A Stay Interview is an interaction between a superior and his/her direct reporting subordinate. More often this is an informal discussion rather than a structured interview. During this interview, the superior asks questions like:
(i) What makes you to stay on the job in the company?
(ii) What should the company do to make you stay in the company?
The objective of a Stay Interview is to improve employee engagement & retention in a company. Stay Interviews are the exact opposite of Exit Interviews. The latter is done when an employee leaves a company and is more of a formality rather than to get real feedback. Even if the feedback is valid, it is of no use as the employee has left. So rather than having interviews when an employee leaves, companies conduct stay interviews to improve their relationship with the employee.
A typical Stay Interview is conducted once/twice a year. The interviewing manager needs to be trained by an HR person as to how to conduct the discussion. Sometimes the discussion can be very informal like having in a coffee shop. This process makes the employee feel that the company gives due attention to the problems faced. It can also be used as a forum for the employee to talk about the career advancement, career goals etc.