Talent Management Handbook


STAY INTERVIEW AND TALENT MANAGEMENT
Performance reviews are not creating the right
discussions
Must understand risk related to retention and
engagement
Provides a pulse mechanism
Creates qualitative data that surveys typically do not
Organizations must use multiple forms of employee
feed back


SERVICE - PROFIT CHAIN


ENGAGEMENT MODEL


INTRODUCTION OF THE STAY INTERVIEW
Earliest article found in 2008
Around 2010-2011
The Power of Stay Interviews, Dick Finnegan

KEY ELEMENTS OF THE STAY INTERVIEW
STAY INTERVIEWS MUST
ADDRESS:
Intent to stay
Barriers to job performance
and satisfaction
Potential supervisor
concerns

STAY INTERVIEWS MAY
CONSIDER ADDRESSING:
Recent changes in the
organization
Work-life balance
Culture issues
Reward concerns

Compliance issues
Career opportunities
Development needs

Staffing


THE RIGHT QUESTIONS
Stay Interview Question Framework
1. How would you rate COMPANY X as a place to work?
2. Do you feel that colleagues at COMPANY X are aligned with

the Vision or Purpose of COMPANY X.
3. How would you rate your direct supervisor?
4. Would you work for your direct supervisor again?
5. Do you feel supported in your position at COMPANY X?
6. Do you feel you have an opportunity to grow at COMPANY
X?
7. Do you feel you have a voice in decisions that affect you?
8. Would you recommend COMPANY X as an employer to a
friend or family member?
9. Are you likely to look for a job with a new employer…
10. In your opinion, have there been any compliance issues related to fraud, abuse,
unethical or illegal practices or any other misconduct at COMPANY X?


INSIDE VS. OUTSIDE
INSIDE

OUTSIDE

CREATES MEANINGFUL
CONVERSATIONS

POTENTIAL TO BE MORE
CANDID

BUILDS TRUST

MORE LIKELY TO ADDRESS
SUPERVISOR ISSUES

CAN BE MORE
INDIVIDUALIZED
OPPORTUNITY TO ADDRESS
ISSUES IMMEDIATELY

INTERVIEWS ARE
STANDARDIZED
DATA IS MORE CONSISTENT
AND ORGANIZED FOR
REPORTING AND TREND
DEVELOPMENT
ENSURES THAT INTERVIEWS
TAKE PLACE


COLLECTING THE DATA
Start by asking “WHY?”
Use mixed methodology techniques for a
stronger foundation
Gather actionable employee feedback

Understanding employees’ preferences, expectations, and intents is essential
to eliminating the high cost of turnover, the expensive process of recruiting
new hires, and the major issues that lead to dissatisfaction in the workplace.


REPORTING THE DATA
Data accessibility when and where
you need it
Information that goes beyond ratings

and indexes
Simple yet powerful analysis
capabilities
Ability to correlate research to
support decision-making


STAY INTERVIEWS: WHEN AND HOW
As an engagement assessment
Supplement engagement research
High turnover areas
Pulsing tool
YOU CAN CALL A STAY INTERVIEW ANYTHING YOU WANT


STAY INTERVIEW AND TALENT MANAGEMENT
Evidence based management
Data is the critical element of evidence based
decisions
Talent management is fluid therefore must have ongoing feedback
Managing controllable human capital costs


WHAT STAY INTERVIEWS ARE NOT
Do not replace the
need for exit interviews
If done externally, they
are not a replacement
for frequent
manager/employee

discussion


VALUE OF STAY INTERVIEWS
Recruit, retain, reward and develop are key to high
level of employee engagement
Organization should consider the importance of
talent management
CEOs are talking/focusing on talent management
Keys to the stay interview
Inside vs. outside
Part of talent management strategy


Monetizing Intent to
Stay
“By creating a clear ‘line of sight’ between HR activity and your
organization’s bottom-line profitability, HR analytics can provide a
tangible link between your people strategy and your organization’s
performance.”
- Economist Intelligence Unit Study by KPMG


WHY FOCUS ON INTENT TO STAY?
Retention drivers and
engagement drivers are the same
Proactive approach to retention
AND engagement
Retention can be measured both
in turnover and costs

FINANCIAL CASE FOR IMPROVING INTENT TO STAY
Elements of Turnover Costs:
Lost productivity
Temporary replacement
Hiring costs
Training costs
Administrative costs


INTENT TO STAY HOW TO INTERPRET
Typical Intent to Stay
Ratings
Within 3 months (Poor)
4-12 months (Fair)
12-24 months (Good)
24-36 months (Very Good)
Not for a Long Time
(Excellent)