Imagine investing time, money and energy to attract and recruit top talent at career fairs, and ultimately failing to plan for your new hires first days, weeks and even months at your organization. If you’re not doing all you can to inspire an individual to perform at his or her best at the outset, the chances are high that you’ve not only wasted your time and efforts attracting them, you’ve sown the seeds for disengagement and disenchantment from the first days on the job.
A Korn Ferry Future Step Survey conducted last year revealed that although almost all executives agreed that talent retention and mentorship are critical, about 25% of new hires will leave within the first six months, and the main reason for that is that their role wasn’t what they expected. What’s interesting is that 69% of companies surveyed say they have a formal onboarding program in place for all their new employees. However from the employee’s perspective, nearly a quarter of them say that their program lasted only one day, and about a third said they lasted only for a week. How inspiring is that?
The onboarding phase, this is a critically important period for a new employee. They need to receive purposeful, well thought out orientation and it needs to happen within the first 90 to 120 days. So ask yourself, do you have a strategy in place to welcome new recruits? Because during that time, this is what should happen, it’s a period where you’re establishing benchmarks. This is also a time where they get to connect with key personnel, it’s the time where you want to be able to provide them with hands on training and support, and that’s how they’re able to acclimatize to the culture. Remember, those first 60 to 90 days are critical, we cannot expect people to just fend for themselves.
In summary, your onboarding strategy has to be well thought out and intentional. When your organization fails to setup a new hire for success in the early stages of his or her career, job dissatisfaction and ongoing turnover are likely consequences. So let’s realize that talent retention can be improved by practicing preventative maintenance, making the appropriate arrangements for new employees to flourish right from the first day.
This article is a transcript of Talent Management Ep.2 – The Impact of Leadership on Talent Retention on YouTube.
Michelle Ray (Twitter) is one of the best international leadership keynote speakers in Vancouver. She helps you discover your potential through presentations, coaching and consulting. With over 20 years of experience Michelle has worked with hundreds of companies around the world. She is taking bookings for speaking engagements and can be contacted at MichelleRay.com