Using Stay Interviews to Improve Employee Retention & Engagement

There is a strong business case for retaining your talent because:

Turnover is rampant

• Most resignations ever in U.S. in April 2021
• 4% unemployment rate - 2.2% for college grads
• 63% employees say it is  likely they can find a job as good as the one they have
• 51% employees & 60% of millennials are considering new employment opportunities
• Average tenure for employees in their 20’s is less than 18 months

Turnover is expensive

• 16% of salary for jobs under $30,000 - replacing a $10 hour employee costs $3,328
• 20% of salary for $30-50,000 jobs - replacing a $40,000 employee costs $8,000
• Up to 213% of salary for management positions; replacing a $100,000 employee can cost $200,000

And your most talented employees:

• Are more likely to be recruited with more opportunities available to them
• Are the most expensive to replace
• May take top performers and/or customers with them

Managers account for 70% of the variance in  employee engagement & retention with:

• 65% of employees leaving their boss – not their job
• Because of poor managers productive employees leave organizations even when satisfied with the pay & perks
• The prism through which employees see their organization being their view of their manager
• Managers being the best resource for improving retention & engagement

The most important thing a manager can do is build trust with his/her direct reports. Employees who trust their managers stay & give their best. And stay interviews build trust because they:

• Re-recruit talent by understanding why employees stay or might leave
• Make employees feel valued while improving engagement, productivity & retention
• Reinforce good relationships between managers & employees, forge new ones & help repair those that are strained
• Identify employees’ needs & how those needs can best be met creating better employee experiences
• Prevent exit interviews.

Areas Covered:

Speaker(s)

Pete Tosh

Pete Tosh is Founder of The Focus Group, a management consulting and training firm in Macon, Ga. that assists organizations in sustaining profitable growth through four core disciplines: • Maximizing Leadership Effectiveness • Strategic Planning • Implementing Strategic HR Initiatives • Enhancing Customer Loyalty The Focus Group has provided these consulting and training services to manufacturing and service organizations across the U.S., Canada, Europe, and the Middle East. Pete has worked closely with the leadership teams of organizations such as Exxon, Brinks, EMC, State Farm, Marriott, N.C.I. YKK and Freddie Mac Prior to founding his own firm 25 years ago, Pete had 15 years of experience in Human Resource and Quality functions holding leadership positions to include the V.P. of Human Resources and Quality. Pete is co-author of Leading Your Organization to the Next Level: the Core Disciplines of Sustained Profitable Growth. Pete holds a B.A. degree in Psychology from Emory and Henry College and Masters degrees in both Business Administration and Industrial Psychology from Virginia Commonwealth University.

CEUs

The use of this seal confirms that this activity has met HR Certification Institute’s® (HRCI®) criteria for recertification credit pre-approval.

Credits: 1.5

Compliance Prime is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for PDC(s) for the SHRM-CP or SHRM-SCP. For more information about certification or recertification, please visit www.shrmcertification.org

Credits: 1.5

Unlimited Webinars

Access Unlimited Webinars

SUBSCRIBE NOW

Why You Should Subscribe?

Unlimited Live and On-Demand Courses

Watch all live or recorded webinars (up to 120 minutes long). Get instant access to a library of more than 500 high quality courses presented by best-in-class presenters.

CEUs: APA, CPE, SHRM and HRCI Credits

Fulfil your recertification requirements by earning CEUs from APA, CPE, SHRM and HRCI.

Free Access to Course Materials

Each program comes with Additional Course Materials, which you can download and read anytime.

Additional Discounts

Get flat 20% discount on Premium Product Category like, Long Hour Webinars.

SUBSCRIBE NOW

Call Now At

888-527-3477

Email Us At

help@complianceprime.com