Onboarding of new hires is a commonplace practice among most every company. However, effective onboarding with both desirable and measurable results is sadly lacking in many organizations.
Many organizations bring on new employees at the start of a new year and the process can be both exciting and overwhelming for the new hire. But it can be a challenge for management, as well, because onboarding effectively and successfully requires planning and intention.
The competition for new talent, and for attracting and retaining high-value employees, is becoming difficult. And smart HR and hiring managers will use the most effective tools available.
As anyone who has been tasked with finding the right candidate for their organization knows, the process is sometimes extremely challenging and time-consuming. As the unemployment rate continues to decline the pool of desirable job talent is becoming smaller.
Keeping business costs down is a primary function of management in any organization. But some costs are not easily recognized, such as employee turnover, and these costs can hurt a business that isn't actively managing them.
Business owners are always striving to keep costs down while looking to generate greater profits. But one of the areas of cost that is often miscalculated is the cost of employee turnover. And it is greater than you think.
According to work management company Wrike, employee turnover is costing U.S. companies over $160 billion a year. And Harvard Business Review notes that high performing employees can deliver up to 400 percent more than the average co-worker. Consequently, the loss of a high performing worker can vastly increase the costs that result from their departure.