Source | LinkedIn : By Bill Fitzgerald
How much do you know about the cost associated with an unstructured or completely absent on-boarding process?
An employee’s initial experience in the first few months is critical in terms of retention and productivity.
Consider the following statistics presented in an article by Harvard Business Review in March 2015.
· Nearly 33% of new hires look for a new job within their first six months on the job. (Among Millennials, that percentage is even higher … and it happens earlier.)
· Twenty-three percent of new hires turn overbefore their first anniversary.
· The organizational costs of employee turnover are estimated to range between 100% and 300% of the replaced employee’s salary.
· It typically takes eight months for a newly hired employee to reach full productivity.
So knowing that, why leave the success of your new hires to chance? And, if you have an on-boarding program, are you collecting real-time data to know if it is working?
If you are growing your business and regularly hiring people each month or every quarter, it is imperative to gather actionable data about the new hire transition experience- and quickly! I’m not talking about surveys that ask questions where new employees provide ratings on a 1 to 5 scale. I’m talking about the qualitative data you need to make an immediate improvement in their experience. Leave the reporting to someone else. You need to focus on how you help your new hires be successful – today!
Here are 5 steps you can take to make this happen:
1) Start by telling your new hires that gathering feedback about their transition is important to their success and part of the on-boarding experience in your organization. And if it isn’t – make it!
2) Since you want to gather feedback from many people, use an online tool or App that is easy to use and will solicit lots of qualitative and anonymous feedback from people quickly. Anonymity matters if you want people to be honest. We all have blind spots and this is an easy and safe way to point them out. In an article written by Josh Bersin of Deloitte, he referred to feedback as the “Killer App” that will change how organizations function in the future.
3) Identify the key stakeholders whose feedback the new hire needs based on early interactions and experiences. You want a wide-variety of opinions and perspectives. This includes colleagues, co-workers and even customers.
4) Make it easy for the person giving feedback by using questions like stop, start and continue. And, you need to be specific about the request. For example, with regards to Bill’s transition into XYZ organization or department…
5) This may be the most important step. Once the new hire receives his or her feedback, and they review it with their manager, it is important for them to circle back to everyone who was part of the original request. You want to share what was learned what they will work on to improve.