Long gone are the days of undivided employee loyalty to businesses and organizations. As job-hopping is becoming the norm, employers have to work hard to entice newcomers and make them engaged and satisfied enough to stay long.
That’s one of the reasons why a successful onboarding process is a necessity for any company. Obviously, everyone wants to keep their new hires and grow together with them. Recruitment is tiring, and starting from scratch with new people can be discouraging.
Moreover, the extent to which your onboarding system impacts your ROI can be surprising. Here’s how it affects your bottom line.
It Improves Employee Retention
Did you know that a great onboarding process can improve employee retention rates by an incredible 82%? This piece of statistics is not that surprising, knowing how important first impressions are when starting out at a new company. If you set the right tone from the start, your new hires are much more likely to stay.
It’s not only about the tone either. Proper training at the start will help the new employees learn the ropes much quicker and make them feel more confident and at ease. If you find careful ways to integrate them successfully from the start, they’ll feel appreciated, understood, and connected. Those are the main factors that make people loyal to their employer.
Of course, employee retention can save you huge amounts of money in the long run. Recruitment doesn’t only take a lot of time and energy, but it also costs money. By losing employees, all that money that you invested in them at the start is squandered.
New Employees Reach Full Potential Earlier
The full cost-benefit of a new hire takes time to reach its peak. This is especially the case if an employee is left to fend for themselves and learn from experience. Instead of waiting for what seems like an eternity for this objective to materialize, you should pay more attention to the onboarding system.
If you take it slow at the beginning and let your new hires ease into their new roles and the company culture, you essentially shorten their period of adjustment and learning. The employees who go through a longer onboarding process can gain full proficiency 34% faster than those in shorter programs.
As you can see, investing in a longer, more thorough onboarding system actually means you’re putting your new hires up to speed and starting to benefit from their work faster.
Better Engagement Leads to Increased Productivity
As we all know, people like to feel valued and welcome in their workplace. Their level of satisfaction at work influences their overall productivity immensely. In other words, employees are much more likely to be engaged if they are happy at work. When they are engaged, you profit.
A great onboarding process can make your employees love their job. This goal should be your number one priority in these tentative initial stages. That means you should train them well so that they are confident about their capabilities. However, it also means you should do your best to make them feel part of the team and comfortable with the company culture.
On the other hand, if people are dissatisfied and under stress, they tend to slack and make a lot of mistakes in the process. So by making sure that your employees are happy, you ensure they always stay productive.
Onboarding Data Drives Business Change
Of course, an onboarding system should evolve and help your business evolve with it. Instead of letting it unfold and relying on casual observations when revising it, you should devise a strategy to derive as much useful data from your onboarding and transform it into actionable intelligence.
Many companies employ business intelligence strategies in their onboarding efforts. They allow them to make informed decisions and changes based on careful analysis. Every impactful change you implement in your onboarding process reflects on your company as a whole. So by continuously refining your employee training, you become more efficient as a whole.
As you can see, business intelligence is vital for your self-assessment and growth, which leads to higher profit.
In the end, we’d like to leave you a few useful tips and tricks, which can make your onboarding system more successful:
- Make social integration a key part of the process. You can make your senior employees mentors;
- Create structured and easy-to-follow materials. Chunk everything into logical units;
- Make sure they can access the learning materials from home too. Also, make it easily accessible from different devices;
- Pair the new hires for training to help them build rapport. Training buddies relieve stress;
- Check in with your employees frequently to prevent chronic issues. It’s easier to correct them early on than have them unlearn something and start again later.