Best practices for increasing employee retention by extending onboarding into learning and development
Stop me if you’ve heard this story before: A new sales recruit arrives at the office for their first day on the job, and they’re handed their key code, assigned to a desk, and given a cursery amount product-centric training and mandatory policy videos to watch on a learning management system (LMS) before being sent off into the wild blue yonder that is the sales landscape.
What’s the worst that could happen, right? That typical example, of basic instructional reading at the heart of an onboarding process, is unfortunately the norm. But in high-growth organizations, it can be dangerous to talent retention, simply because new hires never reach their full potential due to a lack of sales enablement.
A new publication from Docebo explores why many companies don’t measure employee retention or productivity, why onboarding programs are not budgeted for, why many firms don’t provide coaching or mentoring at all stages of employment and more.
Read the excerpt below, and download the complete report to find out how your organization can avoid the sales training pitfalls of failing to establish clear expectations by extending employee onboarding into learning and development.Research suggests that onboarding may be the most critical time in an employee’s experience at a company – one that has a long-lasting impact on engagement, performance, and retention.
In a recent article, the Harvard Business Review reports that too many new hires slip away because of a poor initial experience with their new company:
- The old saying applies here: “The best time to find a job is when you already have a job.” People have caught on: Nearly 33% of new hires in the U.S. look for a new job within their first six months on the job. (Among millennials, that percentage is even higher – and it happens earlier.)
- 23% percent of new hires turnover before their first anniversary.
- The organizational costs of employee turnover are estimated to range between one and three times the employee’s salary.
- It typically takes eight months for a newly hired trainee to reach full productivity.
Employee onboarding rests between the new hire experience and talent management throughout the employee-employer relationship. Extending onboarding into learning and development only drives an increase in employee retention.
According to Brandon Hall Group, engaging and retaining the workforce is by far the top concern for human resource managers.
According to the Allied Workforce Mobility Survey, companies lose almost one-quarter of new employees within a year, and many other new hires never reach their target productivity levels.
Continue reading to get industry benchmarks for employee turnover at 90 days, one year and how onboarding plans at high-performing organizations work better than the rest, and follow four best practices to maintain the momentum built up in the interview process.