According to research published by Glassdoor, it costs businesses an average of nearly $4,000 to hire a new employee. That number varies depending on a variety of factors, including how many interviews were conducted before finding the right candidate, where the job opening is advertised and for how long, and the steps involved in the screening process. And in fact, the cost of hiring an executive is actually more expensive, with average cost-per-hires approaching nearly $15,000 and this does not include the cost of hiring an executive search firm.
Because hiring is such a large investment, it’s important for companies to have stable onboarding processes in place for new hires. These processes equip new hires for success, providing them with the information and tools they need to adapt to their new role and their new company quickly while ensuring they have a chance at long-term success. First impressions matter and a good onboarding experience can give your new hire the inspiration they need to pursue a lengthy career with your company.
While there are plenty of things to consider when developing your company’s onboarding program, there are a few key success factors that should be taken into account above all else.
Ensure the Onboarding Process is On-Par With Your Work Model
If you work in-office, conduct onboarding and training in-office, if your employee will be working from home or on a hybrid work model, conduct onboarding in the same way.
Show Them the Possibilities
When your new hire joins your team, help them understand the opportunities they have at your company. Give them insight into the best ways to climb the ladder, success stories from other team members, and a vision for their potential future with you.
Give Your New Employee a Work Partner
A partner, or a work buddy, can help your new employee feel more comfortable at work. Assign them a partner who’s tenured and familiar with your business and allow your new employee to lean on them for advice or contact them for questions in their first 90 days with the company.
Provide an Onboarding Schedule
Upon hiring, let your new hire know what they can expect in the first few weeks of employment. Provide them with a schedule or itinerary of any required reading, scheduled meeting times, and opportunities to liaise with key team members.
Introduce Your New Hire to the Fundamentals of Your Organization
Make sure your new team member has the information they need to accurately and effectively represent your organization. Provide them with information about your company history, business structure, company mission, and your current and past projects, goals, and successes.
Equip Your New Hire With the Tools They Need to Succeed
Your new hire should be able to start working on their very first day. That means having all technology, including their computer, logins, email account, phone, and other electronics set up ahead of time.
Reducing Turnover With Effective Onboarding
The right onboarding program is designed to get new hires working as quickly as possible while ensuring they don’t feel overwhelmed. If you don’t have a good onboarding program in place, take the time to develop one that incorporates the elements above to ensure your new hires have everything they need to enjoy long-term employment with your company.
By Octavio Lepe
Executive Vice-President
Octavio is the search practice leader for Executive Management, Sales & Marketing, and D&I in the Americas.
Barbachano International is the premier executive search and leadership advisory firm in the Americas (USA, Mexico, Canada, and Latin America) with a focus on diversity and multicultural target markets. Outplacement, Exe
