The average employer spends approximately 3,500 euros and 24 days on a new hire (Glassdoor, 2018). Helping your new employees to acclimatize should be a top priority if you want to improve your retention rates. So here at Ceek, we’ve put together a few tips and stats to help your company retain its very best:
Upgrade your onboarding
Many employers fail to recognise the power of an effective on-boarding process. Research by Glassdoor has discovered that organizations with a strong onboarding process improve their retention rates by 82 percent and productivity by over 70 percent.
Most companies will follow the usual methods including, introductions, an onboarding buddy, the necessary information, and a goody bag, however, did you know that the average new hire experience, according to Sapling, consists of 54 activities including:
3 documents to sign, upload, and acknowledge
41 administrative tasks
10 learning outcomes
Our advice is to keep it as simple as possible so as not to bombard your newbies in their first week. Do the essentials on their first day but spread the rest out as much as possible and focus on personalisation to avoid overwhelming your new team member.
Also, we would advise that you consider the length of time you should invest in onboarding your newfound talent.
Although the first day is of course important, growing data shows that onboarding should continue for up to one year! But why exactly?
According to a study by Booz, Allen, and Hamilton (2008), your retention rates will improve by 25% if you change from a typical orientation model to a strategic onboarding model that includes the first year. Considering the cost of hiring an employee, a 25% improvement is not to be sniffed at!
Adopt a feedback culture
Continue to communicate and build on your company’s goals by adopting a feedback culture. Use milestones (30 days, 90 days, etc.) in your new employee’s first year to give and receive feedback. Even negative feedback is a positive when delivered constructively.
According to an employee engagement survey carried out by PwC:
60% would like feedback on a daily or weekly basis
75% believe that feedback is valuable
45% value feedback from peers, clients, or customers
Less than 30% receive it
Feedback is a crucial part of retention. Bearing in mind what it costs to hire a new worker, 24% of workers would consider leaving their job if they had managers that provide inadequate performance feedback (GlobeNewswire) – making feedback an integral part of your retention strategy.
Find out why and fix it
Sometimes an employee will come to you and tell you they are unhappy, but often they won’t. Many employees tend to hide dissatisfaction to avoid conflict. You need to look out for the signs:
They’ve lost their smile
They sigh a lot and sit slumped
There is a lack of personal engagement
They watch the clock and achieve very little
One way to avoid a build-up of negative feelings is to employ a corporate coach. Coaching, be it individual or team coaching, can really help your employees to verbalise their issues and find solutions in a safe environment.
Forbes reports that disengaged employees cost companies billions per year and that 89% of companies that support well-being for their employees are more likely to have a happy team, who are also happy to recommend working there.
Stay on trend
Get creative and keep up to date with company culture trends:
Check out funding initiatives for training
Look for a great team-building provider
Outsource your HR to make sure everyone’s needs are met
These are just a few of the retention strategies you can explore. By keeping ahead of the game, you’ll be sure to retain your top talent and improve your bottom line in the process!
If you’re looking to grow your team, contact us here at Ceek Recruitment. We provide Talent Sourcing Services to match your company values and culture with top candidates, making it easier to increase your long-term retention rates.