Why A Good Employee Onboarding Program Will Reduce Staff Turnover
Between advertising, interviewing candidates, and training new hires, filling an empty position can become a huge expense. In fact, 45% of companies estimate the turnover costs to replace and train a lost employee at more than $25,000 – a significant amount. With many companies spending such substantial amounts of money on finding the right person to fill a position, it can be quite distressing to have them leave shortly after. Unfortunately, large numbers of people are doing just that, with over half of all employees who left their job in the past year doing so within the first twelve months. This is one of the reasons why it’s so important for organizations to develop a good onboarding program. With an effective onboarding program, you can reduce staff turnover rates, increase employee engagement, and allow new hires to reach their full productivity, faster.
The Importance Of A Good Onboarding Program
Many of our impressions of a new job are made in those important first few days, based on how a company welcomes us into the fold and into our new workplace.
The way that an organization brings new team members on board –employee onboarding– says a lot about the company as a whole. It’s a critical time for both employee and employer to make a good impression and see whether the partnership is a good fit. The purpose of onboarding is to help new team members become acclimatized to their new working environment, while providing them with all the information and resources they’ll need to do their job.
It’s important to see onboarding on a larger scale than orientation, which can often be not much more than a couple of hours spent sitting with HR, signing some paperwork, and reading over company policies. Onboarding is better viewed as a long-term process, encompassing both orientation and ongoing training.
Allowing New Hires To Reach Their Full Potential, Faster
It can take a long time for a new employee to reach their full productivity with a new company, with 30% of companies needing a year or more to get an employee to reach peak production levels. However, an effective onboarding program can make this happen faster, providing staff with the right tools and information they need to be successful.
Failing to provide a new staff member with these critical elements can be incredibly frustrating for them and could lead to an early exit from your organization. With successful onboarding you’ll be reducing the risk of this happening, as well as any potential costs associated with employee errors due to lack of training.
Showing Your Commitment To Professional Development
As we discussed recently in the importance of professional development programs for staff, one of the things employees value most from their employers is the opportunity to enhance their careers.
Onboarding new hires is a chance for employers to show how well they engage with their staff and how much energy they invest in professional development. Showing a commitment to your staff’s training and development fosters good work culture, employee satisfaction and reduces the rate of staff turnover.
Online Training For A More Effective Onboarding Program
There are many valuable resources available to help you improve your onboarding program for new employees.
Learning Management Systems can be used very effectively as part of your onboarding program, with new hires able to access the program from the comfort of their own desk and work through it at their own pace. Online onboarding can be a far more interactive, customizable, and engaging experience for new staff, reducing staff turnover and saving you both time and money.
You don’t necessarily need to overhaul your entire onboarding process to get started. Start small - one or two courses, setup some links throughout your current onboarding process, and get a feel for what you need.
Once you’ve made the switch, you’ll never look back. Having a faster time to productivity and more engaged employees will be all the incentive you need to keep building and expanding your learning programs into the future!
HR Managers may also like to check out online training courses such as Onboarding New Hires for more practical information on this important topic.
The popular course shows you how you can effectively integrate new hires into your team and set them up for success. You’ll learn helpful tips on how to make the first day, week, month and year a successful experience for your new employee, leading to a long and positive partnership with your company.
Hopefully this article has made you think more about the importance of good onboarding for staff, and the benefits it can bring to your company, as well as your new employees.
