{"id":45901,"date":"2022-11-30T16:10:40","date_gmt":"2022-11-30T21:10:40","guid":{"rendered":"https:\/\/www.arffinancial.com\/development\/?p=45901"},"modified":"2023-01-04T09:09:07","modified_gmt":"2023-01-04T14:09:07","slug":"how-and-why-to-conduct-a-stay-interview","status":"publish","type":"post","link":"https:\/\/www.arffinancial.com\/development\/how-and-why-to-conduct-a-stay-interview\/","title":{"rendered":"How (and Why) to Conduct a Stay Interview"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

Retaining top talent is more important than ever in this job environment. With unemployment at historic lows and job openings elevated, workers do truly have the upper hand. In fact, according to data from CNBC<\/a>, there are roughly two open job postings for every one unemployed worker. How can you go about making sure your best employees stay engaged, happy, and committed to your small business? The answer may lie in a simple task\u2026 the Stay Interview.<\/p>\n\n\n\n

What is a Stay Interview?<\/strong><\/p>\n\n\n\n

Also coined a \u201cretention interview,\u201d the Stay Interview is sort of an exit interview turned backward. The interview is truly a proactive conversation that a manager holds with their best employees, to get a gauge on their feelings toward their current role. These employees aren\u2019t necessarily looking to leave your company\u2013but they are a key partner to helping you better understand what they like about the job, what changes you could consider making, and how best to keep them engaged and on-board. Questions such as, \u201cAre there any areas of opportunity you see for the business?\u201d or \u201cWhat are some things you\u2019d like to do more of (or less of) here?\u201d Stay Interviews can also serve to help you assess an employees\u2019 flight risk, or risk resigning.<\/p>\n\n\n\n

Who Should Conduct the Interview, and Why?<\/strong><\/p>\n\n\n\n

While an exit interview is generally hosted by a member of the Human Resources (HR) department, a Stay Interview is initiated and conducted by your employee\u2019s direct manager. Exit interviews also aim to gather information from departing employees on whether there are issues at the company that could potentially drive others <\/em>out. The difference with a Stay Interview is that the manager is working to gather information on how to improve a specific individual\u2019s<\/em> experience. It\u2019s important for the manager to hear this feedback firsthand so they can take any appropriate actions.<\/p>\n\n\n\n

You want to make sure your business is an engaging, fun, fulfilling place for your employees. Conducting Stay Interviews with top talent on a somewhat regular basis will help you determine what needs to change, what needs to stay the same, and what needs to stop entirely. They are an ideal way to build trust and loyalty with your employees, since you\u2019re showing them how invested you are in their happiness. They also help you identify problems and solutions to improve your employees\u2019 experience.<\/p>\n\n\n\n

How Should the Interview be Conducted?<\/strong><\/p>\n\n\n\n

After you\u2019ve identified those you want to have a Stay Interview with, start scheduling them. Gather your list of questions by either coming up with some on your own, working with an HR partner, or doing a simple internet search. Some common questions might touch on work-life balance, the employee\u2019s career goals, how valued they feel at work, and if they would change anything.<\/p>\n\n\n\n

Even though you may be prepared with a list of multiple questions, the most important thing you can do during this interview is listen\u2013this is not your conversation, and your employee should know they are leading the charge here. The second-most important thing you can do is take action. Whoever you\u2019re speaking to is expecting something to come out of the discussion; if things don\u2019t change after they\u2019ve been elevated, you could lose that employee\u2019s trust and loyalty.<\/p>\n\n\n\n

We know how critical it is to have a team of top talent standing behind your business goals. That\u2019s why we\u2019ve put together a group of seasoned experts<\/a> to help you navigate the process of securing a small business loan. We\u2019ll be with you every step of the way, ready to help answer your questions whenever the need arises. Learn more about our team<\/a> and why we\u2019re proud to say we\u2019ve helped thousands of small businesses like yours succeed.<\/p>\n","protected":false},"excerpt":{"rendered":"

Retaining top talent is more important than ever in this…<\/p>\n","protected":false},"author":5,"featured_media":45902,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[913],"tags":[398,402,400,399,443,386,535,220,1022,213,944,943,345,116,173,536,117,597,594,516,401,224,222,172,142],"class_list":{"0":"post-45901","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business-operations-employee-management","8":"tag-affordable-business-loans","9":"tag-affordable-small-business-growth","10":"tag-business-expansion","11":"tag-business-growth","12":"tag-business-line-of-credit","13":"tag-business-loans","14":"tag-equipment-leasing","15":"tag-flex-pay-loans","16":"tag-how-and-why-to-conduct-a-stay-interview","17":"tag-line-of-credit","18":"tag-marketing","19":"tag-operations","20":"tag-restaurant-expansion","21":"tag-restaurant-financing","22":"tag-restaurant-funding","23":"tag-restaurant-leasing","24":"tag-restaurant-loans","25":"tag-restaurant-reopening","26":"tag-restaurant-reopneing","27":"tag-restaurant-trends","28":"tag-small-business-expansion","29":"tag-small-business-financing","30":"tag-small-business-funding","31":"tag-small-business-growth","32":"tag-working-capital"},"acf":[],"yoast_head":"\nHow 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