Effective onboarding is the new staff retention strategy!
In Korn Ferry’s Futurestep survey*, 90% of executives say that new hire retention is an issue and according to data released by Indeed, an astonishing 65% of new hires look at job boards within the first 90 days of being hired**). Why?
In today’s talent short market, the road to hiring top talent is often a tricky one. You spend weeks and sometimes months on talent acquisition for one role. Wading through CV’s, conducting phone interviews, undergoing skills testing, then participating in one, two or often three interviews to find the right talent. Then before you know it, with no warning, they inform you that they are leaving and you are left with an investment deficit. Your recruitment costs are inflated, business continuity is interrupted and the time invested into their acquisition is now wasted time. You start to have a sense of deja vu as you start the process all over again.
Employees often start to get itchy feet due to a lack of early engagement, combined with the first few weeks in the organisation not meeting their expectations. Disappointing welcome journeys, disorganised induction processes and ineffective communication all contribute to leave your new employee feeling detached from the company and unmotivated to stay.
What can you do about this? In the Korn Ferry survey, 98% of senior executives agreed that onboarding has a positive connection when it comes to employee retention.
So what is onboarding?
Onboarding is the often-ignored phase from the candidate accepting the job offer to their first day on the job. Employers are regularly guilty of sending out a job offer, then upon receiving acceptance - other than organising a computer log in and booking some induction meetings - forgetting about the employee until they turn up on their first day. No communications have taken place and they are not thinking about what the employee is going through.
Is the employee wondering if they have made the right decision? Are they still perusing job boards ‘just in case’? Are they thinking about how they will fit into their new team and into the wider business? Of course! Wouldn’t you?
That’s where effective onboarding can help. Onboarding solutions include communications and actions that keep the new employee engaged and excited about their new role. Onboarding should not be treated as series of brief transactions focused on compliance and forms, rather, it’s the start of a journey that leads to employee engagement, satisfaction and retention.
Onboarding solutions allow companies to build personalised welcome journeys for new employees that start from job offer acceptance to the first day of employment. These welcome journeys are sent to engage, inform and build that important early relationship between employee and employer. Welcome videos, team introductions, product and services information, insight into the company vision and values and delivering a sense of your company culture are all great ways to keep the employee invested and engaged.
A welcome journey is also a good way to help avoid the day one information overload, and convey key company information such as Health and Safety or business compliance to your new employee. Ensure a strong start to the relationship, retain your investment and improve your employee retention for the long term by conveying your unique employer proposition and what the employee can expect from you with a solid onboarding process.
To find out more about effective onboarding, click here to talk to us about Talent Onboarder.
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*Korn Ferry March 2017
**Indeed Data 2018