The statistics on employee retention are staggering. According to UrbanBound, you're likely to lose almost 25% of your new hires in their first year and 20% in the first 45 days. Everything points to the value of having a strong on-boarding program. One with all the works can increase employee retention by an impressive 50%. So what does a strong on-boarding process include?
Longer is better when it comes to on-boarding. Most companies spend less than 2 months orienting new hires, but it can take anywhere from 8 to 12 months for a new employee to learn the ropes. The more support you can offer them in that time frame, the better.
And it pays to give new hires a little more love. The cost to replace a single employee ranges anywhere from $3,000 to $18,000. That money is much better spent making your current hire feel at home.
You can take some of the stress out of on-boarding with tech tools and automated tasks. This can increase your retention rates by 16%. There are plenty of e-learning platforms out there that make it easy to design digital courses. You can get creative with your content: creating videos, hosting webinars, and including surveys.
Be careful not to rely solely on digital learning. You should encourage communication between your new hires and your team. Help them understand how their jobs correlate and complement each other. This kind of understanding helps friendships to blossom. Team members with a best friend at work tend to feel more connected with the company as a whole.
On-boarding isn't just about rolling out the welcome mat on the first day. It's about creating an environment of learning. Employees are likely to leave their jobs within 4 years if they don't feel like they're growing. Your on-boarding process should include goals to help employees see their progress more tangibly. Be sure to celebrate the milestones they reach and the successes they achieve.
With these tips, your on-boarding process can help new hires perform better and stick around longer. Our X-FACTOR recruiting method can also help you reduce employee turnover. Get our free white paper on "Perfecting the Perfect Hire" or contact us today to start hiring quality talent now.
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