In this episode we talked with Dick Finnegan and explored how to use stay interviews to significantly reduce employee turnover.
Dick Finnegan is a world-renowned expert on stay interviews, employee engagement, and cutting turnover.
His experience includes solving turnover and improving engagement in a vast number of industries including Siberian banks, African gold mines, multinational corporations in China, healthcare institutes, meat processing groups, manufacturing plants, and even the CIA.
He has also authored multiple books on employee engagement and retention including The Power of Stay Interviews for Engagement and Retention.
Join us as we discuss with Dick how to use stay interviews to significantly reduce employee turnover. Hear Dick share real examples of organizations who have changed their approach to retention by using stay interviews and gaining insights from current employees. Learn Dick’s insights on how COVID and the pandemic have changed the mindsets and wants of employees in today’s workplace market.
Here is a link to Dick’s website:
https://c-suiteanalytics.com/
Here is a link to Dick’s book:
The Power of Stay Interviews for Engagement and Retention
Here is a link if you want to Connect With Dick on LinkedIn:
Dick’s LinkedIn Profile
Dick’s Top 5
1. What’s really going on with the Great Resignation?
“Many workers have left corporate America and they are saying ‘I’ll show when I want, I’ll dress when I want, and I’ll work when I want’ and this trend doesn’t show any signs of changing.” – Dick Finnegan
2. What’s the number 1 reason employees quit jobs?
“What I realized was that everything I had been taught about turnover in HR was wrong. What I learned was that you win turnover leader by leader, supervisor by supervisor. Turnover issues don’t arise from the top of the org chart, they come from the bottom. Most employees don’t leave because of the actions of the CEO, they leave because of the actions of their direct supervisor.” – Dick Finnegan
3. How do stay interviews help with building trust?
“With stay interviews we answer 5 key questions that lead to higher trust and higher engagement among employees. ‘What do you look forward to at work? What are you learning at work? Why do you stay here? When was the last time you thought about leaving, and what prompted it? What can I do as your manager to make work better for you?’ When managers learn to ask, listen, and probe with these questions they learn what is really important for their employees and how they can do better in serving them.” – Dick Finnegan
Do stay interviews work on their own, or do you need other solutions?Responsiveness and Speed in the Interview Process
“We also train leaders to forecast how long each employee will stay which creates accountability for leaders to not only perform stay interviews, but to also act on what they learn during those interviews. Essentially we are using the same metrics that sales teams use to forecast and track to forecast and track turnover. It changes turnover from being simply an issue to being an operational project that leaders are working on in an intentional way.”
5. What are some good case studies you could share?
“We had a client who brought in a call center representative for a stay interview. During the interview the representative realized that the things that mattered most to them were day-to-day support and day-to-day trust. They didn’t think about asking for a raise or asking for anything except for support and trust.”
