Hello Stay Interviews Goodbye Talent Loss

A Manager's Playbook

Beverly Kaye (Author) | Sharon Jordan-Evans (Author)

Publication date: 04/24/2015

Hello Stay Interviews Goodbye Talent Loss

Good employees are hard to find, and they can be easy to lose. But there’s a simple tool every manager can use to ensure that star performers and solid contributors alike will feel energized, engaged, and excited—and that they will give you fair warning if they’re unhappy. It’s called the stay interview, and this book is the manager’s definitive guide, written by the women who created the concept.

The idea is simple: ask people how they like their jobs and what would keep them there. Worried that your talented people will want things you can’t deliver, like more money or a big promotion? Kaye and Jordan-Evans have a simple four-step process for dealing with that. Feel just plain awkward about doing stay interviews? They explain how to create an atmosphere that will make the interview more comfortable and provide dozens of suggested questions and icebreakers, as well as tips for easing any performance anxiety you might feel. Think you don’t have time? They offer all kinds of options for where, when, and how you can do stay interviews, from folding them into other business processes to doing them casually, like on a walk to get a cup of coffee.

Stay interviews prevent exit interviews. They cost nothing, and the price of not doing them—in lost talent and time—can be huge. Now that you have the most practical, authoritative, soup-to-nuts guide available, you have no excuse. Just ask!

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Overview

Good employees are hard to find, and they can be easy to lose. But there’s a simple tool every manager can use to ensure that star performers and solid contributors alike will feel energized, engaged, and excited—and that they will give you fair warning if they’re unhappy. It’s called the stay interview, and this book is the manager’s definitive guide, written by the women who created the concept.

The idea is simple: ask people how they like their jobs and what would keep them there. Worried that your talented people will want things you can’t deliver, like more money or a big promotion? Kaye and Jordan-Evans have a simple four-step process for dealing with that. Feel just plain awkward about doing stay interviews? They explain how to create an atmosphere that will make the interview more comfortable and provide dozens of suggested questions and icebreakers, as well as tips for easing any performance anxiety you might feel. Think you don’t have time? They offer all kinds of options for where, when, and how you can do stay interviews, from folding them into other business processes to doing them casually, like on a walk to get a cup of coffee.

Stay interviews prevent exit interviews. They cost nothing, and the price of not doing them—in lost talent and time—can be huge. Now that you have the most practical, authoritative, soup-to-nuts guide available, you have no excuse. Just ask!

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Meet the Authors


Visit Author Page - Beverly Kaye

Beverly Kaye founded Career Systems International (CSI) more than thirty years ago, and it has become a global leader in developing and delivering innovative, action-based talent management solutions. With an emphasis on engagement and retention, as well as its flagship offerings in career development, Career Systems International supports organizations globally. Bev was honored with the Distinguished Contribution award from the Association for Talent Development for her groundbreaking and continual contributions to workplace learning. Her first book, Up Is Not the Only Way, continues to be a classic in the career development field. Her recent book, coauthored with Julie Winkle Giulioni, Help Them Grow or Watch Them Go, maintains that status.  Her latest book coauthored with Sharon Jordan-Evans, is Hello Stay Interviews, Goodbye Talent Loss: A Manager’s Playbook. She earned her doctorate at UCLA. Bev is a transplanted Jersey girl who has made her home in Los Angeles with her husband, Barry; her daughter, Lindsey; and her dog, Roxy. She is a frequent keynote speaker. 

Visit her website:

www.CareerSystemsIntl.com



Visit Author Page - Sharon Jordan-Evans

Sharon Jordan-Evans, president of the Jordan Evans Group, is a pioneer in the field of employee engagement and retention. She works with the people companies can least afford to lose—their high-performers. Sharon is a sought-after keynote speaker for Fortune 500 companies such as American Express, Boeing, Disney, Lockheed, Microsoft, Monster, and Universal Studios. She has a master’s degree in organization development and is a certified executive coach.

Sharon also serves as a resource for a number of national media, including National Public Radio (NPR), Business 2.0, Chief Executive, CIO, Harvard Management Update, Working Woman, Investor’s Business Daily, Business Week, and the Los Angeles Times.

Sharon was born in the Northwest and now lives in Cambria, California, with her husband, Mike, and a very smart shih tzu named Oreo. She has four grown children and five adorable grandchildren.

To learn more about Sharon’s work and to view her speaker video, visit her website at www.jeg.org

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Table of Contents

PREFACE

INVITATION

CHAPTER ONE: Why Bother?

CHAPTER TWO: Is It Art or Science?

CHAPTER THREE: What’s Holding You Back?

CHAPTER FOUR: What Else Is Worrying You?

CHAPTER FIVE: Do They Trust You Enough?

CHAPTER SIX: Will You Make the Time?

CHAPTER SEVEN: Have You Noticed Lately?

CHAPTER EIGHT: Does Practice Make Perfect?

CHAPTER NINE: How’s That Working for You?

PARTING NOTE

ACKNOWLEDGMENTS

INDEX

SKILL BUILDING BEYOND THE BOOK

ABOUT THE AUTHORS

ABOUT THE ILLUSTRATOR

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Excerpt

Hello Stay Interviews, Goodbye Talent Loss

CHAPTER ONE

Why Bother?

*  Why bother? What’s in it for you?

You’re busy, perhaps busier than you’ve ever been in your life. Why would you consider adding one more item to your overwhelming to-do list? Why take the time and make the effort to conduct stay interviews?

The answer is that you should conduct stay interviews because you want to:

1. better understand all of your employees. What makes them unique and special? What do they bring to the team? And what do they want more of … or less of?

2. demonstrate that you value them as human beings, that you care. This assumes, of course, you actually do care.

3. encourage them to stay on your team. It’s very expensive to lose them. You want them to stay, both physically and psychologically. You want them to love coming to work with you and for you. You want them to bring their creativity, energy, and effort with them.

The Cost of Loss

*  You’ve already seen the numbers. You know, the ones that tell you how much it costs when a talented employee walks out your door. It’s been well documented that it costs 70 percent to 400 percent of an employee’s annual salary to replace him or her. Some of those costs are easy to measure and are sometimes called “hard costs.” Think about one talented person you lost recently. What did it cost your organization to replace her? Did you:

  •  recruit on job boards or run Internet ads?
  • hire a headhunter?
  •  pay a referral fee?
  • cover candidates’ interview expenses, such as airlines, hotels, meals, or cabs?
  • commit to a larger salary or give a sign-on bonus to the new recruit?
  •  offer a moving allowance?

It adds up.

Soft Costs Are Costlier

* Then there are the harder-to-measure soft costs. These represent the more subtle effects and costs of talent lost. Which of these have you seen? And what did it really cost you and your organization?

You’ll lose time interviewing.

If you weren’t interviewing all those candidates for the job your terrific employee left, what would you be doing instead? You’d be building, selling, designing, leading, brainstorming, connecting, teaching … and more. We rest our case.

Productivity plummets during a job search.

You start losing money the moment your talented employees disengage. Instead of working for you, they’re updating their résumés, logging on to job boards and social media, responding to potential employers, interviewing, negotiating, accepting the new job—and then celebrating. Their departure is a pricey proposition.

When someone leaves, the work doesn’t.

Work doesn’t go away just because the person handling it leaves. It simply gets put on hold or redistributed until a replacement is found. And very often that replacement never materializes. The image of a hamster on a treadmill is all too accurate. The result is burnout and lower morale for all those who’ve stayed.

When one goes, others follow.

Talented people find greener grass and then call their buddies, enticing them to follow. This happens even more often today, particularly among younger workers, who highly value both flexibility and friendships.

They’ll take their brilliance and (perhaps) your customers with them.

Have you ever had a loyal customer follow you to your next job? What did that cost the organization you left? And what about the brilliance and the institutional knowledge that wanders out the door with that person you cannot afford to lose? Tally that.

No one enters fully ready.

How long does it take to teach new employees the ropes? How long before they know how to navigate your organization, talk to your customers, integrate with other business units, or move an idea? Meanwhile, the team carries the load … at what cost?

New hires don’t always measure up.

It’s a risk you take when you’re replacing a great employee. If the new hire isn’t as productive, personable, or knowledgeable as the one you lost, what is the cost?

Run the numbers

There’s only so much you can do without the people you need to get the job done. There’s only so far you can reach, only so many fires you can put out, and only so many projects you can take on. The next time you wonder whether stay interviews are worth your time and effort, run the numbers. Calculate both the hard and the soft costs of talent loss. Then call your employees in and find out what will keep them engaged and on your team. Do you wonder how to do that? Read on.


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Endorsements

“Before reading this book, I thought interviewing people stopped once they were hired. The simple, pragmatic ideas and strategies in this gem of a book are just what I need to keep the great people I have.”
Beth Loeb Davies, Director of Employee Development, Tesla Motors

“The inventors of stay interviews have produced a terrific playbook to help managers everywhere successfully meet today’s pressing challenge of talent retention and engagement.”
Kevin D. Wilde, Vice President, Talent and Organization Capabilities, General Mills

“I’m amazed at how many managers don’t tell their good people how much they care about them and want them to stay until they’re in the middle of the exit interview. Read this book and use stay interviews to keep your best people happy and productive.”
Ken Blanchard, coauthor of The One Minute Manager® and Great Leaders Grow

“This book is a great follow-up to Love ’Em or Lose ’Em. The authors provide practical and easy-to-use guidelines for making stay interviews an effective engagement tool.”
Scott Sibella, President and Chief Operating Officer, MGM Grand Hotel and Casino

“No one knows more about retention and motivation of top talent than Beverly Kaye and Sharon Jordan-Evans—and no one gives better advice on how to retain your high performers. Brief, to the point, and packed full of practical tips, Hello Stay Interviews, Goodbye Talent Loss is a sparkling gem of a book. I highly recommend it.” 
Jim Kouzes, coauthor of The Leadership Challenge

“Sometimes simpler is better. To win the war for talent, Bev and Sharon have developed an amazingly simple, powerful, and useful idea: the stay interview. By doing stay interviews, managers learn what employees want, help employees feel better about themselves, and increase retention of the organization’s most valuable assets.”
Dave Ulrich, Rensis Likert Professor of Business Administration, University of Michigan, and Partner, The RBL Group

“All seasoned managers have experienced the nightmare: you’re up to your eyebrows in work and suddenly your star performer hands in a resignation. Could you have done anything sooner to avoid this? The answer is a resounding yes! Adding Kaye and Jordan-Evans’s stay interview to your management playbook will create a much happier and more productive workplace for everyone!”
Marshall Goldsmith, author of What Got You Here Won’t Get You There

“This book is brilliant. If you plan on increasing your level of engagement or improving your existing performance management processes, or want to know how to keep your best employees, this is the perfect book for you.”
Louis Carter, founder and CEO, Best Practice Institute and Skillrater

“It’s imperative that managers at all levels have effective tools to retain the best talent in an increasingly competitive marketplace. Hello Stay Interviews, Goodbye Talent Loss is just such a tool! It provides proven strategies that will guide leaders to take the most effective steps to keep and engage their stars!”
Mark Ferrara, Vice President, Talent Management, Eli Lilly and Company

“A much needed and required book for growing organizations worldwide.”
Rajeev Agarwal, CEO, MAQ Software

“Having both conducted and been the recipient of stay interviews, I can attest that they work. This is a great book for any leader, no matter what size the team.”
Troy Hayes, Psy.D., Director of Talent, Leadership and Organization Development, Ingersoll Rand

“Beverly Kaye and Sharon Jordan-Evans have yet again provided managers a practical, valuable, easy read with great insights. Hello Stay Interviews, Goodbye Talent Loss truly is a manager’s playbook on how to have short, effective, ongoing conversations with employees that result in their feeling valued and productive. Stay interviews are something we all should be doing as leaders!”
Don Kraft, Head of Career and Learning, Genentech, Inc.

“Bev and Sharon provide a practical approach to help you prepare for and get the most out of these critical conversations. Read this book and you will increase your leadership effectiveness and maximize the engagement of those you lead.”
Tim Tobin, Vice President, Global Leadership Development, Marriott International, and author of Your Leadership Story

“The war for talent is raging around the globe. So when you land A-players, it is critical you keep them. Beverly and Sharon’s stay interview is precisely the practical solution a leader needs to significantly up the odds of retaining key people.”
Verne Harnish, CEO, Gazelles, and author of Scaling Up

“Hello Stay Interviews, Goodbye Talent Loss provides an easy-to-follow playbook that any manager can apply to get those important conversations underway. Stay interviews help managers achieve healthy relationships with their employees and retain their ‘keepers.’”
Michelle Prince, Senior Vice President, Talent Management, Randstad North America

“The simple and practical tools in this book, applied regularly, will engender greater trust in you as a leader and improve the performance of your unit tenfold. Bev and Sharon have taken away any excuse you might have for not conducting a powerful and effective stay interview.”
Tina Sung, Vice President, Government Transformation and Agency Partnerships, Partnership for Public Service

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