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How to stem the attrition of valuable talent
In these challenging times, many employers across the UK are struggling to both hang on to and recruit staff - and this is having a significant impact for all types of industries and organisations.
Not surprisingly, employee retention is a top priority. So, how can companies stem the outflow of valuable talent? Each individual is seeking something different: be it flexible working; more growth opportunities to higher wages or enhanced benefits. The best way to find this out, is to ask.
Let’s conduct more ‘Stay’ conversations than ‘Exit’ interviews
Traditionally, organisations use ‘exit’ interviews to find out why an employee has chosen to leave the business and what went wrong. Today, many companies are advocating that managers should have more ‘stay’ conversations in order to engage with their teams to find out why they stay with the business and identify any reasons that would prompt a resignation.
Create the right environment for the conversation
In order to make the move from ‘what went wrong?’ to ‘what could we do differently?’ you and your organisation need to create a high level of trust and transparency. Your people will only share how they honestly feel if they know that they can speak freely with no fear of repercussions or adverse reactions. This requires the manager to be more “vulnerable” in their approach rather than defensive – being fully open to suggestions and changes that can be made.
The “stay” conversation should be informal and conversational, more of a two-way discussion than an interview. It presents an opportunity to show how you care about your people and ascertain whether there is anything that can be done to improve their happiness, well-being and productivity.
You must also give a reassuring sense that you will do what you can in order to act on the feedback that you are given and relay the steps that you will be taking.
What can you ask in a “stay” conversation?
Stay conversations should focus on how your employee feels about the work they do every day, what they value, what they want to be valued for, the importance of their contributions and how they feel within the organisation,
Some example “stay conversation” questions are:
What do you like best/least about working here?
Do you feel that you’re performing meaningful work? Do you feel that your work makes a difference to your clients?
What do you want to do more of at work? Less?
What can I do to make your job better?
What are your short and long-term career/professional goals? How can we best support you?
Have you considered leaving the company at any time? If so, what made you consider this?
Do you feel you are a valued employee? What can I do to make you feel more valued?
There may be some urgency in having these conversations with particular employees. As remote working becomes the norm, the marketplace has opened up for employees as location is no longer an issue. Your first meetings should perhaps focus on key employees who would be difficult to replace and would considerably impact your business if they left.
These conversations should take less than 30 minutes. If you consider the cost of recruiting a new employee, the time it takes for them to become operational, not forgetting the amount of time of spent identifying and interviewing several candidates for their replacement: the 30-minute stay conversation is time well spent.
Helen Quinlivan is CEO Whispering’s chief blogger and researcher. She has worked for over 30 years in global corporate HR and L&D.
CEO Whispering www.ceowhispering.co.uk enables new, inexperienced, and aspiring HR Directors to achieve the results you desire, through increased influence, credibility, and impact.
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