Your onboarding program impacts the impressions new hires have of your company. Therefore, a positive onboarding experience helps form positive impressions that encourage your employees to remain long-term.
A successful onboarding process increases employee engagement, performance, and productivity. This process also elevates job satisfaction, employee morale, and attraction and retention rates.
Effective onboarding inspires your new hires to work together to complete tasks and reach business goals. Attaining these goals helps keep your company competitive.
Consider using these metrics to determine the ROI of your onboarding program.
New Hire Job Satisfaction
You might use employee interviews and anonymous surveys to determine how satisfied your new hires are with their jobs. For instance, you can ask your new hires to rate on a scale of 1-10 how likely they are to recommend your organization to a friend based on their onboarding experience. Whereas employees who rate their experience as a 9 or 10 are promoters, those who rate their experience as a 7 or 8 are passive. Conversely, employees who rate their experience as 1-6 are detractors.
Take your percentage of promoters and subtract your percentage of detractors to determine your net promoter score (NPS). This score determines your new hires’ attitudes toward your company.
If your NPS is 8 or below, examine your onboarding program to see what could be improved. Consider talking with your new hires for additional insight.
Voluntary New Hire Turnover
To determine the rate of voluntary new hire turnover, take the number of new hires who decide to leave during a given period, divide it by the number of new hires in the same period, and multiply by 100. If your number of new hires who decide to leave is higher than anticipated, or if your new hires leave soon after their start dates, there likely is an issue with your hiring process or onboarding program.
In this case, you should talk with your new hires before they leave your company. Find out what the issues are and how they can be resolved.
Document whether managers, job titles, or roles are experiencing a higher-than-average new hire turnover rate. There may be problems within these areas.
Training Completion Rate
Adequate time must be provided for new hires to complete their training. High training completion rates show employee investment in their job performance and the desire to reach business goals.
Plans and checklists should be used to increase new hire awareness of training requirements and upskilling opportunities. These checklists hold managers and new hires accountable for completing the training.
To determine the training completion rate, take the number of new hires who complete their training in a given period, then divide it by the total number of new hires in a given period. Then, use your results to determine how well your new hires are completing their training and whether there are any issues to resolve.
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