Dive Brief:
- Talent retention is critical today, so employers hoping to keep people from leaving early should pay close attention to onboarding, according to Fast Company. With more than 40% of turnover happening within the first month, according to a study by Equifax Workforce Solutions, the time to make a difference is within the first 45 days or so, say experts.
- Susan Vitale, chief marketing officer for talent acquisition software maker iCIMS, told Fast Company that 91% of first-year employees are retained in companies that have a formal onboarding program, but for those who don’t, that number drops to 50%. Mark Newman, founder and CEO of recruiting software provider HireVue, told Fast Company that by making the first 45 days better, expensive new hire attrition could be cut to around 20%.
- Vitale told Fast Company that onboarding should start before the employee’s first day. It's critical that any new employees be able to fill out forms electronically through a portal or at the very least, print them from a website and manually complete them at home.
Dive Insight:
Other advice in the article discusses using streaming video to help set expectations as well as sharing performance and business objectives. Sharing information about the company prior to day one isn’t necessary but it will go a long way, Vitale told Fast Company.
The article then outlines some strategies ranging from day one all the way through the first 90 days or longer, including ideas such as assigning a buddy and not overloading new workers with too much detail. Of course, it's also vital to ensure they have all their needs met, such as their desk (if there is one), passwords, computers, etc.
The most crucial part of a successful onboarding process is checking in with the new employee regularly, HireVue's Newman told Fast Company. Managers may schedule formal, daily meetings, or they can simply stop by the employee’s workspace to ensure onboarding is going smoothly.
