With the trend towards a gig economy, people are less likely to stay at a job long term – making hiring and retaining quality staff a major challenge for HR departments.
Ensuring that the onboarding process is modern and engaging is an impactful way that employers can improve the long-term prospects for a new team member – from the perspective of both the employer and employee.
But just how much of an impact can the onboarding process make?
Here are 4 statistics that may shock you.
New employees who are part of a well-structured onboarding orientation program are 69% more likely to remain at a company for up to three years.
A poor onboarding program often leads to losing an employee due to their experiences of being confused, feeling alienated, or lacking confidence.
25 percent of companies admitted that their onboarding program does not include any form of training. This can lead to a loss of 60 percent of a company’s entire workforce over 4 years.
Many organizations worry that skill development is something to be cautious of, since they may leave and take those skills to a competitor. That’s precisely why an inclusive onboarding process is important. If you welcome employees by embracing them within the culture of your organization in addition to showing them all the ways they can meet professional goals while working within your walls, their loyalty is imminent.
The average cost to fill a position is between $3,000 and $18,000 (source)
This highlights the importance of hiring employees who are skilled and feel like sticking around. When employers fail to engage staff with an engaging onboarding program, the risk of losing employees increases. In many cases, the cost of filling a position would be able to cover the price of putting in place an onboarding program.
Onboarding programs have been shown to increase employee performance by up to 11% (source). There is little difference between the first day at a new job and a first day in a new classroom. People often feel nervous, not knowing all the rules and what’s expected of them. If no one speaks to a new starter, shows him or her the ropes and lets them in on the unspoken rules, they will never feel completely integrated, affecting their ability to perform at their best.
The stats speak for themselves – onboarding matters. By welcoming new starters with a positive onboarding experience, businesses can massively improve their levels of staff retention and engagement.
If you’re interested in learning more about how HROnboard can work for you in every stage of the employee onboarding journey, check it out in the demo video here