Competition among the most innovative companies is growing ever more heated for one of the most highly-coveted resources on the market: talented employees. But sadly, too many new hires slip away because of a poor initial experience with their new companies. Consider the following statistics, which represent broad data in the United States:
- Nearly 33% of new hires look for a new job within their first six months on the job. (Among Millennials, that percentage is even higher … and it happens earlier.)
- Twenty-three percent of new hires turn over before their first anniversary.
- The organizational costs of employee turnover are estimated to range between 100% and 300% of the replaced employee’s salary.
- It typically takes eight months for a newly hired employee to reach full productivity.
Onboarding and Retention?
Imagine your first day on a new job. You arrive and no one is waiting to greet you; or, your HR representative is running late. When you do get started, you are asked to fill out some forms for taxes and benefits, but you don’t receive guidance on your 401k distributions until you prompt your representative. After this, a two minute “welcome” video is played describing the basics of the company and you are then whisked away to meet your team…only to find out that half of them are at lunch and you have no desk and you can’t login to your laptop. The final icing on the cake is that it is only half past noon. Continue reading