While many companies do their best to formulate their interview strategy in a concise and time-efficient manner, others allocate a plethora of resources dedicated to recruiting top talent. Regardless of the intensity of your recruitment process, after the papers are signed and new employees are embedded into their new office space turnover can greatly affect any business, regardless of size.
Although it’s unfortunate to see long-standing employees leave to expand their horizons elsewhere, it’s additionally ill-fated when new hires check out before they’ve been able to fully grasp what a company is all about, and how they can add value.
In fact, the risk for turnover is at its highest during a new employees’ first six months on the job. According to a study by Equifax Workforce Solutions, more than 40% of turnover occurs in the new hires’ first month. Furthermore, an additional 10% call it quits in the first year.
These startling numbers can provide a glimpse into the state of many companies – and their outlook on employee retention. As workers walk out the door, the question becomes increasingly important: How can companies work to engage new hires from day one?
Here are 5 key areas to target from the get go to help keep top talent from departing for the exits.
Onboard like a Champion
Effective onboarding programs can do wonders for employee retention. Companies that have an onboarding program in place see 91% of their employees retained, as opposed to the 50% retained in companies that do not. Furthermore, if a new employee leaves, the cost of bringing on another one ends up costing employers three times the original employees salary.
Fuel Excitement – Before they even start
Walking into a new job where you don’t know anyone can be nerve-wracking for many types of personalities. One way to increase engagement, ease any anxiety, and advertise your company culture is to invest in a videographer to produce a video about your office that you can send off to new hires. You can additionally benefit from the video by using it as a channel of information that can inform new employees of what they should be expecting, and what will be expected from them on day one.
By giving new hires a taste of what’s to come, they can assess how to harness their unique skills to best perform their jobs, so everything can operate smoothly from the get go.
How to Handle the First Day
Little did you know as a child that your first day of school jitters just might prevail into adulthood. The initial day of anything can feel daunting, but once a new hire sets foot into your office, it should be your mission to make them feel as comfortable as possible. The first day shouldn’t be too taxing, because in order to retain, your company must have a welcoming atmosphere. Give your new hire an office tour, and have someone fill them in on its little secrets, such as which coffee machine makes the best cappuccino.
The first day is a fresh start for new employees. At no other time will they be more willing and eager to soak up any information than day one. Your business can utilize this to its advantage by ensuring to inform any new hires about what your company brings to the table in the industry that you’re working in.
Take it Slow
Yes, the first day should be about encouraging excitement in your new hire, but that does not mean that you should bombard them with mundane paperwork on day two.
The first week is the ideal amount of time to slowly provide new employees with the information they need to know. By taking your time, you allow them to fully digest what is being said, so they can retain any necessary knowledge. Use this time to ensure that new employees understand the company’s goals, top-performers, projections, objectives, and strategy.
The First 90 Days
After your new hire has begun to settle into his or her position, it’s vital that someone at your company is consistently checking in on them to ensure everything is going smoothly on their end. Ask them questions about the job, such as if it is what they thought it would be, or if they need assistance understanding anything. By maintaining an open dialogue, new hires can feel comfortable navigating their position and performing it to the best of their abilities.
By implementing an onboarding process, your company can nip any turnover problems right in the bud, cut turnover costs that are associated, and increase overall engagement.
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