Is your hiring and onboarding process costing you unnecessarily? Did you know….
Nearly 1/3 of people are job searching within six months of employment.
Almost 1/3 of externally hired executives miss expectations in the first two years.
With 10-15% annual attrition, companies lose about 60% of their entire talent base within four years.
Introducing an onboarding program into your hiring process can mean the difference between retaining top employees or watching them walk out the door after several months or even weeks. Companies who implement an effective onboarding program during the first three months of the new hire’s employment will experience a 50% greater retention; a 54% increase in productivity; and a 59% higher engagement than those who don’t according to the Aberdeen Group.
What does yours do? And do you even have an onboarding program?
A strategic onboarding plan can dramatically impact your business. Therefore, it needs to be done right especially if it’s now being done remotely. Yes, there are challenges, but there are also simple, innovative ways to help new hires quickly learn the performance expectations of their new job; align their personal goals with that of the team; and integrate into your workplace culture. If that happens, it will result in higher job satisfaction and higher engagement; better job performance; and reduced turnover. it’s a win-win for everyone.
You have made your decision about whom to hire. You’ve gotten them excited about their new job. You’re excited about what they can bring to your team. Now what?
Onboarding is important because it introduces the new hire to the company’s culture and expectations as well as your department’s goals and key priorities. In addition, onboarding gives the employee the vital training and information needed to succeed in their new position. The sooner your new hires start feeling part of your team or department, the sooner they will start contributing at full capacity.
An onboarding program isn’t just a routine checklist; it should be a step-by-step program that makes the new hire, as well as the manager, confident they made the right choice and confident they can succeed in their new job. It’s a way to avoid buyer’s remorse.
Also, a new hire’s compatibility or culture fit will likely be determined during the onboarding process. This can save you the manager from a prolonged investment of your time and money into the wrong person. It’s also a win-win for everyone.
You have made your decision about whom to hire. You’ve gotten them excited about their new job. You’re excited about what they can bring to your team. Now what?
Onboarding is important because it introduces the new hire to the company’s culture and expectations as well as your department’s goals and key priorities. In addition, onboarding gives the employee the vital training and information needed to succeed in their new position. The sooner your new hires start feeling part of your team or department, the sooner they will start contributing at full capacity.
An onboarding program isn’t just a routine checklist; it should be a step-by-step program that makes the new hire, as well as the manager, confident they made the right choice and confident they can succeed in their new job. It’s a way to avoid buyer’s remorse.
Also, a new hire’s compatibility or culture fit will likely be determined during the onboarding process. This can save you the manager from a prolonged investment of your time and money into the wrong person. It’s also a win-win for everyone.
Marcia Zidle
Marcia Zidle is a board-certified executive coach, business management consultant and keynote speaker, who helps organizations to leverage their leadership and human capital assets. She has 25 years of management, business consulting and international experience in a variety of industries including healthcare, financial services, oil and gas, manufacturing, insurance, pharmaceuticals, hospitality,government, and nonprofits.She brings expertise in strategy and alignment; social and emotional intelligence; executive and team leadership; employee engagement and innovation; personal and organization change management. She has been selected one of LinkedIn Profinder’s top coaches for the past 5 years.
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