Competitive organizations are redesigning their acquisition strategies to capture the attention of today’s younger generation of talent. However, investing in recruiting the new wave worker is of little to no value if a hiring program fails to retain that resource.
Organizations with structured or formalized onboarding programs can see a 60 per cent year-over-year improvement in revenue and a 63 per cent increase in overall customer satisfaction over under performing companies—yet effective programs require immediate engagement, and today’s talent expects that engagement to be a unique, effortless and relevant experience.
HCI states that most organizations end their onboarding process just after the first week, leaving new hires feeling confused, discouraged and lacking in resources. Companies that do get it right, however, understand effective onboarding is also an ongoing process.
Organizations will lose 20 per cent of new hires within the first 45 days of employment due to ineffective onboarding. And while the basic elements of any program include things like training, feedback, check-ins and support, best practices must exceed standard processes in today’s competitive and blended workforce. How you handle a new hire’s first few days and months of employment is crucial, as few new hires are fully invested in the role or organization, and candidates who experience poor onboarding are 8x more likely to become disengaged after 90 days.
Continue reading “How to onboard better to increase talent acquisition and retention”