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A study by Boston Consulting Group found onboarding and retention (the first one done well leads to the second) to have the second highest impact on business success.
Hiring managers often see onboarding as an afterthought but fail to realise the impact that onboarding has on business success. As compared to companies with average onboarding procedures, companies investing more effort in onboarding procedures have doubled their corporate revenue growth and profit margins. In fact, huge companies like Yahoo, Google, Facebook and IBM have transformed their onboarding approach due to the impact on the company’s brand image.
Research by the Aberdeen group has shown that 86% of new hires decide whether to stay or leave in the longer term within their first 6 months, proving how onboarding is largely linked to retention. A positive onboarding experience would reaffirm the candidate that they have made the right choice (motivating them to perform better and stay longer) and also lead to a decrease in “regretted attrition” – the loss of employees a company wants to retain in the first two years of employment. What a waste to invest a great deal of time and effort in finding the right person, only to have them leave right?
86% of new hires decide whether to stay or leave in the longer term within their first 6 months
If you want to learn from some of the fastest-growing companies on how they have taken their onboarding program to the next level, how you could onboard acqui-hires or even a digital employee (the up-and-coming kind of new hire), take a look at this list of last week’s articles I have compiled:
1. TWITTER, LINKEDIN, AND GOOGLE HAVE MASTERED EMPLOYEE ONBOARDING, AND YOU CAN TOO. HERE’S HOW
When you’re competing for tech talent in Silicon Valley, it’s an all-out war to hire and keep your best team. Whether this war is won or lost often comes down to a company’s ability to onboard employees properly.
It should come as no surprise that the leading tech companies in the U.S. have taken new employee onboarding to the next level. By looking at the best practices of some of the fastest-growing companies on the planet, you can pull together ideas that will help you take your company’s onboarding program.
2. HOW TO HELP THE EMPLOYEES YOU GAIN IN A MERGER SUCCEED
Mergers and acquisitions (M&A) is an important branch of corporate strategy. The combining of a smaller company with a larger company can boost financial power, market share and business activity (if done well), allowing the newly formed company to further develop and expand within its sector. But successful acquisitions have been elusive, due to the notoriously complex process, and the acqui-hires — employees that were hired due to the acquisition– tend to feel alienated and misunderstood. How then, can we help the employees we gain in a merger succeed?
3. ONBOARDING YOUR FIRST DIGITAL (AS IN NONHUMAN) EMPLOYEE
Artificial intelligence and automation have been hot topics, as technology and Silicon Valley continue to surprise us with their newest creations. Could be the future of human resource be digital employees? Let Suhaib Mohammed bring you through the four processes in onboarding your “digital employee” of the future.
BONUS: How to Stay Calm Under Pressure
It can be stressful to adapt to a new environment and colleagues while having to meet expectations from your superiors. How do you avoid buckling under pressure, especially at the crucial moments where you have to perform? Noa Kageyama and Pen-Pen Chen explain how.
