This job market is firmly in the control of employees. And that’s led to a rather disconcerting trend in retention. Of employees surveyed, 30% said they’d have no problem walking out on a job in the first 3 months if they weren’t happy. That statistic corresponds with another, whereby companies report that 34% of their turnover was accounted for by employees leaving in their first year. So, what’s going on? LinkedIn sheds some light with its research on the matter, revealing that companies with a thoughtful onboarding process retained 91% of hires, while those who didn’t retained only 50%. That’s a lot of money walking out the doors of organizations who haven’t given enough thought to onboarding. This post details some employee onboarding steps for a higher retention rate, saving you money and shoring up the retention of top talent.
You know the Scouts are 100% right about this one. Being prepared is the foundation of a lot of things and the same is true of onboarding new hires. Mapping out an onboarding process in which new employees feel their employer has an investment in them and their success in the new role is key to retention. Many employees feel that once they’re hired, there’s little in the way of support and encouragement from colleagues or superiors. Like being transferred to a new school, the new kid is lost in the halls and that’s not effective onboarding. Walking with your newbies instills a sense of belonging and a connection with the organization they’ve come to work for.
Every new employee should be reached out to on several occasions prior to their first day. Paperwork should be forwarded for the employee to complete, so that’s out of the way when they walk in the front door. In addition, a package welcoming your new hire should include items like information about benefits programs, an organizational chart, job description and a policies and procedures manual. Your employee’s orientation begins well before that first day, so they’re on a solid footing when they come in to get to work.
Starting a new job can be alienating, so take the time to get to know your newbie. It’s worth your while to organize a coffee meeting off-site with their direct manager, which is informal and relaxed. This gives the new hire an opportunity to be who they are and to see who they’re going to be working with and for, without feeling as though they need to perform. Above, make your new employee feel valued, needed and welcome.
Your employee recognition program was created for moments like onboarding. When it’s part of your onboarding process, it imparts a sense of excitement and tells employees that your company is even better than they’d imagined! It’s part of your company, so make it part of coming aboard. Incentive Travel Group has been creating winning incentives for companies like yours for over 20 years. Contact us to find out more.