Should You Use Retention Surveys or Stay Interviews?

Give Your Employees a Forum to Speak Their Minds

Why Conduct On-Line Retention Surveys

Many employers face high employee turnover rates, and the results are costly. It goes without saying, but it costs employers in both time and money to frequently hire and on-board new employees. According to a 2016 Deloitte Millennial Survey, 66% of millennials expect to leave their company by 2020, and 25% expect to leave within a year.

More recently, the importance of proactively retaining employees to promote productivity, innovation and uphold company excellence has become clear. With online resources available at the click of a button, valued employees often know their worth to a company, so it is more vital now than ever for a company to know exactly what employees want from their employers.

One approach to learning and acknowledging why an employee is choosing to stay with a company is by conducting retention surveys.

Purpose of Retention or Stay Surveys

Retention and Stay Surveys are one and the same and provide the opportunity for employees to anonymously rate what is most important to staying and least important. Then employees are asked to rate their satisfaction with these same items. Questions also request employees’ risk for leaving and what might be done to improve their current position, along with their thoughts on leadership and suggestions to improve leadership.

Stay Surveys do not replace engagement surveys, which measure all components of an organization’s effectiveness. The focus is on retention and demonstrate an employer’s conscious effort to validate the importance of employees feelings and concerns that put them at risk of leaving. Ultimately, stay interviews disclose what aspects of a position motivate an employee and inform employers as to how to continue to keep employees engaged with the company.

How to Conduct Stay Interview or Stay Surveys

While some employers conduct face-to-face stay interviews between the manager and employee, HSD’s online Stay Surveys include a higher number of participants, are more efficient, less time consuming and easier to systematically analyze groups, jobs, functions, or departments where turnover is the highest.

Employers need honest feedback from employees, and employees want to express truthful answers. However, employees may hesitate for fear of jeopardizing their position at the company. A simple solution to avoid a conflict of interest for an employee is to outsource stay interviews. The employee anonymity that comes with outsourcing can give employees a sense of security when answering honestly.

Stay Interview Solution

Exit interviews cover a broader spectrum of information on organizational health, turnover causes, management behavior, business strategy, ethical matters and more–all with extensive verbatim commentary. Stay interviews (which can encompass stay surveys and retention surveys) and exit interviews complement each other and, when combined, provide a steady flow of information on retention.

HSD Metrics offers Stay Surveys as a supplement to outsourcing your exit interviews. Standard and customized questions can be aligned to the ExitRight interview. The anonymous questionnaire design encourages higher participation with extensive reporting. With these results, your organization gains tailored insight and the springboard to reduce employee turnover. How can outsourcing stay interviews improve your business? Contact us online or call 877-439-9315 today.