Employee Retention Strategies that Work: Stay Interviews

Employee Retention Strategies that Work: Stay Interviews

Roughly 20 percent of executives agree that leaders should have retention goals. They also believe it becomes somewhat of a challenge to meet these goals when employees don’t have a single supervisor they report to. Having more than one supervisor makes it incredibly difficult to calculate retention, and more so, it complicates matters relating to employee engagement.

Finnegan’s Arrow has been proven time and time again as an effective solution to issues relating to employee retention and engagement. This solution is focused on five key components:

  1. Establish a monetary cost of employee engagement and turnover
  2. Create goals for each leader
  3. Ensure all leaders are well-trained to conduct Stay interviews
  4. Leaders forecast how long each employee is likely to stay with the company by conducting a retention interview
  5. Hold leaders accountable for the forecasts they develop and the goals they achieve (or fail to achieve)

These same five processes have been used for decades by organizations to manage their sales. By understanding the monetary value of each sale, creating sales goals, utilizing sales resources and tools, forecasting future sales, and being held accountable, it becomes possible to transform these sales processes into processes that slash high employee turnover rates and employee disengagement.

Understanding the Importance of a Single Source of Supervision

Using Finnegan’s Arrow, however, only works for cutting employee turnover and increasing worker engagement if employees are able to report to a single supervisor. Even more important is that each worker have a specific supervisor to report to and this information is documented. Without a single source of reporting, it becomes very difficult to establish and calculate supervisor/employee relationships.

No matter the angle you look at employee retention and engagement from, it is clear to see that the best way to improve both aspects is to give an employee one supervisor to report to, and this supervisor must be someone the employee can trust. When more than one supervisor is being reported to, it complicates lines of communication and feedback becomes useless. Even worse is that there is no atmosphere of trust in the workplace because no one knows who is reporting to who.

When there is no trust and no clear lines of communication, productivity is greatly hindered. And when this happens, disengagement rises. Matrix management most definitely has its benefits, but in terms of productivity, employee engagement and satisfaction, it leads nowhere. To overcome this problem, the Finnegan’s Arrow, when combined with a retention interview, serves as a viable solution, especially when each worker is given a single supervisor to report to and this supervisor is held accountable for the engagement of his team.

Category Business

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