In 2025, most companies can’t afford to keep hiring like they did in 2021.
Budgets are tighter. Every headcount requires more justification. And even when there’s approval, the hiring process takes longer — not just because of caution, but because the stakes are higher.
So while many companies are focused on hiring smarter, here’s an equally critical question:
What are you doing to hold onto the talent you already have?
Let’s talk about stay interviews.
Most organizations rely heavily on exit interviews to figure out why employees leave. But by the time you’re sitting down for that conversation, the decision has already been made. You’re collecting data for the next hire — not solving a problem for the one who left.
Stay interviews flip that script.
They help you understand:
- Why people are still choosing to work for you
- What might drive them to start looking elsewhere
- What roadblocks or frustrations they’re dealing with silently
- What kind of future they envision for themselves at your company
In a market where job changes are riskier and hiring is slower, employees who stay are sending a strong signal. Don’t wait until they leave to find out what mattered to them.
Why now?
Retention has always been important, but it’s especially strategic right now:
- You’re likely running leaner teams than you were three years ago.
- Recruiting and onboarding costs more than it used to — in time, money, and lost productivity.
- And skilled candidates aren’t lining up the way they once did. Many are content to “wait out” the market unless there’s a compelling reason to jump.
In other words: every good employee who leaves puts more pressure on an already strained system.
How to conduct an effective stay interview
1. Make it personal, not procedural.
These aren’t HR check-ins or compliance exercises. The best stay interviews are conducted by the employee’s direct manager — someone who has an active role in their experience.
2. Keep it conversational.
This isn’t a performance review. It’s a dialogue. Create a safe space where employees feel they can speak candidly. Your only job is to listen and learn.
3. Ask the right questions.
Try open-ended prompts like:
- What do you look forward to at work each day?
- When was the last time you felt proud of your work?
- What would make your job easier or more enjoyable?
- Have you ever thought about leaving? If so, what prompted that?
4. Do something with what you hear.
Even small changes based on feedback show that the conversation mattered. The fastest way to lose trust? Ask for input and ignore it.
One company’s results:
We worked with a mid-sized energy services firm that started doing stay interviews quarterly after losing two top performers unexpectedly. Within the first round of interviews, they uncovered a common theme: mid-level leaders didn’t feel they had a path forward.
The fix? They rolled out a leadership development program and clarified growth paths across teams. Attrition dropped by nearly 40% over the next year — not because of massive raises or flashy perks, but because employees finally saw a future with the company.
The bottom line:
Don’t wait for a resignation letter to learn what you could’ve done differently.
Stay interviews won’t fix every issue — but they will help you spot patterns, build trust, and make informed decisions about how to support and retain your top people.
Retention starts with listening.
And the best time to start? Before your best people start job searching.
By Jessica Werlinger | Paradigm Group