Recruiting and retaining top talent is critical for business success. In the context of low unemployment rates and the resulting difficulty in filling positions, businesses understand, now more than ever, the costs of a revolving door of employees. Replacement costs 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?
SHRM found that 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 bottom line is that your organization can’t afford to forgo formal onboarding.
A strong onboarding program should take three primary areas into account: