What characterizes a good onboarding plan? The quality of training? The success rate? Whatever factors you deem relevant to its outcome, an effective onboarding plan has some pretty specific results. Take a look at the 10 benefits you’ll reap from using an effective onboarding plan.
1. Shorten the learning curve and increase productivity
Technology is good for more than just automation. It can help shorten the learning curve by accommodating individual needs. Rob Carey, contributor to the National Center for the Middle Market, said:
“To maximize the effectiveness of the onboarding process, many companies devote considerable human capital to training, mentoring, peer-to-peer relationship building, and managerial consultation and review. Technology, too, can help beyond its traditional role of streamlining the many administrative tasks that come with onboarding new personnel.”
2. Facilitate compliance with organizational procedures and goals
By going through the most important (and relevant) policies and how they affect specific departments in the beginning, new hires can apply them to their new roles. As Shankar Ganapathy, Business Lead at MindTickle, said:
“Every company is chock full of policy and it is usually more than one can memorize. It is important to at least go through key policies at a high-level during new hire orientation.”
3. Promote communication up and down the corporate ladder
An effective onboarding plan instigates conversation between the entry-level hires and management. Why? Because it gives insight into their potential career path and gives new hires access to mentors within the organization. High-performing organizations are nearly 2.5 times more likely than their lower-performing counterparts to encourage mentoring during the onboarding process. What does this tell you? To be a high-performing company, you must have a high-performing onboarding program.
4. Improve job satisfaction and retention
Over the next few years, 59% of HR pros believe the battle for talent will shift from acquisition to retention. Get a head start on this fight by developing an onboarding plan to be rivaled.
5. Boost performance
While the onboarding program doesn’t directly affect performance as much as the best piece of technology or new information would, it does in fact increase employee performance levels by 11%. When employees understand their expectations from the beginning, they perform better as they start working.
6. Promote commitment to organizational goals
During the onboarding process, trainers and managers have the opportunity to build the foundation for successful employees. As Zenefits explains:
“Working closely with a new employee, managers can build toward the four pillars of employee engagement mentioned earlier: connection, commitment, contribution, and progress.”
7. Reduce management and staff stress
When employees have the tools and knowledge they need from the beginning, they are able to complete the work put in front of them. Not to mention, when they know their expectations, they are more likely to be on task, on time and on par with company standards.
8. Improve company bottom line
Think about the time, energy and money it takes to recruit, hire and onboard an employee. The average attrition for first-year employees is 13%… but with an effective onboarding plan it won’t be that high. Employees stay longer, reducing your need to spend budget on extra recruitment efforts.
9. Build trust
Maintaining open lines of communication throughout the onboarding program creates a level of trust that will persevere during the employee’s stint with your company.
10. Attract top talent
While it might not be the primary purpose of an onboarding program, attracting the best of the best is an added bonus. With an easy – yet robust – plan, you’ll be able to attract top talent with the proper training and development opportunities.
An effective onboarding plan isn’t something of legend. Real organizations have experienced these 10 benefits and more with onboarding programs that fit their team, their culture and their organization. You can improve a number of employee-related numbers as well as your bottom line. Isn’t it time you build an onboarding program that improves the organization from all aspects? That’s where we come in. Give us a call and we can get you started in the right direction.