Onboarding is a critical process that can significantly impact business results. According to a study by Maclean and Company, effective onboarding programs can increase employee retention by 82%, while organizations with weak onboarding programs experience new hire failure rates of up to 50%.
Additionally, the study found that an effective onboarding program can help new employees reach their full productivity levels up to two months earlier than those without a program. This provides significant cost savings for organizations, as the cost of employee turnover can be as high as 2.5 times the employee’s salary.
The study also revealed that companies with a strong onboarding program reported a 60% year-over-year improvement in revenue, compared to companies with a weak onboarding program that saw only a 20% improvement. Organizations with an effective onboarding program also report higher levels of employee engagement, job satisfaction, and overall organizational commitment. All benefits that impact corporate culture and bottom-line results.
These statistics highlight the importance of investing in an effective onboarding program. By doing so organizations can significantly reduce turnover, accelerate productivity, and improve overall business results. In today’s competitive market these factors can make a big difference when it comes to achieving sustainable growth and success. Providing new employees with the necessary resources, support, and training sets them up for success from DAY ONE.
What does your company’s onboarding process look like?
