Nothing amazes me more when a manager is shocked when an employee takes another job with a competitor. Many managers are in complete denial or are just clueless when it comes to their employee’s satisfaction with their job, manager and company. One way to reduce the denial and shock is to incorporate retention interviews with your employees. Retention interviews can make the difference between retaining a star performer or losing them to the competition.
Many managers use the performance reviews as a way to help retain their employees. The big problem with performance reviews has to do with the amount of time that passes between reviews. These reviews typically occur quarterly, semi-annually or annually, and too many things can occur between these reviews that can impact retaining or losing your employee.
One way to close the gap between performance reviews is to conduct retention interviews. These interviews should occur on a monthly basis and should be centered primarily around the employees’ well-being and not just on performance. Retention interviews should focus on determining the employees’ job satisfaction, making the necessary changes to improve job satisfaction, providing positive reinforcement of the employees’ performance, giving the employee an opportunity to bring forward their ideas, and providing the employee the opportunity to express their feelings in a safe and supportive environment.
Retention interviews are all about the employee and for manager to take the time to ensure that everything is being done to improve retention rates. One of the biggest factors that impact company profitability is low retention rates, retention interviews can help to improve those rates.