According to the Society for Human Resource Management, the average company spends $4,129 and 42 days to hire a new employee. Unless you want that investment to go out the window, you've therefore got to make it a priority not only to recruit new talent, but also to retain it afterwards.
The key to doing so is onboarding, author Ron Carucci writes in an article for the Harvard Business Review.
"Employee retention is the No. 1 issue on the minds of CEOs today -- not just in the U.S., but around the world. And yet, companies often spend very little time onboarding new hires," Carucci says. "With up to 20 percent of staff turnover occurring within the first 45 days of employment, a standardised onboarding process is essential."
According to Carucci, employers must focus on three separate types of onboarding: organisational, technical and social onboarding.
Start with organisational onboarding. "Organisations must be intentional about helping new hires adapt to organisational values and norms, especially during that first year," Carucci advises. "At key intervals … hiring managers should formally engage them in conversations about the organisation's history and brand, how performance is measured and rewarded, and how growth opportunities arise."
Next comes technical onboarding, the goal of which is defining what success looks like. "Provide your new hire with a job description that includes well-defined accountabilities and any boundaries around authority or available resources they should be aware of. Clearly outline their decision rights to help them understand where their autonomy begins and ends," Carucci says.
Last but not least is social onboarding. "Building relationships during their first year can help new hires feel less isolated and more confident," concludes Carucci, who says managers should help new hires meet people at the company who can contribute to their success. "When new hires feel accepted and welcomed, they are less likely to feel like the new kid on the block."