Retention, Savings & Other Benefits of a Strong Employee Onboarding Program
An onboarding program is extremely important for organizations dedicated towards growing and succeeding. Delivering a brilliant new hire experience has a huge impact on how your fresh recruits perform on the job- are you taking the right steps to ensure that your onboarding program is building the right connections between the management and the teams?
Staff onboarding has become a recurring topic of conversation, and for all the right reasons. A research has concluded that almost 20% of employee turnover happens in the first 45 days. Moreover, another study led to findings that businesses lose 25% of all new employees within a year- an alarming number that adds up to a lot of financial losses.
Losing talent is a huge cause of concern for businesses pursuing steady expansion, and employee onboarding has proven to be one of the most impactful ways to retain your staff in a highly competitive market. It’s no wonder that 69% of employees are more likely to stay with a company for three years if they experienced great onboarding.
Eager to learn more about the benefits that a strong employee onboarding program can bring to your organization? Here’s our favorites to get started:
1) Improves your employer branding to attract top talent:
As a business, your reputation has critical influence on the quality of prospects that you pull towards your talent pipeline. Having an identity as an employer dedicated to building connections with employees in a transparent and proactive manner will automatically (and easily) upgrade your brand’s positioning. That’s not all, the new and improved company culture will secure your status as a superstar that all outstanding talent wants to be associated with- dreams do come true after all!
2) Sets up your recruits for success from the get-go:
Too many companies wait too long before taking the necessary steps to train their fresh joiners. A well structured employee onboarding system instantly takes the steps to develop management and new joiners’ rapports. The trust in turn translates into faster integration that thrives on productivity without any delays. Why keep up with your competitors when you can stay ahead of them in the game?
3) Let’s new employees efficiently gain familiarity with the environment:
No two organizations are the same; new joiners need time to develop emotional and psychological familiarity to become functional members of their new teams. A hurdle that staff on-boarding is known to conquer, the right program prioritizes their comfort and the availability of all the information needed to help your employees overcome hesitations, fear and doubt of the unknown. Unanswered questions become answered fast when employee onboarding with a purpose.
4) Boosts employee engagement and retention:
Did you know that it can cost a company six to nine months of an employee’s salary to identify and onboard a replacement. Makes sense to do it properly the first time and avoid the expenses, right? Employee onboarding helps staff feel genuinely connected as contributors towards the organization’s vision, mission and goals, thus further fueling their motivation to stay put within the company. Bye bye turnover woes!
Fun fact: According to Gallup, companies with employees that were highly engaged had 147% higher earnings per share than their competition.
5) Encourages powerful workplace communication:
Ever wondered what’s holding back your new employees from communicating? It should come off no surprise that a workforce that feels at ease collaborating and networking is bound to produce impressive performance outcomes. By introducing your new talent to existing resources, there will be an easier flow of dialogue, ideas and even feedback to help productivity skyrocket.
6) Gives you the edge of happier managers:
Informative employee onboarding has advantages that extend beyond productivity and staff retention. A recent survey concluded that manager satisfaction increased by 20% when the new recruits were put through a detailed onboarding process. Helping them better execute plans and strategies with new joiners that are more motivated and empowered, the result is a happier and more satisfied workforce across all tiers. Get ready for more smiles, and less stress!