Improve Employee Retention With Stay Interviews

pharmacist with arms crossed and neutral expression, looking away from camera

Today’s Millennials are on track to jump from three or four different jobs in the first ten years of their professional careers — a much higher turnover than previous generations.

With this new workplace reality among younger professionals, what can you do to keep your best people from leaving?

One effective yet often overlooked tool is the stay interview.

Proactive vs. Reactive: Why Stay Interviews Matter

Stay interviews are proactive conversations with employees aimed at uncovering what keeps them engaged and what might drive them to leave.

Unlike exit interviews, which are reactive and occur when it’s too late, stay interviews offer valuable insights that can help prevent turnover.

Many diligent companies conduct exit interviews with the best intentions to improve future retention — but it may not be enough.

Why wait for your talent to leave before you know what they want and what it will take to make them stay?

two colleagues having conversation

How to Administer Stay Interviews Effectively

  • Preparation: Choose the right time and setting. Ensure the interview is conducted in a private, comfortable environment where the employee feels safe to speak openly.
  • Frequency: Conduct stay interviews at least annually, but consider more frequent sessions for new hires or during times of significant organizational change.
  • Follow-Up: After the interview, summarize the key points and agree on actionable steps. Follow up regularly to show that you are committed to making improvements.

Key Questions to Ask

  • What aspects of your job do you find most satisfying?
  • What aspects do you find most frustrating?
  • What would make your job more enjoyable or easier?
  • Are there any skills you would like to develop or roles you are interested in?
  • What can we do to support your career goals?
  • What about your job keeps you up at night?
laughing pharmacy team working together

Complementary Engagement & Retention Strategies

Stay interviews are key, but they should be part of a broader engagement and retention strategy. Here are some additional actions to take for a holistic approach:

  • Regular Feedback and Recognition: Acknowledge achievements and provide constructive feedback regularly.
  • Career Development Opportunities: Offer training, mentorship, and clear pathways for advancement.
  • Work-Life Balance Initiatives: Implement flexible scheduling, remote work options, and wellness programs.
  • Employee Involvement: Create opportunities for employees to participate in decision-making and contribute ideas.
muslim female pharmacist wearing head scarf and taking notes on clipboard

Measuring Success

Don’t just set it and forget it — this isn’t Field of Dreams. To gauge the effectiveness of stay interviews and other retention strategies, measure the following on an ongoing basis:

  • Turnover Rate: Track the number of employees leaving before and after implementing stay interviews.
  • Employee Satisfaction Scores: Use surveys to measure changes in job satisfaction and engagement.
  • Retention Rate of High Performers: Monitor the retention rate of your top talent specifically.
  • Feedback Implementation Rate: Track how many suggestions from stay interviews are acted upon and the outcomes.

Acting on Feedback

With metrics in mind and insights gathered, your next step is to act on the feedback received during stay interviews. Here’s how to do it effectively:

  • Prioritize Issues: Identify which concerns need immediate attention and which can be addressed over time.
  • Communicate Plans: Clearly communicate to employees what actions will be taken and the expected timeline.
  • Involve Employees: Encourage employees to participate in finding solutions and implementing changes.
  • Monitor Progress: Regularly review the progress of the changes and seek ongoing feedback.
pharmacy director and manager smiling at camera with pharmacy in background

A Prescription for Retention

If you want to reduce turnover and build a more committed and satisfied pharmacy team, start implementing stay interviews with your current employees and see what happens. You might just find that this strategy creates a work environment where your top performers feel valued and motivated to stay.

But don’t stop there.

Stay interviews are not a standalone solution, but part of a larger strategy to enhance employee retention. It’s an ongoing process that should be actively monitored, tweaked — and most importantly — acted upon to contribute to the overall success of your pharmacy.

Consider it your prescription for a happy, engaged workforce.