How Much Does Onboarding Cost?


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How Much Does Onboarding Cost?

  1. 1. Employer & Recruiter Tip <br />HOW MUCH<br />DOES<br />ONBOARDING<br />NEW HIRES<br />COST?<br />Mark Swartz, <br /> Career Coach<br />
  2. 2. .<br />1<br />THE BASICS<br />OF<br />ONBOARDING<br />
  3. 3. 1.1 WHAT IS ONBOARDING?<br /><ul><li>Onboarding includes all the activities and expenses involved once a new hire has accepted your job offer
  4. 4. The objective is to get the new hire settled in and ready to start working quickly, without overwhelming them
  5. 5. At the same time, you want to make the new employee feel welcomed and appreciated
  6. 6. Onboarding starts with confirming receipt of the candidate’s acceptance of your job offer. Your actions should be prompt, professional, efficient, and focused on engaging the new hire </li></li></ul><li>1.2 TYPICAL TYPES OF EXPENSES FOR<br /> ONBOARDING NEW HIRES<br /><ul><li>What investments are involved in bringing new hires up to speed and ready to perform?
  7. 7. setting up the new hire’s work space
  8. 8. providing proper equipment and tools
  9. 9. giving them the training and development they need
  10. 10. introducing the new hire to other staff (including taking them for lunch on their first day of work)
  11. 11. matching them up with an internal mentor
  12. 12. allotting the new employee passwords, access keys and codes, plus getting them to sign any necessary forms
  13. 13. briefing them on their initial work assignments, expectations, procedures
  14. 14. monitoring their performance closely for first 30 days</li></li></ul><li>.<br />2<br />THE COSTS OF <br />FAILING TO<br />ONBOARD PROPERLY<br />
  15. 15. 2. THE COSTS OF FAILING TO ONBOARD<br />PROPERLY<br /><ul><li>The Human Resources Corporate Leadership Council found that increasing an employee’s level of engagement could potentially improve performance by 20% and reduce the probability of departure by a whopping 87%
  16. 16. Since it can cost up to 150% of a departing employee’s salary to replace them (taking into account lost productivity, recruiting fees, retraining, and other outlays), it doesn’t take long to see how cost effective an effective onboarding program can be</li></li></ul><li>.<br />3<br />SOME TIPS<br />ON HOW<br />TO ONBOARD<br />
  17. 17. 3. SOME TIPS ON HOW TO ONBOARD<br /><ul><li>Guide the New Hire through the details of the first few weeks
  18. 18. Help the Hiring Manager make a plan that includes the learning of key systems, meeting of critical stakeholders and an action plan for the first few weeks or months
  19. 19. Keep that motivated New Hire engaged with interaction, shadowing team members and projects to work on during downtime. A little planning on the front end will send the message to the New Hire that they are valued
  20. 20. The little things really do matter like a workspace ready on arrival, materials for their reference available to be reviewed, and someone assigned to “host” them on their first day. Some of this info can be leveraged across the company in the form of checklists or New Hire kits</li></li></ul><li>more on this topic:<br />How Much Does Onboarding New Employees Cost?<br />more Employer/Recruiter/HR advice:<br /><br />join us on:<br />