Employers who are onboarding can set up new hires for success at their organisations. You should create a strong onboarding program if you want to retain new hires and reduce churn rate.
Staff turnover cost has a big impact on the company’s Bottomline. A company that fails to retain staff will find it difficult to achieve strategic goals.
Reducing staff turnover rate can help Australian businesses save about $500,000 every year. And employee onboarding can help achieve this objective.
Benefits of Employee Onboarding
Employee onboarding can have a significantly positive return on investment. One study carried out by Brandon Hall Group found that organisations with strong onboarding programs are able to improve new hire retention rate by about 82 percent and boost productivity by as much as 70 percent.
Onboarding program that resonates with the employee will foster a positive organisational culture. It shows that the company really care about its employees. A strong onboarding process will enhance team spirit, employee engagement, and collaboration.
Ultimately, a tailored onboarding process will help you leverage the full potential of new hires in order to attain business objectives.
Employee management is more than just processing payroll. You can designate the noncore payroll services to a third party. A company’s main focus should be about devising policies that help enhance employee satisfaction. The tips mentioned here is just one of the ways in which organisations can unlock the potential of new hires and reduce staff turnover.
Ways to Create a Strong Onboarding Program
The first impression counts when it comes to the effectiveness of the onboarding program. Employers should prove to the employees that they really care about their advancement within the organisation. They have 90 days to impress the new hires, according to an SHRM Foundation report.
Here are some of the ways Australian companies can create a strong onboarding process for employees.
- Create a Plan
You need to create an onboarding plan for the first few weeks after an employee is hired. The plan should cover all the basics like the introductory session, employee orientation, and training. Make sure that the plan covers everything down to a ‘T’ including email account and PC login, and other information.
Creating the plan will help set the trajectory of employee experience. This will ensure that the entire onboarding experience turns out to be positive for the new hires.
- Organise Training
Employee training should be carried out within the first two weeks. The training can help the new employee quickly settle into the new post.
During the training session, it’s important to introduce new employees to each other. Inform them how they will coordinate together and achieve organisational goals. This is a good way to create social bonding between the employees.
- Inform About Support and Resources
You need to inform the new hires about where they can get resources to efficiently perform the job. The employees should know who to contact in case of a problem. This will smooth out the transition process and enable new hires to quickly become contributing members of the workforce.