Interested in higher team retention?
July 15, 2018
Evaluate your onboarding!
Train and Aim for long retention
Have you stopped to consider that lack of onboarding (at any level) may be the reason you are constantly looking for team members?
Numerous articles state data reflecting the positive impacts of a solid onboarding program. Data has also shown that advanced onboarding can also directly improve several important business factors including the time it takes a new hire to be productive, new hire retention, new hire on-the-job performance and even recruiting. [extreme onboarding]
You want the best people working for you. An immense amount of time and energy goes into the interview process. Don’t let it go to waste by discouraging the new hire in the first few weeks.
Gallup finds that only 12% of employees strongly agree that their organization does a great job onboarding new employees. This failure gets in the way of the formation of an emotional bond between the new hire and the company — a connection that can make or break retention. [why onboarding is key]
Do you know the cost of turnover? According to the Bureau of Labor Statistics, the cost for replacing an employee is over 25 percent of their annual salary (some say 50 percent), so it is very costly when you don’t get it right. [what is onboarding exactly]
Onboarding is more than just the initial paperwork. It’s a process that can span from several months to a couple of years.
If you hire a rock star, and then don’t truly appreciate the abilities that individual brings to the table, or you throw the new hire into work immediately without training or context, then it’s a set-up for a quick employment period.
Starting a new job is exciting and the training period should continue that momentum and FUEL that initial excitement.
Benefits of a great onboarding program
- Improve on-the-job performance of new hires. Research shows hiring managers setting up the first days with formal training gets new hires up to speed 25% faster. [extreme onboarding]
- People have different ways of learning. By mixing up the styles of teaching, trainers are apt to cover all the bases.
- When new hires understand team goals, priorities and appreciate the impact of their job, they have better buy-in to the hospital’s mission.
- By helping them identify their individual goals, assessment criteria and career path, team members will have greater job satisfaction and longer staying time.
While onboarding takes time, energy and constant vigilance, as mentioned, rough figures show it can take 25% to 50% of a person’s salary to replace the position. In the long run, what is costing more money? Time and energy placed in appropriate onboarding or continually in a state of hiring (due to attrition, unrelated to practice growth).
Do you ask yourself, “Where are all the good team members?” Well, they are there, it’s just a matter of finding and keeping them with a quality support system. Quality onboard provides stability through increased job satisfaction and retention.
Here’s to successful onboarding!
Extreme Onboarding: How to WOW Your New Hires Rather Than Numb Them. Dr. John Sulivan July 15, 2015. https://business.linkedin.com/talent-solutions/blog/2015/07/extreme-onboarding-how-to-wow-your-new-hires-rather-than-numb-them
Why the Onboarding Experience Is Key for Retention. https://news.gallup.com/opinion/gallup/234419/why-onboarding-experience-key-retention.aspx?utm_source=alert&utm_medium=email&utm_content=morelink&utm_campaign=syndication
What is Onboarding Exactly? PeopleAdmin. https://www.peopleadmin.com/2013/01/what-is-onboarding-exactly/