Onboarding – The Value of Development
Onboarding is more than introducing the new hire to the team and handing them administrative paperwork. It is your company’s first impression, and this impression sets the groundwork for your new hire’s success. The goals and benefits of onboarding far outweigh the initial investment. That said, companies are seeing almost 40% of new hires leave within the first year. Investing in future development will keep your company from contributing to these statistics.
The Importance of Onboarding
Onboarding goes hand-in-hand with retention rates. Clickboarding, an onboarding software company, found that 69% of employees were likelier to stay with the company if they had a good onboarding experience. Onboarding sets the tone for the employee’s experience. The Brandon Hall group found that an effective onboarding process boosted the retention rate of new hires by 82%. So, what are the most important factors to consider when onboarding your new employee?
- Set the expectation—Ensure your new employee is prepared to contribute early and effectively in their new role. Set your new employees up for success by connecting them with internal and external resources. Provide job-specific training, orientation programs and a mentor who reflects your company’s culture and mission.
- Get Comfortable—Transitions are uncomfortable by nature. Familiarize your new employee with the team and the workplace by encouraging questions, leading introductions and presenting a clear onboarding plan. One study found that organizations with structured onboarding saw a 60% year-on-year improvement in revenue.
- Encourage Workplace Community—Employees who feel isolated in their offices will search elsewhere for a sense of community. You can provide an avenue to the community by introducing the new hire to their colleagues by planning a group lunch for their first day or preparing their work area in advance. Consider having your new employee meet with key team members to discuss their roles and how they will work together.
- Encouraging Employee Engagement – New employees bring fresh ideas, new perspectives and different work experiences to their new roles. It’s your job to harness these insights and knowledge by encouraging engagement. New hires with positive experiences in their first 90 days are ten times more likely to stay.
The Role of Development
A LinkedIn 2019 workplace learning report found that 94% of employees would stay at the company longer if their company invested in their long-term learning and development. People want feedback from team leaders to ensure professional development throughout their onboarding process and career. Development improves organizational retention rates and is crucial for new employees to adapt to their roles and fully integrate into the company culture. By investing in the development of your staff, you will see improved productivity, new skills and increased retention rates. Here’s how:
- Goal Setting and Feedback – The first 90 days at a company are a whirlwind. Set your new hire on the right track with short and long-term goals. Engage in a learning atmosphere with regular check-ins to monitor progress and adjust as needed. Investing in their early development will increase productivity and engagement.
- Training Programs – Besides a comprehensive orientation program, you can utilize online or in-person training, hands-on experiences and shadowing opportunities to feed into your employees’ professional development. These training tactics will help your employees quickly acclimate to the new work environment and motivate them to excel.
- Mentorship – Assign mentors or coaches to your new employee for support, guidance and inside company knowledge. Encourage cadenced meetings to facilitate relationship building and knowledge transfer.
- Continuous Learning – Leaders today must recognize the importance of constant learning and development. Companies that encourage continuous learning and provide educational resources to their employees have drastically higher retention rates. 76% of relatively new employees are likelier to stay with a company that offers continuous learning and professional development programs. These programs can be as simple as workshops, webinars or online courses. Encourage employees to take ownership of their development by creating a plan that aligns with their career goals.
A study by Gallup found that only 12% of employees strongly agree their organization does a great job with onboarding. However, companies that invest in a structured onboarding process see 50% higher productivity and 50% higher retention rates from their new hires. The numbers speak for themselves. Effective onboarding is essential for the success of new employees and the short-term and long-term growth of the entire operation. Investments come in many forms. Investing in the professional development of your hires will foster a strong sense of community and financial growth for your organization. Set your company apart from the others and reach out today. We will support your company throughout the onboarding process, ensuring high retention and community buy-in.
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Founded on core family values and a commitment to building strong, long-lasting partnerships, AJO approaches its work with confidence and expertise that only comes with over 40 years in the business. Working with companies of all sizes, needs and budgets, AJO develops high-performing teams and global leaders for organizational success.
