How to reduce employee turnover
Hiring new employees comes with a hefty mix of emotions and pressures. Emotions? We’re talking nerves… you finally found the perfect candidate for the job, they’re talented qualified AND personable. Pressure? We’re talking night sweats!
You want to keep this new talent but you aren’t so sure your employee development processes are sturdy, innovative and attractive enough for all of the bright young things. You think your employee development efforts are substantial, but your tactics haven’t been refreshed in a while. Now is the time to fine tune your employee development processes, and we’ve got 5 great stats to scare you into doing just that!
“The talent market is a stressful place right now, and most organizations must invest copious amounts of time and energy in finding great candidates in the first place. Meanwhile, while existing staff members are working hard to fill the gaps left by vacant roles. By the time a new hire actually starts, there is little fuel left in the organizational tank to welcome, nurture, educate, and orient them. The result is that the onboarding process often falls by the wayside.” – Kazim Ladimeji, Recruiter.com
Stat #1: Over 73% of organizations say that the largest catalysts driving change to their onboarding programs are to amp up new employees’ performance, as well as improve retention and employee dedication.
According to an Impact Instruction Group survey almost 1/3 of people employed in their newly current job for less than 6 months are already job searching.
Don’t be a statistic! Set clear goals to better improve your onboarding process with detailed instructions and goals for your new hire. Have a key takeaway or an action the new hire should take, in the onboarding process.
Stat #2: 40% of employees who receive poor job training leave their positions within the first year.
Investing in a constructive and thorough employee development program is essentially investing in new creative horizons for your company. New talent can bring a competitive edge to your company, giving you a leg up on your competitors. Ensure you keep these long awaited new editions, by welcoming them to the company with a smooth onboarding and employee development process.
Don’t be a statistic! Send out a survey asking current employees what they did and did not like about their onboarding experiences. Gather the results and improve from there. Make sure not to send to employees with less than six months tenure in the company. They may be too “fresh” to share their real, unvarnished views.
Stat #3: 22% of employee turnover occurs within the first 45 days.
“Companies that provide on-the-job training are giving new hires a life jacket to stay afloat. It teaches these workers the ins and outs of the organization’s culture and workflow. So giving employees a manual to read on the first day and expecting them to go head-on into work the next day is just wishful thinking.”– Sabrina Son, Writer, Tinypulse.
Don’t be a statistic! Stick around, once you have explained many of your company’s processes and normalcies to your new hire, stick around for questions. Don’t just slap a manual on their desks, be an active part in the new employee’s experiences within company. Can’t find time in your schedule to squire every new hire around? Institute a mentorship program.
Stat #4: The proof is in the pudding, research says that over 70% of learning on the job occurs informally.
While informal learning is great, and a highly welcomed surprise in most workplaces, it should NOT be the primary means in which an employee learns. Make the employee training module user-friendly, the learning process should be one of ease, not one of brash confusion.
Don’t be a statistic! Check out Click Boarding’s onboarding software. Automating paperwork keeps the first day stress and worry-free and it gets the boring stuff out of the way so your newest employee can learn the ropes of their position.
Stat #5: Keeping 10-15% annual attrition in mind, studies have found that companies turn over upwards of 60% of their entire talent base within 4 years.
Preparing for your new hire will show them you value their time, and therefore entice them to stay. Put in some prep work, whether it’s getting a new space ready, printing out a name badge or clearing the morning meeting for introductions.
“Consider preparing a few branded gifts to help your new employees feel welcome – perhaps a mug with the company logo, pens, or a custom shirt. Finally, be sure you’ve communicated all the necessary information your new hires will need on their first day, including details on your business dress code, parking rules, and who to ask for when they arrive.”– Sujan Patel, Contributor, Forbes.
Don’t be a statistic! Check in with new talent on a regular basis, be available to answer questions. Be nothing if not over communicative and friendly. While this seems like a no-brainer during Year 1, keep it up as your new employees become your everyday employees and start up the corporate ladder. After all, you took the time to source, recruit, interview, hire, onboard and train this person… do you really want to lose them and become a statistic?
Get to work! Take a close look at your onboarding process and your employee development processes, dust off tired protocols and procedures. If you find yourself looking for an easy to use system with a fresh take on onboarding, check out Click Boarding’s employee onboarding software.