More than one-third of employees can not access a detailed, structured onboarding program for newcomers. Discover more about the negative impact of that here.
Giving employees the best opportunity for future success requires a thorough onboarding program. In truth, getting your new employees started requires more than just offering them a brief tour of the office and assigning them on their way. However, many employers are not able to access a thorough onboarding program.
Studies show that over one-third of organizations do not have a proper onboarding program in place. Therefore, unless you ignore your employees' will to develop, you'll need to start investing in a quality onboarding program.
Results of poor onboarding program
Not having any strategy in place can cause negative outcomes for both the employee and the owner perspectives. A study shows that 16% of HR managers said it reduces their overall company's productivity, 14 % said it conveys more significant inefficiencies, and 12% claim it leads to more elevated employee turnover.
The other negative consequences of not having a thorough onboarding program are lower employee enthusiasm, lower levels of employee commitment, lower confidence among colleagues, a lack of belief within the company, and missed revenue targets.
Is the impact of poor onboarding underestimated?
More than half of employees with a positive onboarding experience are more likely to stay with the company for the next three years. Hence, owners that focus on onboarding retain 50% more potential employees than companies that don't implement it.
There is a myth that eight months are required for an employee to reach their top productivity. However, One-third of new employees have thought of searching for a new job before being with the employer for six months, and 25% leave before they have been there a year. However, before considering replacing them, remember that you will spend approximately 20% of that employee's salary and the high turnover costs. The total cost of turnover is 100-300% of the employee's salary.
At the end of the day, employees are still valuable assets of the company. Hence, unless the owners are willing to move this asset into liabilities and up to a point have to remove it from the system, why don't you start seriously investing in this asset to optimize your revenue.
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