A Tool to Prioritize Top Performers: the “Stay” Interview

Recently, I was researching exit interviews on the Internet and came across a term that I had never heard: a “stay” interview. The stay interview is designed to interview good performers, asking them purposeful questions to assure that they are happy and wish to stay.

I guess a stay interview could be considered preventive medicine, and what a great idea.

Often I hear from senior executives that people today just don’t have the same passion that we did, nor the same work ethic. In my opinion, that is just not true. If we do the right things from the top down, I believe our people will be highly motivated and energized.We do not have to assume we cannot retain young people for long. Excessive turnover can be avoided.

Few realize just how costly turnover can be. It’s actually way, way more than the salaries involved. Just think, it involves the exit costs, recruiting, orientation and training, lost productivity, maybe repercussions from clients, and often the adverse effects of negative energy and talk internally.

The point is, turnover is very expensive.

We want to keep our best, our “A” performers, for sure, and also invest in our next level, our “B” performers, who we can develop into significant contributors.

Let’s realize that all work is important, that we have A and B performers throughout our companies, at all levels.

And here’s where the stay interview becomes very helpful.  Asking our good people such questions as:

• What do you like about being a member of our team? Our company?
• What gives you a sense of satisfaction? Of significance?
• What could we do to enable you to better use your skills? To meet your goals?
• How could we improve our productivity? Our communication?
• What ideas would you like to offer senior leadership?
• What questions would you like to ask senior leadership?

These are simply sample questions.  Each company can determine their own, though I think they should be along these lines, and definitely focus on What? How? and Why?

And maybe these interviews should not be formal.  What is important is that we have conversations with our people.  Conversations are how we develop trusting relationships. Just make sure our conversations are frequent, sincere and that we are focused on our people, asking purposeful questions and listening to learn. They need not be long conversations. A short conversation is better than no conversation.

I don’t care how busy we are. This is important and we must make the time. Our people have to know we care about them, we appreciate them, that they are important members of our team and company, and that their ideas matter and are heard.

The outcomes of this focus will be increased retention of our good people and improved productivity. Oh, and very likely, significantly improved financial results!