Stay interviews: A talent retention tool for real estate
There’s a way to help retain top talent in real estate that’s easier than you think. It doesn’t require many resources, either, other than your interest and time. Stay interviews (also referred to as retention interviews or stay conversations) are proactive, employee-focused conversations that often take place with a direct manager or an HR team member.
Typically informal, stay interviews help identify what keeps employees engaged and motivated, while also recognizing areas for improvement to enhance satisfaction and longevity. Unlike performance reviews, which focus on objectives and outcomes, stay interviews focus on how your employees are feeling. You may think these types of conversations should only happen with those who are at higher risk of leaving, but this practice can be used as a retention tool for just about everyone in your company.
The benefits
Stay interviews provide advantages that last much longer than the initial conversation. Here are a few benefits of incorporating this practice in the real estate industry:
Better engagement
Scheduling one-on-one time with your staff to discuss what’s going well in their roles and any challenges they’re facing goes a long way. These meetings show you’re invested in each employee’s success and care about them. Conversations like this can also help motivate your team and build trust, leading to increased engagement and fulfillment.
More time and resources
There’s no doubt that the cost of employee turnover can be quite high. Implementing measures to reduce departures will save your business the time and money it takes to onboard a new hire.
Opportunities for improvement
As you conduct stay interviews with your team, they’re likely to share valuable insights on how to create a better work environment. Their thoughts and opinions can also uncover potential issues you weren’t aware of, empowering you to act quickly.
Higher retention
By listening to employee feedback and consistently addressing any problems they have, you’re creating an open atmosphere where feelings are addressed. This can help energize your team, leading to improved retention.
The pushback
As open as you may want your staff to be in these conversations, some may not be willing to take that risk. If their previous employment situations didn’t create a safe space to share thoughts and feelings, they may be reluctant to participate. Or they simply may not trust the process. If employees feel intimidated by these interviews, it’s your responsibility to put their minds at ease.
Help alleviate concerns by letting your team know what to expect in advance and encouraging them to speak with other employees about their interview experience. While understanding and addressing any issues may take some work on your part, the reward will come when they are less resistant to providing feedback.
Remember that stay interviews are not performance reviews and shouldn’t coincide with the annual review process. Stay interviews focus on feelings, while performance reviews focus on results. Conduct them in an informal setting and take as much time as your team needs to feel comfortable and heard.
The questions
Ready to give stay interviews a try? Here are a few questions to help you get started:
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What do you value most about working here?
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How is your work-life balance?
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What are some of the pros and cons of our career development program?
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When did you last think about leaving and why?
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What can I do to improve your work experience?
For additional questions, click here.
Stay interviews are a simple, cost-effective tool to help retain employees. If you conduct them correctly and consistently, these conversations can improve engagement, identify issues, increase retention, and save your operation money. The benefits are well worth the effort.
About the author
Vanessa Perry is a Content Developer for London Computer Systems, a developer of business-critical technologies. The company’s flagship product, Rent Manager property management software, incorporates advanced accounting, maintenance, and CRM systems; workflow-driven AI features; customizable commercial and residential portfolio tools; and integrations with the industry’s leading PropTech providers.
