Why “stay interviews” are the next big trend since The Great Resignation

Businesses are in turmoil during the Great Resignation of 2021, with many dumping signing bonuses, lowering their standard qualifications, boomeranging employees and taking a closer look at their “enthusiastic stayers.”

As retention efforts grow, you’ll likely hear more about the “retention interview.”

Think of it as the opposite of an exit interview: Instead of asking why an employee is leaving, a retention interview focuses on what motivates the employee to stay, what could be better about their work experience, and how they envision the next stage from his career within the organization.

Retention interviews are nothing new, but they are occurring more frequently as employers ramp up retention efforts at a time of record turnover, says Georgetown management professor Brooks Holtom. They may also appear now as we head into the year-end review season.

He tells CNBC Make It that managers should approach the conversation with their employees as: Help me understand how you’re doing, what your goals are, and what we can do in the new year to make sure you thrive and stay excited .

Here’s how managers can use the retention interview to support and retain stellar employees.

First and foremost, a tenure interview should be informal and conversational, says University of Phoenix HR consultant and career advisor Ricklyn Woods.

Workers will only share honestly how they feel about their work if they feel psychologically protected or that they can speak freely without fear of retaliation and know that their feedback will be fully accepted.

This requires managers to be vulnerable, says Woods. You’ll want to know from your employee what he likes about the job, but also what could be better — including some areas where you, as a manager, can improve.

It should also be a two-way dialogue rather than an interview. Don’t go in with a lot of questions, asking what your employee thinks needs improvement without providing your own perspective, says Woods: “That will be off-putting and people won’t want to share honestly.”

Because employee motivations and personal circumstances vary throughout the year, retention interviews should ideally be held periodically throughout the year and not tied to the performance season.

Retention interviews should focus on how your employee feels about the work they do every day, the value of their contributions and how they feel about the organization, says Woods. This is not the time to share status updates about tasks and projects.

It may be a good idea to send employees a few opening questions to prepare for the conversation in advance.

Some frequently asked questions are:

• What excites you about coming to work?
• Do you feel good about the impact of your work?
• What do you want to do more at work? Less?
• Do you see a future for yourself in the company? How are things the same or different?
• If you were a manager for a day, what would you do differently?

Perhaps most importantly during the Great Resignation, managers should ask their employees what it would take for them to leave the company.

Does your employee think they deserve more recognition in the form of a raise, or would they pass up the chance to get a higher title somewhere else? Maybe they’re having a hard time figuring out what the next step in their career at the company will be, and they’re interested in opportunities that just don’t exist internally—yet.

As a manager, it’s your job to bring this feedback to the larger organization to see how you can provide the tools, resources, or opportunities your employee isn’t currently receiving, such as a clear sense of purpose, long assignments, fair wages, or more flexibility.

Don’t be surprised if your employee initiates a retention interview conversation if you’re not proactive.

“In the grand scheme of things, employees are currently in season and in demand,” says Woods. “We have a lot more power than we’ve had in a long time. So it’s important that employees recognize that and make sure they protect themselves and what they need to be successful and thrive in the organization.”