A well-structured onboarding process can positively affect a new employee’s work performance. On the other hand, onboarding done poorly can lead to a high turnover and workforce inefficiency.
Nearly 20% of new talent quit their jobs within a month and a half of starting. With less than 60% of recent hires staying at the company three years after joining, a structured onboarding process is key. It is the most critical time of an employee’s experience as it affects retention, performance, and engagement.
A Quick Definition of Onboarding
Onboarding is an entire process, from hiring and welcoming to orienting and engaging these employees into your company and workplace culture. In addition, when you onboard, you give new talent the information and tools they need to perform effectively.
According to SHRM, the whole strategic onboarding process should start on day one and last at least one year. If you need help creating your onboarding process, you can check out our 5 Steps to Build and Perfect Your Employee Onboarding Process article.
Why Is It So Important For New Employees?
The onboarding process is vital for employee retention and engagement. The Harvard Business Review illustrates the importance of these statistics:
- More than 30% of newly hired employees start job hunting within six months of being onboarded.
- Within their first year at the company, more than 20% of new talent become part of the turnover stats of the company.
- It takes, on average, about eight months for a new hire to become fully productive.
- Less than 30% of companies report having a successful onboarding program, with around 50% saying it is somewhat successful.
- Employee turnover is expensive, costing companies as much as three times the employee’s salary.
The Impact Of Effective Onboarding On Work Performance
Here are four effects a successful onboarding program can have on the performance of new talent:
Stronger Organizational Bonds
With an effective onboarding experience, employees are bonded to the company in various ways.
For one, they are more committed. They have the information and tools they need to be productive and enjoy their work. In fact, productivity can more than double if they are correctly onboarded.
Secondly, they are integrated into your company culture as they help you maintain your values, core principles, and mission statement.
Lastly, new hires are more connected to their colleagues as onboarding should include getting-to-know-you training.
A strategic onboarding process can decrease the amount of stress a newly hired employee experiences. It is no surprise that starting a job is very stressful. From worrying about whether they will fit in, to understanding expectations, and managing responsibilities, new employees have lots on their minds.
Companies can reduce this stress by ensuring new hires feel welcome. Part of this is sharing everything the employee needs to perform effectively and facilitating relationship building with existing team members.
Increase In Work Empowerment
Successfully onboarding your new employee means they have clarity regarding their job position. This ensures they know what is expected of them and can then meet those expectations.
Employees who feel empowered in their roles understand job benefits and receive the training they need to work independently. A confident new hire can also contribute to the team and their role much quicker, leading to a faster ROI for companies.
With an onboarding program, the company can track the progress of the new employee. They can measure how well the person is adapting and how productive they are in their work performance.
Checking in with the new hire periodically ensures that your training and onboarding goals are being met. Tracking progress is also essential since companies can readily identify where employees struggle or need more assistance. Help can be provided, which then boosts productivity. Furthermore, the employee feels more committed, engaged, and loyal to the company.
Three Quick Tips For Improving Your Onboarding Process
Want to improve your onboarding program so that you can reap the benefits of engaged employees? Here are our top three tips to do so:
- Make your onboarding more employee-centric by focusing on the new hires instead of your company. You can also make a point of helping newbies foster social connections with their team and colleagues.
- Millennial hires report that learning and development is a key benefit of employment. As such, companies should include L&D opportunities in their onboarding process. Doing so shows your new hire that you are committed to their professional growth and can conduct training in areas the employee may lack.
- Automate as much of your onboarding program as you can with a Talent Experience Management platform so you focus more on your new hires.
Go From Zero To Hero With Onboarding
Are you ready to supercharge onboarding and increase employee engagement, loyalty, work performance, productivity, and retention? &Team’s onboarding product is here to help. With pre-built templates and analytics, you can automate repeatable workflows and measure the effectiveness of your welcoming process.
Contact our team today for more information.