In this quarter’s edition of Journal of American Management Association, DocStar GM Tom Franceski shares his views on the importance of optimizing the onboarding process, particularly with today’s generation of young, tech savvy professionals. Here’s an excerpt of the article. Click the link for the whole article.
“An investment in employee onboarding can go a long way. Research shows that a structured best-practice onboarding process can help stave off early turnover. The Society for Human Resource Management has found that employees who attended a structured orientation program were 69% more likely to stay with the company for three years.
The faster new hires feel welcomed and prepared in their new workplace, the sooner they can contribute to achieving the organization’s goals. This proficiency can provide a critical business advantage.
In a study by Boston Consulting Group, a significant correlation was found between proficiency/capability in onboarding of new hires and retention and economic performance. Companies that were “most capable” in this area were shown to have 2.5 times the revenue growth and 1.9 times the profit margin of companies deemed the “least capable” in this regard.”
Read the entire article in this quarter’s issue of Journal of American Management Association (article begins on page 38).