Onboarding Strategies that Boost Retention | Timerack
June 6, 2018
Rolling out the welcome mat during employee onboarding can keep new hires from leaving within the first year, experts say – citing small measures that bring big savings.
About 26% of employees quit their jobs each year, according to the Bureau of Labor Statistics. Many new hires decide to leave within the first 90 days.
That’s why an effective onboarding process – some research suggests that it may take as long as a year – is critical. Research reported in the Harvard Business Review found that it frequently takes that long to capitalize on the skills and knowledge new hires bring to the organization. But it’s well worth the effort: Companies with successful onboarding programs report “measurable profit growth,” the story reports.
Given that the average U.S. company invests approximately $4,000 and 42 days in the process of bringing on a new hire, according to the Society for Human Resources Management, efforts to improve a new employee’s experience can have a significant return on investment. Experts suggest that even little efforts can make a big difference in improving employee retention.
Onboarding Checklist Increases Productivity
At Google, managers are sent an electronic checklist the day before a new hire begins. The list reminds managers to meet with the new hire to discuss the role and responsibilities and to match the new worker with a peer buddy and help him or her establish a social network. Onboarding check-up meetings are scheduled for once a month for the first six months. These relatively simple steps increased new employee productivity by 25%, an Inc. magazine story reports.
Another simple – but welcoming – measure is to have a new employee’s desk and equipment set up and ready to go on day one.
HR Software Creates A Better Experience
Streamlined onboarding procedures can also make a big difference on a new employee’s first impression. Spending your first day on the job bogged down in paperwork is an unnecessarily dispiriting experience. It also leaves little time for the kind of experiences that start a new job off right. That’s one reason a growing number of companies have turned to applicant tracking and onboarding software to cut down on the time and expense of the labor-intensive processes involved in hiring.
Applicant tracking and onboarding software allow companies to place open positions on multiple job boards, file resumes using keywords, order background screenings and streamline the paperwork around new hires. Such a system has the dual benefit of reducing paperwork and creating more time to pile on the welcoming touches.
HR Module Lets You Create A Better First Impression
At Timerack, our clients have access to customizable HR software that takes the work out of employee onboarding and creates a streamlined experience for employees from day one and throughout their careers. From onboarding to benefits administration to expense reimbursement and performance reviews, our HR module saves time and money you can put to better use. Our clients also have access to a range of payroll outsourcing services through out sister companies: Payroll Tax Management and SBS Payroll.