Employee onboarding is the process through which new employees become acquainted with the organisation, its people, and its culture.
On the one hand, and this is the typical objective of employee onboarding, an onboarding phase is supposed to have new workers operational as soon as feasible. On the other hand, and this is a relatively recent role of onboarding, it is used to influence new workers' critical first impressions of the organisation.
Why we should we use Onboarding Metrics?
Find out what's wrong with your employee onboarding process - Data enables you to identify and address issues that arise throughout the onboarding phase of the employee life cycle. According to Sapling's HR research, the average new recruit onboarding process includes 54 actions. If you can identify the major issues by evaluating the data from these numerous actions, you will be able to improve your onboarding operations significantly.
Increase the efficiency of your onboarding process - You may allow and empower your staff to accomplish an excellent job right from the start. Iteration is essential in a good onboarding process. You may improve 'at the moment using the accessible metrics, depending on the frequency of employee onboarding.
Reduce the chance of early turnover - A successful onboarding programme minimises the likelihood of early turnover. On the contrary, a poor onboarding experience might have a negative impact on your firm. Data and onboarding metrics assist in tracking difficulties and reducing new recruit churn.
What are the various Onboarding Metrics?
Time to Productivity - A useful metric to track how fast it takes for an employee to be operational and productive. The shorter it takes till a new hire can be productive, the greater the experience will be for everyone involved, leading to reduced costs.
Optimum Productivity Level - The cost of getting to the Optimum Productivity Level is the total cost involved in getting someone up to speed. This includes costs of recruitment, training processes, salary of the employee (and the trainers), and more. It is a useful metric to track, with the objective of decreasing costs over time.
New Hire Turnover - New Hire Turnover is an important onboarding metric that calculates the number of employees who leave their job within the first year (or another period defined by the organization). A low new hire turnover rate can affect your employer’s brand and team morale.
Retention Threshold - In line with turnover, you can look at your new hire retention threshold, which is the point at which new employees exit the organization.
Onboarding Satisfaction - An onboarding satisfaction survey, also called new hire satisfaction survey, is an effective way to gather feedback from new hires. It’s a good practice to keep track of the sentiment of new hires in their first month, after three months, after six months, and after a year. This is a way to measure the outcomes of any onboarding initiative.
Training Completion Rate - Regardless of its content, training constitutes an important step in onboarding new employees. Be it learning about company policies or gaining soft or hard skills needed to fulfil your role, training is key for all new employees.
Engagement Rate - Employee engagement can be defined as your level of emotional involvement and commitment to your working organisation and its mission and goals. The degree of employee engagement is a strong indication of the health of the employee-employer relationship and the employee’s drive to innovate and stay productive. In fact, engagement is linked to a proactive approach towards your work and is the Driving Force behind your employee performance.
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