Onboarding: Optimizing New Hire Success
April 14, 2016
Following the employee recruitment and selection process, onboarding is one of the most critical functions for effective talent management in any organization.
Onboarding, in numbers:
- Companies lose 25% of all new employees within the first 12 months
- As much as 20% of employee turnover occurs in the first 45 days of employment
- It costs $3,000 to $18,000 to replace the average employee
- Lost productivity resulting from new hire learning curves can cost between 1% and 2.5% of total business revenues
Now, the good news:
- Companies with a standardized onboarding process experience 50% greater new hire retention and 54% greater new hire productivity
- 77% of new hires who achieved their first performance goal received formal onboarding training
- Managers experience a 20% increase in satisfaction when their staff receives formal onboarding training
In a very short period of time, new hires must adapt to a new corporate culture while mastering the knowledge, skills and behaviors required to succeed in their new environment. Furthermore, in the world of operations management consulting, most new employees are also adjusting to a drastically different lifestyle, living life away from home four to five days per week.
Over the last couple of months, Trindent has made great strides to improve the employee experience, starting with the implementation of a Training & Development function and an entirely re-hauled onboarding program.
Through the development of a comprehensive and hands-on onboarding process, we can better support our new consultants. With improved upfront training, we are able to:
- Help our consultants hit the ground running on Assessments, Engagements and Audits
- Identify and close skill gaps prior to sending consultants into the field
- Ease anxiety stemming from fear of the unknown and lack of overall preparedness
- Provide new hires with more time for social integration
- Increase overall job satisfaction, resulting in higher performance levels and lower employee turnover
Trindent’s new 10-day onboarding program provides an in-depth view of our methodology and the verticals we work in. The program is designed to engage new hires through group discussion, hands-on use of tools we deploy with our clients and extensive case study work from recent Trindent projects.
Trident is committed to the success of our team, our clients, and our company through training and continuous improvement at every level. We’re excited about rolling out our new 10-day program and welcome your feedback.
This blog was written by Mercedes Prevost. She is the Training and Development Consultant at Trindent Consulting. Mercedes develops and oversees organizational onboarding and training programs, creates and delivers ongoing employee career development modules, identifies internal and external training needs and delivers on-site training to close knowledge and/or skills gaps for the firm.