What Are The Benefits of Getting Employee Onboarding Right?
Onboarding new talent can be a long and tricky process. It can also be expensive. But don't despair as we've listed the benefits of getting onboarding right for you!
Because of the expense and resource employee onboarding takes, it’s important to ensure you’re making the most out of the initial period of your team’s tenure with you. This will help you maximise ROI and allow you to retain your best talent.
82% increase in retention rates for organisations with great employee onboarding (Brandon Hall Group)
The first 45 days of employment account for up to 20% of worker turnover. (SHRM)
91% improvement in relationship by soliciting feedback from new hires (Candidate Experience)
Only 19% of employees strongly agree their organisation does a great job of onboarding (Gallup)
29% of employees say their company could help properly onboard them, which they believe is critical in assisting them to be better prepared to begin their new jobs. (CareerBuilder)
77% of employees who went through a formal onboarding process were able to meet their first performance goals. (eLearning Industry)
78% of employees indicated they would stay with their present company longer if they saw a career path during the onboarding period. (Mercer)
25% of a company’s new hires would leave within a year if the onboarding experience was poor. (SHRM)
Companies experience a 50% failure rate in retaining hires if the onboarding is bad. (Forbes)
A good onboarding process boosts recruit productivity by 70%. (Talent LMS)
Save Money - Recruiting is expensive. Training is expensive. Getting your employee onboarding right doesn’t have to be! This means that you can see incredible ROI if you nail the first 6 months of your time with your employees.
Build Loyalty - Helping your team to buy into your mission and vision is key to creating a loyal workforce. The onboarding period is a key time to build this understanding with new employees so you can build loyalty from the get-go.
Increase Productivity - A great employee onboarding process will help your team settle into their roles more quickly. This means that they’ll hit the ground running and be able to get up to speed. Delivering greater productivity, efficiency and creativity.
Boost Employee Happiness - The employee onboarding process is a unique opportunity to build your team’s employee happiness. Of course, you have the space and time to build up the happiness of your new employees. But it’s also worth remembering that building positive relationships and acknowledging the skills of your wider team builds everyone’s happiness.
Improve Employee Engagement - Getting employee engagement off to a positive start is the best way to set yourself and your organisation up for success. This will help you ensure everyone is able to thrive in your organisation.
This is the second chapter in our latest eBook, 'Employee Onboarding: Making The Most of it'. Click the link to download your copy today!
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