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The Power of Stay Interviews for Employee Engagement & Retention

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The Power of Stay Interviews for Employee Engagement & Retention

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Would you believe managers can lower employee turnover simply by asking how they can help?

Stay interviews have been shown to reduce turnover by more than 20%, preventing high performing employees from jumping ship. How? By building trust between managers and employees.

In this webinar you'll learn:
Study data that drives home the importance of supervisor effectiveness
Specific stay interview tools including questions to ask, data to record, and potential solutions
The four required skills leaders must learn to make their interviews successful

Would you believe managers can lower employee turnover simply by asking how they can help?

Stay interviews have been shown to reduce turnover by more than 20%, preventing high performing employees from jumping ship. How? By building trust between managers and employees.

In this webinar you'll learn:
Study data that drives home the importance of supervisor effectiveness
Specific stay interview tools including questions to ask, data to record, and potential solutions
The four required skills leaders must learn to make their interviews successful

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The Power of Stay Interviews for Employee Engagement & Retention

  1. 1. Presenting Today Dick Finnegan CEO C-Suite Analytics @Dick_Finnegan Follow along on Twitter: #BizWebinar @BizLibrary Krista Brubaker Content Marketing Specialist BizLibrary kbrubaker@bizlibrary.com
  2. 2. www.bizlibrary.com/free-trial BizLibrary helps organizations succeed by improving the way employees learn.
  3. 3. Who Is C-Suite Analytics? Bring broad reach working with scores of US Companies and across 6 continents, with targeted retention techniques for many industries Business-driven by translating turnover %s and survey scores to the language of CEOs which is Dollar$ Improved retention 20-70% based on our founder’s top-selling, industry-changing books… Endorsed by Chief Executive Magazine, Consulting Magazine, and BusinessWeek which said, “Offers fresh thinking for solving the turnover problem in any economy”
  4. 4. Today’s Map • The Power of Stay Interviews • First-line leaders roles in engagement & retention • Building trust is essential competency • The Stay Interview Tool-Kit • Bonus: What makes people happy?
  5. 5. The Power of Stay Interviews A Stay Interview is a structured discussion a leader conducts with each individual employee to learn the specific actions she 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 managers in the solution seat
  6. 6. Structured Five defined questions that will help you to yield needed information Stay Interviews are always conducted by each employee’s immediate supervisor in order to build trust Leader
  7. 7.  Reduce Cost of Turnover  Improve Employee Engagement  Improve Revenue & Profitability Dollars
  8. 8. 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
  9. 9. Engagement Stuck…per Gallup/Deloitte 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 ENGAGED NOT ENGAGED ACTIVELY DISENGAGED US spends $1.53 billion each year to improve engagement
  10. 10. CEO, our turnover is 12% and the benchmark is 20% OR CEO, our turnover is 12% and it’s costing us $2.2 MM each year TRUE BUT ALSO TRUE CEOs Want Worthless Benchmarks
  11. 11. How Much More Do Engaged Employees Produce? Gallup: 22% more profitability/lower turnover (TO)/higher earnings per share (EPS) GPTW Institute: 20% more productivity/lower TO/higher EPS Hewitt: % engaged correlates with higher shareholder returns (S/H) Kenexa: double S/H returns WorkUSA/Watson Wyatt: 26% more revenue per employee
  12. 12.  Reduce Cost of Turnover  Improve Employee Engagement  Improve Revenue & Profitability Goals
  13. 13. Retention Programs are driven from the side like town hall meetings, employee appreciation week, newsletters Business Accountabilities are driven by executives from the top like sales, service, quality, & safety 86% of the time Are Your Engagement & Retention Efforts Driven by… Accountabilities Programs
  14. 14. Poll Question #1 How do you solve engagement & retention? With Accountabilities With Programs
  15. 15. “If you have a turnover problem, look first to your managers”… Gallup Employees stay for managers first and co-workers second… salary.com Employees’ levels of engagement higher when their supervisors had higher levels of engagement… DDI “When employees stay, it is because of their immediate managers”… National Education Association Employees who stay primarily for their supervisors stay longer, perform better, and are more satisfied with their pay…TalentKeepers Supervisor’s Impact on Engagement & Retention
  16. 16. The Real Power of Supervision A global consulting firm interviewed 1,000 recently-quit employees and asked about pay, benefits, development, advancement and relationships with supervisors… and found supervisor relationships influenced all other opinions, concluding… “Offering a higher salary or developmental/advancement opportunity may not be enough to retain employees”
  17. 17. First-Line Supervisors’ Impact on Engagement Data per Gallup
  18. 18. The Incredible Power of Accountability & First-Line Retention Goals Strategy A Group of hospitals “solved” nurse turnover with onsite child care & flexible scheduling Strategy B Outlier hospital assigned retention goals to managers and reported progress monthly One Year Later: “A” turnover % identical, “B” down 41%, saved millions of $s
  19. 19. Introducing the Power Of…
  20. 20. Why Was Your Best Boss Your Best Boss? And Why Was Your Worst Boss Your Worst Boss?
  21. 21. The Fortune Top 100, 2012 - 2016 “ Baby bonding bucks…100,000 hours subsidized massages…subsidized wash & fold…virtual doctor visits…3 prepared organic meals a day…artisan tea & coffee…onsite oil changes/haircuts/spa truck/bike repair truck…nap pods…volunteers to Ghana & India…7-acre sports complex…horseshoe pits…free eyebrow shaping”
  22. 22. “Two-thirds of a company’s score is based on the results of the Great Place To Work’s Trust Index Survey” “Any company can be a great place to work. Our approach is based on the major findings of 20 years of research – that trust between managers and employees is the primary defining characteristic of the very best workplaces.” The Great Place to Work Institute
  23. 23. Building Trust 1-1 Builds Profits
  24. 24. One Big Lesson Learned It’s not what you give them, it’s how you treat them…and first line supervisors most influence employees’ relationships with managers, colleagues, and duties And MUST build trust Insanity: Doing the same thing over and over again and expecting different results
  25. 25.  Reduce Cost of Turnover  Improve Employee Engagement  Improve Revenue & Profitability Stay Interviews
  26. 26. The Power of Stay Interviews A Stay Interview is a structured discussion a leader conducts with each individual employee to learn the specific actions she 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 managers in the solution seat
  27. 27. 3 Stay Interview Success Stories Novo 1 Call Centers Agent turnover down 20% Florida Hospital Zephyrhills All turnover down 37% Nurse turnover down 70% Burcham Hills Retirement Community Nurse turnover down 70% 100% retention first 180 days
  28. 28. Top-down, Cascading Implementation Stay Interview Process Key Ingredients Executives w/ Managers Managers w/ Supervisors Supervisors w/ Ind. Contributors Time
  29. 29. Stay Interview Process Key Ingredients Conducted by supervisors vs. HR Separate from Performance Review Repeat at least 1X/yr for all existing employees / 2 times a year for new hires Script opening, questions, probes, closing Create individual Stay Action Plans Managers Forecast Retention Top-Selling SHRM-Published Book in History
  30. 30. Stay Interview 5 Questions (1) To Build Trust & (2) Gather Data 1. 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?
  31. 31. Poll Question #2 In Stay Interviews, what do employees ask for the most? More pay Development Work/life balance Better work processes Promotions
  32. 32. What Do Employees Ask For The Most? Better work processes! Please eliminate this report/improve equipment/get others to be more accountable Employees most want to be more productive & eliminate sacred cows
  33. 33.  Reduce Cost of Turnover  Improve Employee Engagement  Improve Revenue & Profitability Forecast
  34. 34. Managers Forecast Retention Likely to leave in a 6 months or less Might leave in 6 – 12 months Likely to stay greater than 1 year Can be changed at any time if new information
  35. 35. Retention Forecast “HeatMap” Leader: Rodriguez Perf Rating/ 5 Hi, 1 Lo Green 1+ yrs Yellow 6-12 Months Red 0-6 Months Retention Plan Kim Johnson 4 Provide mentor for… Burt Brown 5 Develop skills for possible promotion to… Cindy Stone 3 Pleased with current role & circumstance Ralph Jimenez 2 Coaching for performance
  36. 36.  Reduce Cost of Turnover  Improve Employee Engagement  Improve Revenue & Profitability Accountability
  37. 37. “A” turnover % identical, “B” down 41%, saved millions of $s The Incredible Power of Accountability & First-Line Retention Goals Group of hospitals “solved” nurse turnover with onsite child care & flexible scheduling STRATEGY A Outlier hospital assigned retention goals to managers and reported progress monthly STRATEGY B one year later…
  38. 38. The Power of Retention Accountability MANAGER RETENTION GOALS YTD ACTUAL TURNOVER % COST OF TURNOVER Bob Jones All T/O 15% 13% $105,378 1st Yr T/O 5% 3% 31,254 Sue Michaels All T/O 15% 10% $71,598 1st Yr T/O 5% 5% 49,560 Ray Murphy All T/O 15% 22% $221,369 1st Yr T/O 5% 11% 88,321
  39. 39. How To Build Stay Plans  Development  New Role/Promotion  Pay
  40. 40. Subject Probes Solutions Development If you could learn about one additional topic related to your job, what would that one topic be? How do you learn best? By reading? Listening? Observing? Doing? How can I know that our plan is working, that you are learning what we both want you to learn? Assign a mentor for a specific number of hours each week for a specific period of weeks Ask employee to identify relevant books and websites Recommend internal and/or external courses
  41. 41. Subject Probes Solutions New Role/Promotion Tell me the perfect job for you Why is that job so appealing to you? What SKILLS do you have that qualify you for that job? What SKIILLS would you have to build? Ask employee to meet with/shadow incumbent and report back on 5 most important SKILLS Give employee specific feedback on her SKILL levels and SKILLS needed Build plan to develop SKILLS via mentoring, coursework, and feedback
  42. 42. Subject Probes Solutions Pay How much money do you think you should be making? What actions do you see that you can take to increase your pay? What SKILLS can you build that would make you more valuable to our company? Check employee’s pay against same-performing peers to verify it is right Design development plan that is targeted toward a different role for more pay if employee has talent to qualify Ensure employee knows all incentive opportunities that might provide shorter-term rewards
  43. 43. Vado Stay Interview ToolKit Contents 1. Introduction to the Stay Interview 2. Preparing to Conduct Stay Interviews 3. Essential Stay Interview Skill #1: Listening 4. Essential Stay Interview Skill #2: Taking Notes 5. Essential Stay Interview Skill #3: Probing 6. Essential Stay Interview Skill #4: Taking Notes 7. Managing the Stay Interview 8. Developing A Stay Plan 9. Closing & Moving Forward 10 – 12. Avoiding Stay Interview Traps
  44. 44. Gallup’s 100 Year Commitment Surveying citizens of the world to learn what brings most happiness over 100 years. So far the answer is which… a. Good health? b. A good job? c. Love and respect from others? d. Money for needs and more? e. Better life for your children?
  45. 45. Poll Question #3 Which is the greatest driver of global happiness? Good health A good job Love and respect from others Money for needs and more Better life for your children
  46. 46. Gallup’s 100 Year Commitment a. Good health b. A good job c. Love and respect from others d. Money for needs and more e. Better life for your children
  47. 47. Feel free to contact me… DFinnegan@C-SuiteAnalytics.com LinkedIn Profile: https://www.linkedin.com/pub/dick -finnegan/6/874/a71 Speaker video: http://c- suiteanalytics.com/solutions/keynot e-speaking/
  48. 48. Questions?
  49. 49. Stay Interviews Toolkit 12-part eLearning course from Vado 1. Introduction to the Stay Interview 2. Essential Stay Interview Skill #1: Listening 3. Essential Stay Interview Skill #2: Take Notes 4. Essential Stay Interview Skill #3: Probing 5. Essential Stay Interview Skill #4: Taking Responsibility 6. Preparing to Conduct Stay Interviews 7. Avoiding Stay Interview Preparation Traps 8. Managing the Stay Interview 9. Avoiding Stay Interview Meeting Traps 10. Developing a Stay Plan 11. Avoiding Stay Interview Post-Interview Traps 12. Closing and Forecasting
  50. 50. Leadership Fundamentals 7-part video course 7-part video course 1. Introduction to Leadership 2. Leadership Throughout the Organization 3. What is Leadership? 4. Styles of Leadership 5. Management vs. Leadership 6. Traits of Successful Leaders 7. How Leaders Get Followers
  51. 51. Try out these video lessons and more! Let us know through the poll if you’d like a free trial of BizLibrary’s online course collection. www.bizlibrary.com/free-trial

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