Tuesday, February 21st, 2017
Show Appreciation by Utilizing Stay Interviews
“Life is like riding a bicycle. To keep your balance, you must keep moving forward.” – Albert Einstein
Some accounting firms have been utilizing stay interviews for a while. However, I have observed that there are still many firms that haven’t embraced this excellent tool.
Anytime you devote individualized attention to one of your team members, asking them for advice and feedback, it’s a positive exercise for both sides – management and staff.
Elizabeth (Bitsy) Watson, PHR, the HR Manager for Mahoney, Ulbrich, Christiansen & Russ shared the process they use for stay interviews. It would be a good best practice for you to emulate. Her comments follow:
We started out with results from our recent engagement survey and identified about five areas where we wanted more insight, such as, if we felt our scores for recognition could be stronger or we wanted more insights into what aspects of compensation were most important to staff.
We then came up with some questions related to these areas and others (about 10 total). A few examples were:
- What types of recognition are most meaningful to you?
- What opportunities for development would you like that you may not be getting?
- What type of work do you find most motivating or interesting?
- Of the compensation and benefits we offer, what aspects are most important to you and what could be improved in this area?
We used a representative sample of our employees to participate in the stay interviews. I kept the names confidential. After the meetings were completed, our next steps were to summarize the overall themes and share the summary with the partners, not sharing names. I also included three recommendations for changes or new programs to implement. We’ll then share these new initiatives with the interview group. We want them to know that we really valued their opinions.
I tried to be as transparent as possible with everyone involved on what we were trying to accomplish and how valuable their feedback is. We received an overwhelming amount of positive feedback from the interviewees. They mentioned feeling like it was helpful to have a channel to be asked questions they might never have been asked. I think the most interesting thing that came from this was bringing to light some wrong assumptions we, as management, had been making.
Our plan is to do this annually utilizing a different group of employees each year.
- "Many of life's failures are people who did not realize how close they were to success when they gave up."