Many firms use exit interviews to find out why employees are leaving their jobs.
Unfortunately, asking an employee on their last day “why are you leaving?” doesn’t provide useful information in time to prevent the turnover.
A superior approach that I’ve been recommending for over 20 years is a “stay interview.” I alternatively call it a “pre-exit interview,” because it occurs before there is any hint that an employee is about to exit the firm.
A stay interview helps you understand why employees stay, so that those important factors can be reinforced.
Definition: A “stay interview” is a periodic one-on-one structured retention interview between a manager and a highly valued “at-risk-of-leaving employee” that identifies and then reinforces the factors that drive an employee to stay. It also identifies and minimizes any “triggers” that might cause them to consider quitting.
The many benefits of “stay” interviews
Some of the reasons why stay interviews have proven to be an effective retention tool over the years include: