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.
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.
Exactly what your onboarding process should look like is going to be determined primarily by your business model, your industry, the size of your organization and - to a significant degree - by your company's culture.
Finding, recruiting and hiring a new employee can be a time-consuming and even costly venture that is often fraught with uncertainty. Despite the advent of recruiting software, apps and online services, finding the right fit for a position and your organization is challenging.