Why the ‘residency interview’ is the next big trend of the Great Resignation – CNBC | Region & Cash

Businesses are on a hiring frenzy during the Great Retirement of 2021, with many handing out sign-on bonuses, lowering their default skills, boomeranging employees and scrutinizing their “enthusiastic stayers.”

As customer retention efforts increase, you’ll likely hear more about the “stay talk.”

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 with them, what could be better about their work experience, and how they envision the next phase of their job career within the organization.

Interviews aren’t new, but they’re becoming more common as employers ramp up their retention efforts amid record sales, says Brooks Holtom, a professor of management at Georgetown. They might also show up now as we head into year in review season.

He tells CNBC Make It that managers should approach the conversation with their employees like this: 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 enthusiastic.

Here’s how managers can use the stay interview to support and retain star employees.

Residence talks are informal conversations

First and foremost, the interview should be informal and chatty, says University of Phoenix recruitment consultant and career counselor Ricklyn Woods.

Workers only honestly share their opinions about work when they feel psychologically safe or when they can speak freely without fear of retaliation and know that their feedback will be fully appreciated.

That requires managers to be vulnerable, says Woods. You want to know from your employee what they like about the job, but also what could be better – including some areas where you can improve as a manager.

It should also be a two-way dialogue rather than an interview. Don’t ask tons of questions about what your coworker thinks could be improved without providing your own perspective, says Woods: “It’s going to be off-putting, and people won’t want to be honest about it.”

Because employee motivation and personal circumstances fluctuate throughout the year, interviews should ideally be periodic throughout the year and not tied to performance seasons.

What to ask in a residency interview

“Stay interviews” should focus on how your employees feel about the work they do every day, the value of their contributions, and how they feel within the organization, says Woods. It’s not the time to share status updates about tasks and projects.

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

Some frequently asked questions are:

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

Ask what would make your co-worker leave

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

Does your employee feel they deserve more recognition in the form of a raise, or would they jump at the chance to earn a higher title elsewhere? They may find it difficult to understand what the next step in their career at the company would be and are interested in opportunities that just don’t exist internally – yet.

As a manager, it’s your job to relay this feedback to the larger organization to see how you can provide the tools, resources, or opportunities your employee isn’t currently getting, such as: B. a clear sense of purpose, demanding tasks, fair wages or more flexibility.

Don’t be surprised if your co-worker initiates an interview conversation if you don’t do so proactively.

“Broadly speaking, employees are in season and in demand,” says Woods. “We have much more power than we have had in a long time. So it’s important for employees to recognize this and make sure they are standing up for themselves and what they need to be successful and thrive in the organization.”

How managers can stay accountable

Author: Amine

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