When it comes to increasing profit margins, the onboarding process of your organization can have a significant impact. After all, this process lets new employees learn the requisite behaviors and skills necessary to become productive members of your organization.
An effective onboarding process enables employees to reach their full competency faster. It also improves the retention rates and the productivity rates of your employees. All of these affect your revenue.
It is not enough to have an onboarding process. It is necessary to improve it to get a better ROI. Here are a few steps that you can take.
Begin the onboarding process as soon as possible to maximize engagement. That includes providing employee handbooks, welcome emails, and even tutorials for filling up paperwork. Do all of them before the first day of the new employees. Doing so can increase the confidence of the new employees while speeding up the onboarding process.
Positive Experience for New Hires
The onboarding process provides an opportunity for the organization to make an excellent first impression. New employees are more likely to work harder if their first experience of the company is a positive one.
Statistics show that 69% of new hires tend to stay with an organization for up to 3 years if their onboarding experience was positive.
A serious challenge faced by organizations is ensuring consistency in the onboarding process. Inconsistent application of the onboarding process can lead to conflicting results. That makes it harder to determine how effective the program is. Use tools such as automated reminders and checklists to ensure a complete and consistent process.
Increased Onboarding Time
It can take up to six months for a new employee to reach his or her full proficiency. However, the onboarding process is typically 90 days or so. For this reason, it is a good idea to invest in longer onboarding processes for increased effectiveness and improved results. Check-in with the new employees frequently and provide them with training opportunities. Allow them to ask questions and get their doubts clarified. That can help them reach their full competency much faster.
Leverage social integration to make your onboarding process a success. It is common knowledge that having healthy relationships at work can reduce stress and improve productivity. Invest in buddy or mentorship programs to help new employees build positive relationships with their peers and managers.
Focusing on the areas mentioned above can help increase the effectiveness of your onboarding programs. That, in turn, can improve the ROI of the programs. However, improvement is a continuous process. Keep gathering data and measuring the different metrics of the process.
Implement ROI Methodology® to get the most out of your onboarding process. For more information, visit ROI Institute India®.