Workplace Culture 
In this intensely competitive talent landscape, employers in the tech industry are using every tool at their disposal to retain top talent.
Exit Interviews
Many people have participated in an exit interview during their careers – typically by providing their employer with feedback when they leave a company.
With employees reconsidering their jobs en masse – amidst trends like the 4-day work week and the great resignation – employers are looking at ways to identify flight risks before an employee makes a switch.
The “stay interview” has emerged as an effective tool in engaging employees, by asking key questions before it’s too late.
What is a Stay Interview?
A stay Interview is like an exit interview, but before an employee gives notice to leave. The employee is asked questions about their role – what they like, what they don’t like, and where they see themselves heading at the company.
Stay interviews are typically held annually, with the intention of understanding what’s most important to this employee.
In a typical exit interview, the employer would ask questions like: “Why did you leave? What could we have done to keep you? What did you like about working at the company?”
The problem with these questions is that they’re being asked after it’s too late; a key member of your team is leaving and it’s unlikely they’ll reconsider their decision.
Each strong candidate is getting pinged by five-plus recruiters a week. So how do you keep your company top of mind?
Amy Zimmerman, Chief People Officer at Relay Payments
The idea of the stay interview is to ask key questions before someone decides to leave. It’s important to identify problems your team might have, so you can do your best to fix them before they make an irreversible switch.
Amy Zimmerman from Relay Payments – early adopter and employee engagement champion
Amy Zimmerman, chief people officer at Atlanta-based fintech Relay Payments, was recently asked about her adoption of stay interviews.
In her opinion, these interviews are the single best tool for keeping her team happy and productive.
Prior to joining Relay Payments in 2019, Zimmerman was conducting stay interviews to engage with her previous team.
“How do you truly know what the team member needs or expects unless you ask? And so, the real ‘why’ is engagement, retention and making sure you’re creating a happy space. It’s also loyalty.”
There are many ways to get the attention of strong candidates like competitive pay, benefits, interesting work and an unique environment, but Zimmerman expresses the importance of the stay interview as a durable tool.
I’ve never had a manager care so much about my well-being, about my opinions, about the company, our culture and how we operate.
Team member at Relay Payments
How do you conduct an effective stay interview?
Zimmerman uses her annual employee reviews to conduct both a written engagement survey and a stay interview.
- Relay Payments uses a tool called Lattice, a goals and engagement platform for documenting the interview.
- Employees are NOT provided the questions ahead of time to ensure the interview is natural and organic.
- The stay interview is a one-way conversation where the questions are asked by the manager and the manager takes notes.
In the Protocol article from early December, Zimmerman shares her experience and examples of her favourite stay interview questions.
Below are a few key questions they’ve asked their team:
- What’s your favourite and least favourite thing about working here?
- What might tempt you to leave?
- If you could change something about your job, what would it be?
- What would you like to learn in your current role?
- What talents are not being used in your current role?
- What can I do to best support you as your manager?
- How do you like to be recognized?
- What motivates you or demotivates you?
Following up with employees after their interviews
After the interview, managers will review the responses to analyze the feedback and look for themes.
An action plan is then created, to ensure the team members feel their voices were heard.
Zimmerman expresses that if you don’t action the results it can be counterproductive – or worse perceived to be disingenuous – if team members have thoughtfully shared their feedback and see no results.
Anybody who doesn’t plan on doing something with the results should not spend the time doing the interview.
Amy Zimmerman, Chief People Officer at Relay Payments
It’s also important to ensure employers are constantly encouraging a culture of transparency and trust, so that employees are willing to provide open feedback during these interviews.
If employees don’t feel comfortable opening up to their manager, it’s unlikely these managers will receive the feedback they need to create a cohesive and productive teams.
Summary of best practices for stay interviews
While it’s inherent that competitive pay, benefits and other factors will impact an employee’s decision to make a move, the stay interview is arguably more important.
Although these interviews can be a significant time commitment from managers, if managers have tasks that are more important than investing in their teams it could be time to reevaluate their priorities.
Click here for the full interview on Protocol.
