It can be very costly to lose an employee. Both costly for the team moral and the company's wallet. On average, a bad hire of a salaried employee cost DKK 500,00 according to Randstad Danmark, and it counts from labor costs to time spend on reading through resumes and carry out job interviews.
Luckily, something can be done about that if you to a greater extent want to retain your employees - for a long time.
Were you super excited when you had to start your new job? That's completely normal That's why it's a good idea to accelerate the engagement about the new job already before the first day. You can do that with engaging digital preboarding which will be sent to the new employee.
The preboarding should contain an introduction to the company, history, mission, etc. Preboarding create a sense of security and gives a greater connection to the new workplace faster and that's why it can play a part in retaining employees.
Onboarding is a process where an employee goes from being an outsider to being an insider and that's why a great start is important if you want to retain your employees. A study from Wynhurst Group shows that a structured onboarding process increases the change of retainment over 3 years with 56 %. Also, proper onboarding plays a part in creating engagement which plays a role in reducing the risk of the employee leaving the company within the first 12 months with 85 %.
Want to learn more about onboarding? Read everything you need to know about onboarding.
Onboarding contains in practice both lighter compliance-training in the rules the company is required to follow, an understanding of the new job and the expectations to it, an introduction to the culture in the organization, and to create new connections among the new colleagues.
Furthermore, it is also a good idea to assign the new employee a social buddy from another department, who can go for a walk, take the new employee out for a cup of coffee, and talk about all the casual stuff outside the workplace. It creates a greater sense of security for the new employee, so the person faster can perform effectively in the job.
While onboarding does raise employee retention, it is inevitable to keep employees from leaving you, and with the right offboarding plan, you make sure you benefit from the employer branding with a proper goodbye.
3. A Clear Mission
“How can my role play a part in fulfilling the company’s goal and mission?” If the employees can give a definite answer to that question, they are more likely to stay with the company. It creates meaningful work, instead of you standing still and don’t understand how to be useful for the company. Remember to introduce the mission already in the pre-or onboarding, and possibly make a plan for how the new employee can play a part in fulfilling the company’s shared mission.
4. Visible Development Possibilities
We are rarely standing still as humans. That’s why the existence in the job for some can be a mixed pleasure if you are never challenged or get to further develop your competencies. If you have the possibility to do it in the new position, you can quickly be inclined to look further.
Instead, make it clear for the employees that they have the possibility to develop and also preferably make a development plan for the individual. Remember that the training and the courses, digital as well as physicals that the employees want, have to be relevant for the roles they are in. Or else there is a chance that they also apply for a new job where they can use what they have learned.
5. ... and the Special One for Millennials
Besides the development possibilities, constant feedback, job security with a good salary, and meaningful work are something that is high on the wish list for millennials in the jobs. An annual employee interview is, therefore, a big no go, if it's only there you evaluate the effort in the individual.
Millennials need to know that they are valued, preferably frequently, and in addition, they need to be aware of how they can prepare themselves in the role. Additionally, the training that they are offered in their development or, e.g. in the pre-and onboarding need to available whenever and wherever – both on their computer and smartphone.