Inclusive Onboarding: Retaining Top Talent from Day One

Retaining top talent is critical for business success, and organizations can’t afford the high cost of employee turnover. Replacement expenses range from 50 to 200% of an employee’s salary, and that doesn’t include costs associated with lost clients, decreased innovation, or declining team morale. Did you know that a strong onboarding process can help retain talent?

Organizations with an established onboarding process experience 50% greater new hire productivity, and new employees who went through a structured onboarding program were 58% more likely to be with the organization after three years. The fact is, your organization can’t afford to forgo formal onboarding. 

A strong onboarding program should take three primary areas into account: 

1) People: Getting to know the team and the individuals they’ll be working most closely with, the structure of the team, and what roles individuals have.

2) Culture: Mission, vision, and values; company origin story and its past, present, and future; what a “normal day” in the office looks like; core products or services; key clients and stakeholders.

3) Milestones and tasks: How the new employee contributes to the organization’s mission and values; goals and expectations of their specific role; and how their role helps accomplish  team objectives.

This is a great deal of information and a lot for a new employee to remember. Focus on the items they need in their first week and continue to build relationships, rapport, and understanding of priorities over the next 60-90 days.

In addition to focusing on people, culture, and milestones, successful onboarding incorporates these seven tips. Be sure to take note of the considerations for remote onboarding.