What is onboarding and why should I care?
Onboarding is a term used by HR professionals, referring to the process of introducing a newly hired employee into an organization. Onboarding is particularly important for international hires as it sets you up as an attractive employer and makes their integration easier. This allows your onboarded employee to be more productive and will improve your chances of talent retention. Worryingly…
60% of companies fail to set milestones or goals for new hires.
Only 37% of companies extend their onboarding programs beyond the first month.
35% of companies have no formal onboarding program.
Increasing chances of retention
No longer are onboarding and retention considered separate employment strategies for HR professionals. A great onboarding experience is synonymous with talent retention. In fact, Glassdoor research has shown that when done correctly, onboarding can improve the retention of new hires by 82%.
69% of employees are more likely to stay with a company for three years if they experienced great onboarding.
Up to 20% of employee turnover happens in the first 45 days of onboarding.
New employees who went through a structured onboarding program were 58% more likely to be with the organization after three years.
Organizations with a standard onboarding process experience 50% greater new hire retention.
Reducing employee turnover
Employee turnover is a costly issue facing every employer. With many companies spending large amounts of money on attracting and retaining the right talent, it can be quite distressing to have them leave shortly after. A great onboarding experience will help you reduce your employee turnover. In fact…
Over half of all employees who left their job in the past year did so within the first twelve months.
The organizational costs of employee turnover are estimated to range between 100% and 300% of the replaced employee’s salary.
Nearly 33% of new hires look for a new job within their first six months on the job.
23% of new hires turnover before they complete a full year of working for you.
Increasing employee performance and productivity
Great onboarding programs go above and beyond to deliver positive and lasting experiences to new hires even before their first day on the job. It’s well known that great onboarding experiences directly translate into high performing and productive employees. Studies show that a strong onboarding program can boost new hire productivity by 70%. In fact...
It typically takes eight months for a newly hired employee to reach full productivity.
In the U.S. and U.K., an estimated $37 billion is spent annually to keep unproductive employees who don’t understand their job.
Organizations with a standard onboarding process experience 50% greater new hire productivity.
Employees whose companies have longer onboarding programs gain full proficiency 34% faster than those in the shortest programs.
Manager satisfaction increases by 20% when their employees have formal onboarding training.
So, how can I ensure a consistently great onboarding experience?
Evidently, ensuring that your company facilitates a great onboarding experience is critical. The average employee onboarding experience comes with a lot of tricky paperwork and processes. 58% of organizations say that their onboarding programs are focused purely on these processes and paperwork which on average consist of more than 54 individual administrative activities. Onboarding is a critical element of relocation support and getting these processes right from day 1 will save you countless hours and dollars.
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