It goes without saying that staff training is incredibly important for continual company improvement.
According to research by Recruitment Solutions in April 2007, 47% of employee turnover occurs within the first 90 days of employment. With 60% of respondents highlighting induction improvements as a priority area for investment.
While other research points to 25% of new starters making the decision in their first week that they no longer want to work with the company. Again, a poor induction process is to blame with many feeling overwhelmed, bored or confused.
Further research by the Aberdeen Group in 2008, found that companies that were the best at inducting had:
- 100% improved their retention rate of new hires;
- 60% reduced their 'time-to-productivity' rates.
With these figures, you think it'd be pretty obvious that companies would value their induction process and use it as a great opportunity to get new starters on-board and aligned with the company culture.
Yet, we all know that many companies are guilty of providing boring and drab induction processes, that do little to engage people let alone lift productivity.
While the GFC has enabled many companies the time to review their procedures and processes, it would appear that only the rare ones, gearing up for abundant times, are getting their induction processes in order.
By improving the induction process, companies will be able to boost retention rates and productivity levels enabling new recruits to contribute to the bottom line much quicker. After all, in Australia it is being estimated that we will be having a talent shortage later in 2010.
Find out here if your HR policies and manuals are up to date.
So what are you doing to improve your company induction process to improve staff retention levels and productivity?
