You have now hired the candidate who is the right fit for your business needs. Congratulations ! This is a spectacular accomplishment especially with all the competition out there to recruit industry’s top talent. However, your job does not stop there. The onboarding of new hires is critical to an organization’s success as well as the positive employee onboarding experience.
- 69% of employees are more likely to stay with a company for three years if they experienced great onboarding
- Up to 20% of employee turnover happens in the first 45 days
- New employees who went through a structured onboarding program were 58% more likely to be with the organization after three years
- Organizations with a standard onboarding process experience 50% greater new hire retention
- The average cost of replacing an employee is between 16 and 20% of that employee’s salary
- The organizational costs of employee turnover are estimated to range between 100% and 300% of the replaced employee’s salary
- Nearly 33% of new hires look for a new job within their first six months on the job
- 23% of new hires turnover before their first anniversary
- 60% of companies fail to set milestones or goals for new hires
- It typically takes eight months for a newly hired employee to reach full productivity
- Best-in-class companies are 35% more likely to begin onboarding processes before day one
- Only 37% of companies extend their onboarding programs beyond the first month
- 22% of companies have no formal onboarding program
- In the U.S. and U.K., an estimated $37 billion is spent annually to keep unproductive employees who don’t understand their job
- Organizations with a standard onboarding process experience 50% greater new hire productivity
- Employees whose companies have longer onboarding programs gain full proficiency 34% faster than those in the shortest programs
- Manager satisfaction increases by 20% when their employees have formal onboarding training
These statistics are quite frightening. Employee onboarding is critical to your organization. At My Recruiting Team, we have the experience and expertise to ensure that you build a bullet-proof process that will allow you to avoid any and all the pitfalls resulting from a poor new hire onboarding experience.
With so many options out there for your employees, your organization and your business cannot afford not having a solid employee onboarding process. Let us help you meet your business needs and exceed your new hires onboarding experience.
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