Do you want to on-board people faster with greater ease?
HR statistics that help understand why effective on-boarding is critical for success.
More than two-thirds (67%) of employers believe retention rates would be higher if candidates had a clearer picture of what to expect about working at the company before taking the job. (Harris Interactive Survey for Glassdoor, 2014)
- It takes us on average 2-4 weeks to create an outstanding on-boarding strategy, process and associated content.
- Many of our clients separate this out as a stand alone task. Those that do save significantly in terms of cost, burden and time to effectiveness
The average time to effectiveness – This is when people are comfortable in the role and performing profitably without being a burden to others. (Average is circa 6 months but can be as long as 1-2 years)
- Reducing time to effectiveness is one of the best things you can do because the positive bi-product of this done well is increased engagement/motivation and therefore employee retention.
- Check and compare your internal statistics on time to effectiveness and develop a cost model for this. For HR managers being able to report and understand wider/cost/impact/burdens on:
#1 Average cost of each new hire. (Plus the cascading impact on motivation of others.)
#2 Avg. time spent on hiring. (In $ cost terms of hours spent, the distraction and risk.)
#3 Avg. on-boarding time and time to get effective and its associated costs and burdens on others time.
#4 Avg. time in post and the reasons for departure.
#5 Avg. Cost/Revenue/Profit per employee.
- Just minor improvements in each of the 1st four metrics has a cascading benefit to the next. For large enterprise businesses these numbers run into $millions of wasted opportunity. Investing in and tracking the four areas is critical.
Sadly, very few Senior Leaders pay it the attention they ought to or understand how easy it is to address and the significant benefits gained. This is sadly is a nightmare for you average LMS buyer and HR who has great intent and wants to help their organisation change.
$4,000 is the average amount U.S. companies spend to fill an open position. (Talent Acquisition Factbook 2015, Bersin by Deloitte, April 2015)
- Understand your own hiring/re-hiring costs/metrics. Then request that 10-20% of this per year be invested in improving the on boarding process, content production and hiring processes. Engage new hires early on and retain longer in post.
Top 5 considerations job seekers take into account before accepting a job offer: Salary and compensation, Career growth opportunities, Work-life balance, Location/commute, Company culture and values. (Glassdoor survey, October 2014)
- By developing talents, increasing problem solving skills and promoting/hiring from within you retain a growing band of wisdom and experience. With training and empowerment these talents are well placed to drive needed change.
- The LMS is the perfect place to build/deliver educational content e.g: about the company, adding new skills, ongoing performance, culture/values, threats and opportunities, improving life balance, mental well being and more.
Top five pieces of information job seekers want employers to provide as they research where to work: 1) Salary/compensation, 2) Benefits, 3) Basic company information, 4) What makes it an attractive place to work, 5) Company mission, vision, values. (Glassdoor U.S. Site Survey, January 2016
- Use your LMS to help convey/communicate each of the underlined points.
In 2015, ONLY 32% of U.S. workers were engaged. (Gallup daily tracking, January 2016)
- I think this is a very sad statistic for both parties. Try to understand and gauge your own statistics. Seek guidance on how these might be changed and involve a wide group from within to help effect change and make a difference. The LMS with its review, survey, reporting and communication features will make this fast and easy. Lets show you how.
While 90% of executives understand the importance of employee engagement, fewer than 50% understand how to address this issue. (Conference Board, cited by Deloitte University Press, January 2015)
90% of job seekers say that it’s important to work for a company that embraces transparency. (Glassdoor U.S. Site Survey, January 2016; *Updated from 96%, Glassdoor survey, October 2014)
- Use the LMS survey features and to move to quarterly pulse checks; seek feedback on ideas for improvement or seek help with problem solving.
- One CEO used this to investigate workplace harassment and was staggered at what she learned. She deployed deeper investigations, issue resolution and shared blinded reports to evidence that these behaviours were toxic and no longer acceptable. Contact us to learn more about this case.