07 Feb 2020
Inside Learning Technologies e-Magazine Page 11
Hold on to what we’ve got Organisations don’t have the luxury of losing top talent, especially with the challenge of the current skills shortages. That’s why it’s imperative to link onboarding and retention to business success. According to research published earlier this year, approximately a quarter of new employees reported that they received no clear onboarding when starting a new job. Some even stated they had a truly bad experience; one in 10 new hires said their company forgot it was their first day on the job entirely. The lack of skilled workers – and the difficulty of replacing high value talent – means that getting onboarding and retention strategies right has a direct impact on organisational productivity, profitability and long-term business success. It’s a challenge on two fronts: getting the right people into the organisation, and keeping them there.
Be a smooth operator A smooth employee onboarding process is one of the best ways to welcome a new employee to the company and start building a foundation for a lasting relationship. Although an employee has agreed to join your team, their first few days, weeks, and months with your organisation can be the deciding factor in whether they stay for the long run or leave shortly after joining. When a new employee starts a job, part of the onboarding process often includes the completion of specific tasks and training. LMS’s should include a function allowing you to automatically process all new hire required assignments including the welcome letter, forms, first-day schedule, recommended learning, while also facilitating collaboration with peers and mentors. This creates a streamlined process and makes the new hire feel immediately valued. Poor onboarding and high attrition costs time and money Onboarding is more than simply delivering the best experience for new employees – it’s a good business decision too. According to ACAS, the average cost of replacing a single member of staff for a UK employer is £30,000. But the cost of replacing a senior executive can cost a business up to 213% of his or her salary.