Why is conducting an onboarding program so important?
Only 52% of people join a company with an official onboarding program.
More than 37% said their employer had no program, and just over 11% said they weren’t sure if a program existed or not.
Organisations with a standard onboarding process experience 54% greater new hire productivity and 50% greater new hire retention.
Nearly 4% of new employees leave their new jobs after a disastrous first day, and 33% decide within the first 30 days.
Companies lose 25% of all new employees within 12 months.
New employees who attended a well-structured onboarding orientation program were 69% more likely to remain at a company for up to 3 years.
25% of companies admitted that their onboarding program does not include any form of training, which can lead to a loss of 60% of a company’s entire workforce.
Organisations with structured onboarding programs enjoy a 60% year-over-year improvement in revenue per full-time employee, and a 63% year-over-year improvement in customer satisfaction.
A combined 71% of companies surveyed are currently in the process of updating their onboarding programs.
Currently, less than 40% of onboarding is completed through technology-based solutions.
The 16% who deliver more than 61% of their onboarding programs through technology-based solutions use either company-wide intranet or e-learning. Hiring employees takes time and money – on average 23 days and over £5000 to fill an open position.
Return on investment from technology onboarding:
Higher staff retention rate – decrease in skills gap
New employees contribute to the bottom line faster
Save employers time training
Reduce travelling time and costs to training
What’s CDSM’s onboarding approach? Proven contemporary learning science!
Typically, the time a worker must spend being trained is reduced by about 40% using e-learning.
However, there is e-learning… and then there is CDSM e-learning! By using best practice, contemporary learning strategies and effective pedagogy, organisations can rapidly improve their onboarding even further…
Scenario-based training can often reduce new hire training time by 25-50%
92% say video helps teach more effectively, and improves learning by 56%
Learning science can be incorporated to empower new starters with skills they wouldn’t usually get from e-learning, and this takes away some of the pressure of a new role.
To understand the difference that learning science can make, get in contact with CDSM now for a demo…