Seven in ten UK employees feel as though they are ‘stuck in a job rut’ and are unhappy with their future career prospects – a level of job dissatisfaction that is costing employers £16,000 per employee in staff turnover, according to the CIPD.
When hiring new talent is both expensive and increasingly difficult, organisations, especially new starters, need to look far more closely at creating strong training and progression programmes to improve job satisfaction, cut turnover and retain the best talent.
Studies show that a strong onboarding program can boost new hire productivity by 70%
When companies fail to optimise their onboarding process and socialise new hires in the company culture, performance, retention and engagement suffer. Organisations with a strong onboarding process improve new hire retention by 82% and productivity by over 70%. Companies with weak onboarding programs lose the confidence of their candidates and are more likely to lose these individuals in the first year.
Onboarding new hires at an organisation should be a strategic process and last at least one year to ensure high retention. Many companies approach onboarding as something that stops when all paperwork is signed and the employee’s first day is complete. You think you’re done, but you really aren’t. How employers handle the first few days and months of a new employee’s experience is crucial. It takes around six months for an employee to feel fully settled and invested in an organisation, so management of those first six months can make all the difference.
CREATING AN EFFECTIVE ONBOARDING PROCESS
The most effective onboarding programs take advantage of tools and technology, emphasise assimilation and foster new-hire socialising.
Advanced learning tools provide on-demand training that goes beyond traditional classroom learning. They also provide proactive structures for learning so that both employees and managers can track and record internal training efforts. Combining technology with a dedicated mentor or coaching program helps further development and increase new starter assimilation into your business culture. Assimilation means that your new hire has bought into your company culture, making them feel welcome, wanted and part of something that matters. This is further emphasised through the use of social networking during the onboarding process.
To manage your process more effectively, self-service HR software can help you and your new talent effectively track and organise onboarding to your mutual benefit.
THE VALUE OF TRAINING AND DEVELOPMENT IN NEW HIRES
Training is seen as adding value to their remuneration, and a way of rewarding employees who wish to progress within the business. A training and development program with clearly defined goals demonstrates to employees the commitment your organisation makes in new starters.
Organisations with a strong onboarding process improve new hire retention by 82%
Spending time in cultivating strong and engaging onboarding strategy can mean saving money. Replacing talent runs as high as two times annual salary. And it’s not just about money. Culture and job satisfaction is hugely impacted, as well as morale, productivity and lost insider knowledge. Job satisfaction is key to improving retention.
As employee temptation to change increases, companies need to improve management and deliver excellent communication that demonstrates to each individual his or her value to the business Organisations should embrace a proactive approach to onboarding, training and development of career progression in order to safeguard essential people and skills.
