Any business new or old, small or big understands the importance of having a fully built-out new hire onboarding program—or do they?
We might think of a structured process as a no-brainer, but far fewer companies have dedicated time and resources to building out a lasting and comprehensive onboarding experience for their new hires.
How does your company compare to industry trends?
- A strong onboarding process can improve new employee retention by up to 82%! And no one likes too much turnover.
- When an employee leaves your company, it can cost the equivalent of 6-9 months of their salary to replace them. In other words: retention through good onboarding is a financially savvy move.
- Only 12% of employees say they strongly agree that their employer has a strong onboarding process. Yikes!
- Most companies only onboard employees for one week. What’s more, only 27% of companies say they offer onboarding to existing employees who take on a different role.
- In the UK, a whopping 74% of employees in one survey said they were not reaching their full potential and wish they had received more training.
- 32% of polled executives in an international survey said their onboarding process was poor. It costs even more to replace an executive than other employees, so poor exec onboarding is bad news.
- Almost 70% of employees say they are likely to stay with their company for at least three years if they receive great onboarding.
- Still think you don’t need an onboarding process? Companies who have one see 50% greater productivity in new employees.
- A staggering 60% of companies say they don’t set up short-term goals with their new hires during the onboarding process. Short-term goals include milestones up to a year into employment.
- Employees who don’t have a good onboarding process are (unsurprisingly) twice as likely to look for a new job in the near future.
- 49% of employees who receive effective, standard onboarding say they begin to contribute to their team within the first week! Only 35% of employees who say their employee was not effective report immediate contributions.
- Extended onboarding can last for up to one year. Companies that commit to long-term onboarding and training can improve a new hire’s proficiency by 34%.
- It can take a new employee 8 to 12 months to perform as well as their tenured colleagues. That’s what makes onboarding such a critical process.
- An impressive 77% of new hires who hit their first performance milestone had — you guessed it — structured onboarding.
- The trajectory of a new hire’s success at a company could be set as early as two weeks into their time at the company, well within the period of typical onboarding.
Proving the value of onboarding
Onboarding is a strategic process that gives employees the best chance at success. It teaches them about not only what is expected of them in their role — but gives them milestones so they can measure and celebrate success. When you pair team learning tools and employee training software with goals and enthusiasm, everyone wins in the long term.
Ready to start building out your onboarding process in one, centralized place? Sign up for a free 14-day trial of Trainual today!