Today, I would like to direct your attention to “Technology Can Save Onboarding from Itself,” an article that Keith Ferrazzi published in the Harvard Business Review on March 25, 2015.
“Competition among the most innovative companies is growing ever more heated for one of the most highly-coveted resources on the market: talented employees,” Ferrazzi writes. “But sadly, too many new hires slip away because of a poor initial experience with their new companies.”
Here are some of the realities that he highlights . . .
- Nearly one-third of new hires look for new jobs within their first six months on the job.
- For millennials, that percentage is even higher, and they tend to leave earlier than members of other groups do.
- It takes a new employee about eight months to become fully productive.
- The cost of replacing employees is between 100% and 300% of their annual salaries.
Yet Ferrazzi points out that as many as 25% of companies don’t do any onboarding at all. They pay no attention to teaching job-specific skills or to integrating new hires into their teams.
Effective Onboarding Is the Solution
Effective onboarding and training during onboarding can dramatically improve the situation. Are you delivering it?
To review how well your onboarding process is helping you improve retention and train new hires to succeed in their jobs, contact Tortal Training today.