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In The War On Talent, Use 'Stay Interviews' To Retain Great Employees

Apr 15 2014, 6:35am CDT | by

Here’s a word of advice from Edward Fleischman, the CEO of New York and Boston staffing recruiting firm Execu|Search. You may not have noticed it yet, but today’s candidate profile is changing....

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15 weeks ago

In The War On Talent, Use 'Stay Interviews' To Retain Great Employees

Apr 15 2014, 6:35am CDT | by

Here’s a word of advice from Edward Fleischman, the CEO of New York and Boston staffing recruiting firm Execu|Search.

You may not have noticed it yet, but today’s candidate profile is changing. Hiring and job creation is on the upswing, and the unemployment rate has declined. With a major skills gap in the U.S., the pool of available qualified candidates is shrinking. As they say in real estate, it’s “a buyer’s market.”

In the past several years it was much more difficult for job candidates to land interviews. But today, especially for those who are considered “top talent,” it’s not unusual for a candidate to be inundated with multiple offers at once. As a result, job seekers can afford to be more selective and are becoming more comfortable waiting for an offer that meets their specific criteria, or will job hop more readily when another offer comes in.

The shift from employer-driven market to a candidate-driven market has created a war on talent that requires employers to compete more heavily for good candidates than ever before. They also need to be more alert to signs of dissatisfaction or restlessness on the job.

Says Fleischman: “You never want to wait until someone resigns to get feedback on why they have decided to leave for another opportunity.”

Instead, he suggests, consider the new best practice of conducting  “stay interviews” for valued team members while they’re still on the job. What’s a stay interview? It’s an informal review in which the manager and staff member sit down to discuss progress, ideas and the feedback both parties may have for each other. Ideally, the manager will do more listening than talking. Companies that use this process are finding that it helps to reduce turnover by a significant percent.

So here’s how it’s done: When you hire a new employee, set at least 3 dates on the calendar at that moment for 3 months, 6 months, and 12 months from the date they started the job.  Setting up these meetings in advance forces the employee and manager to prepare their feedback for each other and to take the time to sit down, face-to face, to share their input rather than just relying upon informal small talk in passing.  Getting and receiving feedback early and often will allow both the new hire and manager to take corrective action on any issue, large or small, before it’s too late and the employee leaves for another job.

These informal reviews should be candid, which requires the employee and manager to develop a relationship of trust. If an employer wants someone to stay, they must be able to tell the individual respectfully not only what they need to improve and what is required for promotion, but they also need to elicit meaningful feedback from the employee about what they need and value most in order to be able to stay.

The employer may also want to share their goals for the department with the employee and to set individual milestone goals with a reasonable deadline.

If the employer and staff member are able to establish a relationship where both parties understand what’s expected and are able to be candid with each other, both sides will have an easier path to achieving their goals and the company will have a better ability to retain its best talent.

Everyone wins. So for your next set of hires (or even for your existing team members) why not give the “stay interview” idea a try?

What It Takes To Retain Your Top Talent

 
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7 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

7 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was broken int ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
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8

7 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected by the Dewa ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
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7

7 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Datuk Seri Hishammuddin Huss ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
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6

7 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
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5

8 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 m ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
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4

8 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Ministe ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
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3

8 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an allocation ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
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2

8 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Baza ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
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1

8 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrara Damansara Skyway (Kidex) tod ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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