If you are responsible for a company budget, you likely already know that employee turnover can be extremely expensive. From an analytical perspective, even an entry-level employee can cost as much as 30% to 50% of their annual salary during onboarding alone. It is more important than ever for businesses to have a good onboarding strategy to help educate new hires about their role in the company.

You may be surprised to learn that nearly 86% of new employees have decided whether they will stay with a company long term during their first 6 months of employment. This inherently means that if you don’t make a great first impression, the new generation of the workforce likely won’t stick around for too long. Having a strategy in place to protect the investment in a new employee and reap the benefits long term requires modern solutions. Let’s take a look at some of the factors a good onboarding strategy should fulfill.

Rapid Integration to the Workforce

One of the biggest budget sucks that traditional businesses have during the onboarding process is taking too long to train new employees and not relying on their strengths and experiences. While there may be a short learning process required to understand the exact ways your company does things, there’s a good chance you hired a candidate for their previous experience. Instead of taking weeks to mold the employee, find a way to let them learn in a hands-on way while still benefitting the company.

Reduction in Turnover Potential

As we recently mentioned, the onboarding process can be a costly venture; however, up to 15% of employees will still leave the average organization each year. If you have a good onboarding process, this damage can be minimized as you instill a sense of value and you truly care about them. This will make them less likely to leave your organization and create a lasting bond.

Alleviation of Stress

If an employee is stressed, they are far more likely to begin seeking employment elsewhere to achieve an easier workload. By having a good onboarding strategy, you will be able to give new employees the tools and knowledge needed to ensure they can successfully complete their job duties with the confidence needed to alleviate stress. This will also create a better work environment in which an employee’s positive attitudes directly contribute to your company culture.

Development of Job Knowledge

The ability to educate a new employee is the strongest benefit of a good onboarding strategy. Not only will this allow them to understand what is expected, but it will also help them assimilate into the unique processes and duties required by their position in the company. This contributes to higher productivity and engagement while also helping new employees assimilate into existing teams.

Increased Employee Commitment

Once a candidate accepts a job offer, they are ready to be wowed by your company and already have shown a vested interest. With a good onboarding strategy, you have the ability to create a great first impression that can help mold a new-hire into one of your most valued employees. Don’t let great employees slip away when your commitment to them can lead to a lasting partnership with all of the associated benefits.
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