How much time do you spend in hiring great talent? As a business leader or senior management do you spend as much time as I do in interviewing candidates and keeping them engaged such that they join? Isn’t hiring talent getting tougher each day?
Monster’s State of Recruiting survey report, published in August 2018, revealed that finding the right talent has become much tougher today than it was even five years ago, with 62% respondents to the survey saying that it has become extremely difficult to find quality candidates.
Despite this difficulty, how do you feel when they leave within 6 to 18 months of joining? Some even may not last that long. A recent survey shows that nearly 33% of new hires left their job even before completing six months. And, one of the key reasons for this high attrition rate was attributed to poor onboarding practices.
Many companies underestimate the importance of onboarding new hires. In fact, a survey published by Harvard Business Review revealed that while 22% of companies did not have a formal onboarding process, 49% had a program that was only partly successful.
The reason why onboarding is key to retaining talent is that it is the first crucial step in cementing a relationship with a new hire. There are several other benefits that a robust employee onboarding platform can offer. Here’s a look.
From Impression to Attrition
Research shows that organizations typically lose 30% of new hires within the first 90 days of employment. A closer look at why almost one-third of newly hired candidates quit revealed the following reasons:
- Daily tasks assigned were not what they expected
- A bad or negative experience that made them leave
- Did not agree with the company culture after joining
- Changed their minds after joining because they received a better offer after they joined
Having taken a look at the reasons why new employees quit or switch to other jobs, it is clear that on-boarding cannot be left to chance. Besides the risk, it is too costly. Although the cost to replace an employee is based on their role and salary, the average cost of replacing an employee works out to about 33% of their annual salary. While there is no fixed baseline to the cost of losing new employees, there is enough proof that it is a huge cost for organizations to replace a new hire, who took significant amounts of time and effort to recruit in the first place.
Bridging the Recruitment-Retention Gap
In order to strengthen the bridge between recruitment and retention, HR teams need to ensure that onboarding is conducted at the appropriate time. Too often, employees are left to form their own conclusions, while HR is yet to schedule their onboarding activities. There is no excuse for such lapses in a world where technological advances allow us to not just streamline but automate the entire process. Business leaders also play an important role in onboarding, although they often under-invest in this area.
It can even infer the employee’s preferred time for learning and schedule notifications accordingly. Now, add a machine learning component to this platform and you can automate and personalize the entire process of content discovery and consumption, tracking and measuring and even generating progress reports for each individual recruit.
This is what the AI-powered learning experience platform, KEA, offers. It has specifically been designed to ease and streamline corporate training while providing trainees with a personalized and immensely engaging learning experience.
Various components of the onboarding process like compliance policies training, team introductions, and project briefings, can all be comfortably accommodated by deploying a learning experience platform. Such a platform would enable new employees to complete their required training and orientation at their own pace, benefiting from multimedia, engaging content.
Most importantly, for the organization, such a learning platform eases the process of creating, modifying and deploying onboarding programs.
As a part of building KEA, we met several L&D and HR leaders and one of the biggest issues that were highlighted during these meetings was attrition and the integration of new hires in the organization in the first few months. Offering a tech solution to learning and development itself can portray the organization as one that keeps in step with the times.
Have you been looking for ways to maximize the benefits of your corporate training initiatives and onboarding processes? KEA can help. Contact us to learn more.
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