Retention, engagement, satisfaction, productivity….all things that keep HR professionals burning the midnight oil for the next best recruitment trends, performance management practices, or engagement strategy. While those endeavors are important and certainly should be pursued, what’s even more important is taking into account how effective onboarding solutions get HR pros one step closer to that next best thing. What is your organization doing to maximize employee onboarding? Here are 18 stats to remind us just how important new employee onboarding really is.
- 69% of employees are more likely to stay with a company for three years if they experienced great onboarding (source)
- Up to 20% of employee turnover happens in the first 45 days (source)
- New employees who went through a structured onboarding program were 58% more likely to be with the organization after three years (source)
- Organizations with a standard onboarding process experience 50% greater new hire retention (source)
- The average cost of replacing an employee is between 16 and 20% of that employee’s salary (source)
- The organizational costs of employee turnover are estimated to range between 100% and 300% of the replaced employee’s salary (source)
- Nearly 33% of new hires look for a new job within their first six months on the job (source)
- 23% of new hires turnover before their first anniversary (source)
Performance and Productivity
- 60% of companies fail to set milestones or goals for new hires (source)
- It typically takes eight months for a newly hired employee to reach full productivity (source)
- Best-in-class companies are 35% more likely to begin onboarding processes before day one (source)
- Only 37% of companies extend their onboarding programs beyond the first month (source)
- Best-in-Class businesses are 2.5 times more likely to their new hires’ progress in the onboarding process (source)
- 22% of companies have no formal onboarding program (source)
- In the U.S. and U.K., an estimated $37 billion is spent annually to keep unproductive employees who don’t understand their job (source)
- Organizations with a standard onboarding process experience 50% greater new hire productivity (source)
- Employees whose companies have longer onboarding programs gain full proficiency 34% faster than those in the shortest programs (source)
- Manager satisfaction increases by 20% when their employees have formal onboarding training (source)
The need for effective onboarding solutions is clear and this is just 18 onboarding stats! Every year more research reveals how valuable it is to start employees off on the right foot. Is your organization onboarding employees effectively or onboarding them at all? Don’t be late to the game. Invest in onboarding today.
Click Boarding is your solution to onboarding. Talk to us about how we can maximize your onboarding process with our employee onboarding software!