Onboarding is a pivotal step in the employee experience within an organization.
In a post on LinkedIn, Vincent Mazrou caught our attention in his sharing of statistics from the Work Institute.
What a surprise it was to see the numbers (not so astonishing actually for consultants, if you knew everything we hear about onboarding)! These numbers should make people in organizations react!
It’s as if we were caught in a frantic race to find talent and once the employment contract is signed, we leave them to themselves because they are talented, assuming that they would figure out how to get by!
The Work Institute states that, according to a study on onboarding, employees who have a positive work experience in the first 90 days of employment are ten times more likely to stay longer with the company than those whose experience isn’t as good.
The first stage of employment is integration. This is vital for the employee, as it prepares the ground for their employment in the company. Effective onboarding has been proven to lead to increased engagement and retention. Unfortunately, according to the Work Institute, only less than half of companies (48%) believe their onboarding process is adequate.
Yet the numbers are revealing:
- 70% of new employees decide within the first 6 months to stay or leave the organisation.
- 52% of departures occur in the first year.
- 77% of these departures are considered avoidable.
To these statistics, we answer that the biggest cause comes from an overbidding of superlatives, each more enticing than the last, to describe your workplace, but they will soon enough make your candidates disillusioned! Super colleagues who are inclusive, friendly, charismatics and talented will not always live up to your claims. Mentors, managers and others who need to onboard these new talents will not be as available as predicted. They will not always have the time, patience, personality, skills and awareness of the cost of poor employee retention support.
Therefore, if we do a simple calculation, you hire ten people in the year. Each person costs between $ 5,000 and $ 7,000 to train during their first year (so between $ 50,000 and $ 70,000 for ten employees) and you lose one person out of two, just do the math over ten years…
Did you know that psychometrics is a potential asset for assessing the capacity of trainers who will integrate new employees as well as assessing the individual needs of the candidates you hire (how to integrate them and what kind of coaching each of them requires)? All of this is at a fraction of the cost of losing two or three new employees a year. In addition, thanks to one specific option of our “personality test”, you will be able to measure in real time the efforts your new employees are required to deploy in their role, and above all, their level of satisfaction with their new job.
When it comes to employee onboarding and development, only one rule should apply “One size doesn’t fit all”!
Want to talk about it? Contact us!
Work Institute data
Publication of Vincent Mazrou on LinkedIn