First impressions matter, and with employee turnover at its highest level in over a decade, the way you engage new hires is vital to retention.
The latest data from the Australian Bureau of Statistics indicates that 21% of Aussie workers have been in their current job for less than one year. In fact, our mobility rate rose 18 percent between February 2021 and February 2022 — the highest churn we’ve seen since 2012.
Why onboarding matters?
An exceptional onboarding process which encourages productivity and engagement is the number one factor in retaining talent in the first 90 days of a new job. When done well, it promotes a sense of loyalty and belonging.
Available through ReadyTech, Flare’s digital onboarding lets you streamline onboarding, meet compliance requirements, embed your culture, and promote your benefits.
Top three reasons to care about onboarding:
1. Increased productivity
When employees are acquainted with and settled in their new role quickly, the amount of time it takes for them to become productive is also shorter. In fact, recent research into the true cost of a bad hire shows that a strong onboarding program can boost productivity by up to 70%.
2. Improved employee experience
Thoughtful and consistent onboarding gives new hires the confidence to connect with their colleagues, adopt the company culture, and derive greater satisfaction from their job early on.
3. Increased retention
Imagine feeling like you belong from day one. Imagine having the confidence to carry out your tasks without seeming lost. Onboarding that offers support and training empowers employees to build relationships and do their job well, ultimately increasing their commitment to your company.
Tips for effective employee onboarding:
Savvy businesses are automating workflows to enable an employee centric onboarding experience that focuses on engagement and creating a great first impression. Here’s how to put employees first!
1. Plot your onboarding journey
Consider feedback-driven experiences for new hires. This can include preboarding, which allows new hires to adequately prepare themselves and gives them an idea of your company culture before they start. You could also consider things like a “getting to know you” questionnaire, personalised welcome message, and opportunities for feedback during the first six months.
2. Automate the boring stuff
Automating boring-but-necessary paperwork creates time for more meaningful employee experiences. Compliance documents like contracts and confidentiality agreements, tax, banking, superannuation, and visa information can all be streamlined via onboarding platform Flare, available through ReadyTech.
What’s more, automating these processes minimises the tedium involved and ensures that paperwork is done and dusted for new hires prior to their start date.
3. Raise awareness of your employee benefits as part of the onboarding experience
Providing a meaningful employee benefits program that promotes a healthy work-life balance can improve retention immeasurably. Including or embedding your benefits program in your onboarding experience encourages adoption from the start and helps to drive retention and loyalty.
The average Flare cars leaseholder, for example, saves $6,000 per year*.
4. Take stock of your Employee Value Proposition (EVP) over time
Collecting feedback during the first six months will give you a good idea of whether your onboarding process is providing the right support to your employees and promoting and upholding your company’s EVP.
This can be achieved via informal check-ins or automated questionnaires.
Ready to attract and retain top talent with effective onboarding?
Get in touch with us to activate your onboarding solution.
Looking to learn more about employee benefits and salary packaging? Visit Flare or get in touch for an obligation free chat.
*Data based on 2022 Flare Car Driver yearly savings.