Another new survey of 500 human resource professionals shows just how important the onboarding and employee engagement processes are — in real financial terms.
According to Allied Van Lines’ 2012 Allied Workforce Mobility Survey, employers are losing nearly a quarter of their new hires within the first year. Of those that remain, one-third fail to achieve productivity targets.
Citing an average cost of $10,731 to fill one position, and another $21,033 per new hire for relocation, the study shows how this retention and productivity problem is more than just an HR issue; it’s a bottom-line issue.
Why are new hires leaving? According to the respondents, the top three reasons are managerial relationships, job performance and career advancement opportunities.
As the economy turns around and hiring picks up, your organization may need to take a fresh look at the onboarding and employee engagement processes. So much has changed in the workplace and business environment over the past few years, yet many of our internal systems and processes haven’t kept up.
Here’s an innovative approach a pharmaceutical company we’ve worked with has taken.
While training and a strong coaching culture already existed, the company worked with its sales managers to help them better understand the mental demands of the sales rep positions they were filling as well as their own and their employees’ thinking preferences.
By mapping the job responsibilities against the thinking processes involved, and then looking at their own thinking preferences as well as the preferences of the new hires, they could not only put together a more focused, targeted development plan, they could better align their coaching to the individual.
Many of the new hires were recent college graduates. This approach didn’t just give them a faster way to learn the ropes and achieve productivity goals — although it did, reducing the average ramp-up time from two years to just seven months — it also brought them into the culture in a more significant way. They appreciated the insights they learned about thinking preferences, many commenting that they’d wished they’d known this information when they were in school.
What onboarding or retention challenges have you seen since hiring has picked back up? Have you used any Whole Brain® Thinking approaches to make the process easier and more effective?