September 20th, 2016 | Sterling
Master the Game of Onboarding
New employees are a business’s biggest investment and they must be treated as such. First day gifts and get-to-know-you games will drive measurable business outcomes and make a new employee feel more welcome to their new teams. In a 2013 study, companies that excelled at new employee onboarding achieved a 91% employee retention rate. On the opposite side, up to 20% of employee turnover happens in the first 45 days of employment with the cost of losing a new employee within their first year averaging at least 3 times his/her salary. Currently, 22% of companies have no formal onboarding program. But, organizations with a standard onboarding process experience 50% greater new hire productivity. If a new employee feels that they are learning and growing in your organization, then they will more than likely stay with your company.
These stats prove that having the right company culture and employee onboarding process will make your company stand out to potential candidates. There are various companies that are showcasing their company culture and building loyalty throughout their workforce. Sterling lists just a few of these standout companies in the “Master of the Game Onboarding” Infographic.
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