When it comes to work and companies, people come and go, right? Sure, that’s true, but it’s also an issue.
It has been a couple of months since I wrote an article centred around onboarding (if you’re interested, the last one was about how you can help new starters feel valued and contributory, quickly – worth a read).
When I’m flagging articles that I’ve enjoyed or think you might find useful as leaders in people-based businesses, I often find that onboarding raises it’s (albeit not very sexy) but essential, head. The truth is, that long-term employee retention is one of the most important yet overlooked aspects of any high-impact workplace culture.
I thought it would be a good idea to put together some fairly sobering stats on onboarding that might help shape the emphasis and importance you put on your processes going forward. Here are just a few, and some advice on how you might stop your company becoming ‘just another stat’.
Research by Leftronic that nearly one-third (32%) of employees have quit their job within the first three months due to unsatisfactory workplace culture. Put simply, 69% of employees are more likely to stay with a company for more than three years if they had a great onboarding experience.
Additionally, organisations with a standardised onboarding process enjoy 50% greater productivity from new employees. In stark contrast, organisations with poor onboarding processes are twice as likely to experience employee turnover.
Make sure you have a rigorous and standardised onboarding process, don’t make employees wait a week whilst IT sets up their computer, or leave them to read a 200 manual unattended. Set up introductions with their team, make sure everyone has time with them, and help them feel valuable and contributory right from the moment they join. They might be new, but there is certainly something they can do which will add value or free up your other employees time.
Help your HR
87% of HR managers say that employee retention is their number one priority. However, 20% of these managers say that focusing on employee retention is difficult because other tasks demand their attention and budgets.
If you make it through the first few months, you’re likely to have a long-serving employee, so make sure you view onboarding as something valuable and worthwhile for the business. You’ve likely taken a lot of time to find the right candidate – in fact, on average, each corporate job offer attracts 250 CV’s and of those candidates, 4 to 6 will get called for an interview, and only one will get the job. (Glassdoor) Don’t let them slip through your fingers because you’re too busy to help them understand the values and their contributions to your business.
If you want long term loyalty – you need to put in the onboarding effort
Studies show that 20% of turnover happens within the first 45 days of working at a new company.Similarly, employees are 10 times more likely to leave a job in the first year than five years down the line.
Show them their future
87% of Millennials rate professional career growth and developmental opportunities as important to them in a job, and nearly 80% of Millennials look for people and culture fit with employers, followed by career potential.
Make sure that your onboarding process shows new employees their future – talk to them about the potential to move, grow and develop within your business.
Just some food for thought.