Since 2021, there has been a sharp increase in the number of people resigning from their jobs. Studies have shown that this turnover of people has affected every industry in every developed country. Several factors are driving these resignations and not just the obvious ones like salary and employee benefits. Interviewees have cited work pressures, lack of flexibility, diverging values, and other such considerations behind their decision to seek newer pastures.
Added to this is the ongoing cost-of-living crisis, putting considerable strain on household budgets that impact childcare and may lead to somebody seeking employment closer to home or with variable working hours to create some much-needed wiggle room in the family finances.
Most of us are familiar with exit interviews, but in such times, exit interviews are, to coin a phrase, closing the stable door after the horse has bolted. It’s all well and good to uncover why a crucial team member has opted to move on, but it doesn’t change the fact that they’re gone. Nor does it truly help prevent the next critical departure because people are individuals, and one person’s needs will not necessarily tally with the next.
Leaders have known for a long time that it costs more to hire a new employee than to keep an existing one, and we also understand that any disruption not only risks our ongoing projects but risks damaging morale, which harms productivity. In a worst-case scenario, a handful of key people moving on can lead to a snowball effect where many more people begin considering their futures. It’s, therefore, vital that leaders start to get ahead of this situation.
The term ‘stay interview’ has emerged recently, but we at RLA are not particularly fond of that term. Inviting an employee to a stay interview carries a connotation that they need to justify why they’re there. That’s certainly not what we’re trying to do. We prefer to think of them as simply ‘1-2-1s’, where we can have productive, mutually beneficial meetings with our people and allay any fears or doubts about their future with us.
For these 1-2-1s to be effective, there needs to be a strategy in place.
Identify Who Might Be Considering Leaving
It’s not always easy to spot someone who might be looking to move on. Many people like to keep these matters to themselves. They may be embarrassed if it were revealed they were looking for a new job, or they may fear reprisals from up high if they could not secure a new position. However, there are often tell-tale signs that might hint that an employee sees their future elsewhere.
If a worker well-known for their smart casual dress sense suddenly starts turning up to work in a suit, there is a good chance they’re interviewing for other positions during their lunch hour. Similarly, someone who starts using their contracted holiday for several one-off days may also be interviewing elsewhere. Someone who starts to ‘wrap up’ projects may also be trying to prepare the way for their departure, as might someone who displays a lower level of interest in long-term projects.
Try to Identify Possible Reasons Before the Meeting
A good leader knows their people, and that knowledge can help identify potential reasons someone might be thinking about leaving before you sit down to talk with them. Of course, some people are less inclined to share details about their lives outside of work, but you don’t need to have pre-identified the exact reason.
What you want is to be able to approach the meeting with some small insight as to what might be the motivating factor behind a potential departure, which will enable you to better manage both your expectations and the employees.
Identify What You Can Offer
Understanding what the problem might be is vital to determine what you might be able to offer as a solution. While it may not always be possible to offer everything an employee wants, it might be possible to offer something that makes them rethink their decision. Sometimes, even the smallest concessions can build up a sufficient balance in the goodwill bank account that a more tempting offer from elsewhere is rejected.
However, it’s worth remembering that anything offered that others within the organisation may learn of any offer made. That can lead to others demanding the same, which may not always be possible. While it’s always a delicate balancing act, reserving your most enticing offers and concessions for your most valued people is crucial.
Listen
During the meeting itself, listen. Don’t jump straight to suggesting that you believe the other party may be thinking of leaving, because they might not be. Instead, ask them how they are, how they’re getting on, is anything bothering them, what do they feel the business could be doing better, etc.
Use their answers to determine whether they’re truly thinking about leaving, or whether they might be thinking about leaving in the future. If there are any immediate concerns you can address, invite them to work on an action plan with you to ensure their needs are met. Treat these meetings as a collaborative exercise, but at the same time, encourage the other party to take the lead during the discussion. You’ll gain far more valuable insights by letting them speak, than if you do.
Make 1-2-1s a Regular Thing with All Your People
In the short-term, it makes sense to have 1-2-1s with the people you think may be looking to move on, preferably in order of value to the business. In the medium-term, it’s a good idea to have meetings with everyone, even those you haven’t identified as potentially looking to move on.
Beyond that, in the long-term, regular 1-2-1s should become part of your company’s culture. This way, you are much more likely to receive forewarning of anyone looking to move on and have more time to take control of the situation by identifying how best to keep your best people happy.
Outside of Meetings: The Suggestion Box
Sometimes, the age-old ideas are still worth putting into practice. There will always be people who are reluctant to share every thought they have with management for fear of reprisal or even ridicule. The anonymous suggestion box gives everyone an opportunity to share their ideas about how to improve the workplace, and quite often, you’ll learn of relatively easy-to-implement suggestions that can have a marked positive impact on workplace morale and productivity.
Often, simply by being seen to be taking your people’s wants and needs into consideration, you can engender a greater sense of loyalty to your organisation and encourage some people to stick with you.
