Every step in the employee journey has its own unique challenges and opportunities. Onboarding, however, occupies a uniquely critical position in that journey.
Consider that nearly half of all senior outside hires fail within their first 18 months on the job. Consider, too, that the cost of replacing one of those failed employees can range from 50-200 percent of their salary, depending on their specific role. An effective onboarding process can prevent these expensive disruptions from happening.
And yet, according to Gallup, only 12 percent of employees think their employers do a “great” job onboarding new employees. Furthermore, a 2015 Harvard Business Review article reported 22 percent of employers didn’t even have formal onboarding programs at the time.
If your onboarding process could use some improvement, you’re not alone. Below, we’ll take a look at why a strong onboarding process is worth investing in — and how to ensure your program is effective.
Effective Onboarding Boosts Productivity
According to a report by Brandon Hall Group, a positive onboarding experience improves employee productivity by 70 percent. That’s because effective onboarding provides an employee with the education they need to understand company processes and complete the tasks assigned to them.
Some organizations try to minimize time spent on the onboarding process, believing it’s better to get new hires working right away. However, that shortsighted approach comes with a price: Employees who have not been properly onboarded will end up costing you more down the line when it turns out they don’t fully understand how to fulfill their roles.
In truth, new hires will reach full productivity faster if they go through a comprehensive onboarding program first. Employees can’t be fully productive without first learning the processes and systems of their new employers. Assuming a new employee will understand how to be instantly productive because they did a similar job at a previous company is a big mistake.
An effective onboarding process shouldn’t be rushed. Managers and trainers need to take their time, using continuous coaching and follow-up to ensure new employees are truly absorbing and understanding the information being imparted. Quickly overviewing company processes once is not enough to really sink in.
You may also want to consider implementing a mentor program for new hires. Employees can learn a lot from their coworkers, and employees with mentors are more likely to be satisfied with their jobs. Read more here…