When business owners look at their income statements, they see revenue and expenses. They don’t see the hidden cost of turnover. According to a recent study by Manpower Group, replacing an entry-level employee costs about $6,000; the cost of replacing a mid level manager could reach upward of $60,000.
All too often, managers don’t realize a valued employee is looking for a job until she quits. Then, during the exit interview, they ask, “What can I do to keep you?” The authors believe that variations of the question should have been asked many times while the employee was on the job.
Stay interviews are ongoing conversations between the manager and employees that: 1. Provide an opportunity to find out more about what’s important to employees and 2. Tell employees that their contributions are valued. When workers know that management listens to them, they become more engaged in their work and less likely to jump ship.
Open-ended questions are the tools of the stay interview because they allow employees to express themselves. Some good ones are: “What did you learn about yourself this year?” “What can I do to support your career goals?” “What makes for a great day at work?”
Stay can help managers keep valued employees.
Culled From The Dallas Daily News
By Jim Pawlak
Jim Pawlak reviews business books for The Dallas Morning News. Follow him on Twitter at @JimPawlak. email@example.com