360° Coverage : In The War On Talent, Use 'Stay Interviews' To Retain...

2 Updates

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....

Filed under: news

 
 
 

19 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

 
Update
2

2 days ago

Khazanah throws MAS RM6b lifeline

Aug 29 2014 5:01pm CDT | Source: Business Times Singapore

August 30, 2014 1:15 AMKHAZANAH Nasional will inject RM6 billion (SS$2.4 billion) over three years to resuscitate loss-making Malaysia Airlines (MAS) under a recovery plan that includes even an Act of Parliament. Other key moves are migrating its operations, assets and liabilities to a new company (NewCo) and slashing the workforce of 2 ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 
Update
1

3 days ago

MAS posts loss of RM307m for Q2

Aug 28 2014 5:00pm CDT | Source: Business Times Singapore

August 29, 2014 1:13 AMMALAYSIA Airlines (MAS) registered a loss of RM307 million (S$122 million) for the second quarter to end-June, but warned of worse to come in the second half when the "full financial impact of the double tragedies of MH370 an ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 

Don't miss ...

 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

Japan to aid connectivity upgrade in northeast India
Tokyo, Sep 1 (IANS) India and Japan Monday decided to strengthen cooperation for improving connectivity and socio-economic development in northeastern states of India.
 
 
Three Ebola cases recorded in Nigeria oil hub
Abuja, Sep 1 (IANS) At least three cases of Ebola virus disease (EVD) have been recorded in Nigeria's oil hub of Port Harcourt, where a fatality was confirmed last week, the country's Minister of Health Onyebuchi Chukwu said here Monday.
 
 
India, Japan to elevate strategic partnership
Tokyo, Sep 1 (IANS) Prime Minister Narendra Modi Monday said relations with Japan were of the "highest priority" for his government and announced a slew of initiatives, including turning the strategic partnership into a "special" partnership and a fast-track channel for Japanese investors.
 
 
Indian in UAE unable to pay hospital bills
Abu Dhabi, Sep 1 (IANS) An uninsured Indian man in the UAE has run up more than $160,000 in medical bills after he suffered a brain haemorrhage and spent about six months in an Abu Dhabi hospital, a media report said.
 
 
 

Latest from the Network

'Ukrainian conflict has escalated into war'
Kiev, Sep 1 (IANS) Ukrainian Defence Minister Valeriy Geletey Monday said the conflict in eastern Ukraine between government troops and pro-independence insurgents has escalated into a "war". "A great war came at our...
Read more on Politics Balla
 
IS slogan found on school walls in Saudi Arabia
Riyadh, Sep 1 (IANS) Slogans praising Sunni militant group Islamic State (IS) were found on the walls of some schools in the Saudi Arabia capital following Saudi King Abdullah bin Abdulaziz's call for coordinated...
Read more on Politics Balla
 
Japan to aid connectivity upgrade in northeast India
Tokyo, Sep 1 (IANS) India and Japan Monday decided to strengthen cooperation for improving connectivity and socio-economic development in northeastern states of India. According to an Indian government release issued...
Read more on Politics Balla
 
Words cannot describe Abe's hospitality, says Modi
Tokyo, Sep 1 (IANS) Prime Minister Narendra Modi Monday said he could not describe in words the hospitality he received in Japan, saying it was an indication of Japanese Prime Minister Shinzo Abe's special affection...
Read more on Politics Balla
 
PTI president says political crisis in Pakistan scripted (Roundup)
Islamabad, Sep 1 (IANS) In a clear sign of a revolt brewing within, Pakistan Tehreek-e-Insaf (PTI) president Javed Hashmi Monday claimed that the ongoing political crisis in the country was scripted amidst more clashes...
Read more on Politics Balla
 
Three Ebola cases recorded in Nigeria oil hub
Abuja, Sep 1 (IANS) At least three cases of Ebola virus disease (EVD) have been recorded in Nigeria's oil hub of Port Harcourt, where a fatality was confirmed last week, the country's Minister of Health Onyebuchi...
Read more on Business Balla
 
Blake Shelton and Miranda Lambert reject $1m Vegas offer
Blake Shelton and Miranda Lambert rejected a $1 million deal to perform three shows in Las Vegas. The country couple turned down the offer and tried to negotiate a $1.25 million deal, meaning they would earn $416,000...
Read more on Celebrity Balla
 
Adam Levine splashes out $4.55m on new home
Adam Levine and his wife Behati Prinsloo are set to splash out $4.55 million on their first apartment together. The Maroon 5 frontman and the Victoria's Secret Angel - who tied the knot in July - are said to be in...
Read more on Celebrity Balla
 
Seth Rogen says stolen celebrity photos shouldn't be posted
Seth Rogen has urged people not to post the naked photos stolen from Jennifer Lawrence's phone. The 'Knocked Up' star is disgusted by the leak of explicit images of the Oscar-winning actress and is adamant that what has...
Read more on Celebrity Balla
 
Miley Cyrus: Elvis was the original twerker
Miley Cyrus has claimed Elvis Presley was the original twerker. The 'We Can't Stop' singer has attracted much attention and criticism for her penchant to perform the butt-shaking dance on stage in various flesh-flashing...
Read more on Celebrity Balla