Sparking Leadership #16: Don't just hire, retain - The power of the "stay interview"

It’s August, and while many companies are in a quiet #hiring lull, this is a perfect time to play offense on retention. We spent last week talking about the hidden costs of chasing unicorns. But what about the talent you already have?

🤔What is a "stay interview"?

It's a proactive, one-on-one conversation between a leader and a valuable team member.

Unlike a performance review that focuses on past results, or an exit interview that is too late to make a difference, the stay interview is a forward-looking dialogue about one thing: what motivates this person to stay with your team.

It’s a structured way to listen to what is working well and identify potential flight risks before they become a reality.

Why it's a great practice

✔️Reduces turnover: A key finding from Gallup's research is that 52% of employees who voluntarily left their jobs believed their manager or company could have done something to prevent their departure.

✔️Boosts engagement: A study by the Harvard Business Review found that employees who have personalized, one-on-one sessions with their manager are 67% less likely to be disengaged.

✔️ Saves money: As we discussed last week, the cost of replacing an employee can be up to 2x their annual salary. A successful stay interview is a virtually free, proactive way to avoid that expense.

🛠️Stay interview how-to

Schedule a 30-45 minute meeting and set the tone upfront for an open conversation, unrelated to #performance.

The goal is to listen 80% of the time so make sure to use open-ended questions. Try the following:

• What's one thing we could do differently to make your work more satisfying?

• If you were to consider leaving, what would be the primary reason?

• When you come to work each day, what do you look forward to most?

💵What about the money?

If your team member feels tempted by the appeal of better offers but you have no budget for #salary raises, do not make empty promises.

👉Validate: Start by thanking them for their candor. It's not an easy thing to admit to your manager.

👉Be honest: Explain the current budget reality directly, without blaming "the company" or "HR." Take ownership.

👉Find other levers: This is where you demonstrate your leadership. Focus on other motivators, #career growth, and your commitment.

✅"What if...": Can you offer new responsibilities or an exciting project that lead to a future promotion?

✅Non-financial rewards: Can you offer more flexibility, growth opportunities like a training, or any other gesture of recognition?

✅Create a plan: Discuss a tangible #development path and commit to a follow-up discussion.

❓Question for you

Would you have stayed in one of your past roles if your manager had taken the time to do stay interviews?

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🌟Sparking Leadership is a weekly series on human-centered, sustainable #leadership. Follow for real talk and practical tools. In the meantime, lead with spark!