These days the most successful businesses understand it is no longer enough to recruit and hire the most qualified individuals. In fact, getting them in the door is really just the first step; it’s what comes next that can make all the difference.
Although a fairly new concept, the practice of onboarding—making sure new team members acquire the skills and knowledge they will need to grow and thrive—has become absolutely critical to ensuring the overall success of an organization. According to recent report from career development experts MasteryWorks:
- 22% of staff turnover occurs in the first forty-five days of employment;
- 46% of rookies wash out in their first 18 months; and
- The cost of losing an employee in the first year is estimated to be at least three times salary.
However, new employees who went through a structured onboarding program were 58% more likely to be with the organization after three years.
Developing a Successful Onboarding Program
Online job site leader CareerBuilder.com says effective employee onboarding has a positive domino effect: it ensures that new hires feel welcome and prepared in their new positions, in turn giving them the confidence and resources to make an impact within the organization, and ultimately allowing the company to continue carrying out its mission. Therefore, developing and implementing a successful onboarding program is something every business should consider—but where do you begin?
It’s often the smallest things that make the biggest impact and help a new team member feel valued right off the bat. For examples, on his or her first day be sure to have a workspace already set up (complete with functioning voicemail and email accounts); introduce the individual to other team members and provide a brief explanation of their roles within the company; clarify your organization’s mission and values; and provide a written plan of the objectives and responsibilities.
The Power of Ongoing Training
One of the most important—if not the most important—aspects of a successful onboarding program is training. According to the American Society for Training and Development (ASTD), companies that offer comprehensive training have 218% higher income per employee than those with less comprehensive training and enjoy a 24% higher profit margin than those who spend less on training.
From introductory courses focusing on ethical conduct in the workplace and essential company policies and procedures to ongoing professional development and personal wellness courses, access to quality, relevant training helps new and veteran team members feel valued—which in turn boosts morale and leads to increased production. Look for online solutions designed to offer ease, flexibility and affordability, especially for today’s increasingly mobile workforce.