Losing talent is a costly proposition. In the UK, the average cost of replacing an employee is estimated to exceed £30,000, and in the U.S. replacing hires have been cited as a staggering several times the cost of the departing employee’s salary.
Exacerbating this problem, an alarming number of developing employees consider leaving in the first six months, and some do leave. A February 2014 survey by BambooHR approximated that one-third of about 1,000 respondents reported having quit a job within six months of starting it. Between 16-17 percent of the respondents left during the first week.
Unless you’re one of those rare organizations taking a “sink or swim” approach to new talent, it makes financial sense to not only hire the right person, but to empower that person to do the job as successfully as possible. From the employer perspective, this period of candidate engagement followed by initial workplace impressions is closely tied to employee retention. During this period, your organization is at a high risk of missing handoffs between recruiters and HR managers, neglecting critical employee onboarding activities, and forcing employees to guess about what they should be doing. For organizations keen on optimizing the performance and satisfaction of their new and existing employees, it’s helpful to envision the individual’s first six months as a chasm you must help the employee traverse. Personalize the candidate or new hire’s experience and make it fun, so that person will be engaged and then “incented” to provide the value she’s hired to deliver.
Employee Onboarding Starts Early
It’s never too early for your organization to make a first impression. Employee onboarding should start online with dialogues of mutual interest, proceed to pre-boarding and pre-hire activities, and then continue seamlessly into career development.
A communication bridge is needed to help the employee successfully cross this unattended gap. This bridge can be described as an integrated, end-to-end talent management system and associated processes that ensure handoffs and the completion of prescribed, personalized onboarding activities. The bridge enables the usually disparate roles of recruiter and HR manager to collaborate on employee onboarding. It empowers planning between recruiting activities and what the HR manager does. Your organization should benefit from these healthy functional connections, which are there to ensure that potentially rigid jurisdictional responsibilities and oversights don’t deny new hires the socialization and development they need to survive the employee onboarding crevasse.
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