Are you tracking the measurements that matter?
By Michael W. Hill, Mobius Vendor Partners Executive Consultant
Author of Measuring to Manage
Most organizations realize that to get maximum employee performance they must use measurements. Not all companies will prosper by using the same measurements but there are some that apply to all companies. In this month’s article I’ll lay out a few metrics that we have found to be beneficial.
What is your onboarding success rate? After a new hire accepts your offer and you start them into an onboarding program do they stay? Or do they leave within a few days, weeks, months, or years? A Gallup survey found that “the “success rate” of employee onboarding varies, but statistics show that only about 12% of new hires feel their organization’s process is good, while a positive experience. The survey also found that an effective onboarding process significantly boosts new hire retention and productivity, with 69% of employees with strong experience staying for at least three years. Conversely, a negative or absent onboarding experience is a key factor in new hires leaving within their first year.
One of the most expensive costs an organization has is getting new employees up to speed to do the job they were hired to do. An employee onboarding process should be a structured process. A good process improves retention and performance by providing necessary information, setting expectations, offering support, and fostering a sense of belonging and confidence.
How would your employees rate the onboarding process? Have you ever asked them? What do your retention measurements show you?
During a strong employee onboarding process, new hires start to feel connected to the firm. Building connections can happen in any form including making friends at work or aligning with the vision of the firm. 44% of employees who report having a best friend at work would recommend their workplace to others. Having friends at the workplace helps in building a strong connection with the workforce at the firm. How friendly is your workplace? How many of your employees were referred to your company by someone that currently works for you? Why are or why aren’t your employees referring new hires? Maybe you should ask them?
It may be alarming to learn that 20% of employees quit within the first 45 days of employment. A negative or unsatisfactory onboarding process can fail to build confidence in employees. This may result in high employee turnover. It can be mitigated with the implementation of strong onboarding standards and frameworks. One of the main reasons new employees leave is that they don’t feel like they belong to the firm. This can be achieved with clearer knowledge about their new role and responsibilities. In a survey by BambooHR, 23% of employees quit their jobs because they did not have clear guidelines about their responsibilities. In short, they were expected to do things that were not clearly communicated. Do your employees have clearly defined goals and responsibilities? Maybe you’re not getting the results you desire because there is some confusion. One way to eliminate this confusion is to ask your employees to explain back to you what they believe the goals and responsibilities are and see if they match what management thinks they are.
You probably noticed that I point out with each “motivator” that you need to ask your employees for their input. Maybe a survey would help? You might be making some assumptions that are just not correct! Get your employees involved! Some of the “sign” of a culture issue may be affecting your employees more than you think and they may currently be looking for employment elsewhere because they do not feel that the organizations culture is one in which they want to work.
You may want our help.
At Mobius’ Employee Experience – EX Consulting Employee Experience – Mobius Vendor Partners (mobiusvp.com) – we have the software to survey your employees so you can make the best decisions for your company and respond to your employees’ needs. Contact us to get started.
Mike’s book: Measuring to Manage is available on Amazon.
