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On-Boarding is a process in which new employees get the basic tools, knowledge, skills, attitudes and behavior to become an active member to make a tangible difference in the organization's productivity. Employee engagement and retention are directly impacted by an organization's approach to onboarding. Both the person and the company need proper onboarding. According to research, 90% of employees decide during the first six months whether or not to stay with a company. Please remember that losing an employee in the first year can cost at least three times the person's salary. Employee onboarding lays the foundation for the new hire to become an engaged and productive member of the team
This process has many benefits for both organization and employees. Few of them are listed below:
For valid reasons, employee retention is a key concern for many businesses. When you take into account things like the cost to fill the position and the cost of vacancy, employee turnover is expensive. Even if some turnover is inevitable, you still want to increase the lifetime value of each employee. It is more wasteful to replace a fresh hire after 90 days than it is to replace a more seasoned worker who has contributed years of productivity to your business. Around 31% of new employees leave their job within the first six months As a matter of fact, Organizations with better onboarding processes improve new hire retention by 82%. Over the next few years, 59% of HR pros believe the battle for talent will shift from acquisition to employee retention
Everyone wants to feel good about their work and be valued for it. Engaged employees go above and beyond in their work, leading to higher productivity and profitability. You may show your commitment to new hires by making early investments in their success and development. As a result, they are more likely to return this commitment and feel a connection to your company and its goals.
Strengthened Onboarding program is positively related to employee's levels of job satisfaction. Engagement, social connection, and role clarity are a few aspects that contribute to job satisfaction. A strong onboarding program will provide all these elements and help employees feel valued and respected.
The better and more effective the onboarding, the quicker a new employee can start delivering results. They get more than just the knowledge they require to start performing out their responsibilities during onboarding .A successful onboarding procedure enhances employee relationship building and helps in the new hire's incorporation into the company. In order for employees to know what is expected of them, where they stand, and how to improve, it also includes goal setting, frequent manager check-ins, and employee development.
HRMatrix enables you to create an effective plan that helps smooth and effective onboarding of a new hire. A better first-day experience always makes a difference the way people think about your company.
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