The onboarding program at MasterCard is a bit different from others. Once a candidate is hired, he will receive a welcome email comprising the company videos’ links, access to the website where he needs to upload all important personal details, including personal information and photos, and do all necessary paper works like benefits enrollment, direct deposit, and taxes. Further, the link helps the new hire learn more about the company. On the other hand, the manager can also go online to identify the tools and space he/she requires on the first day. It ultimately culminates into a smooth-sailing onboarding process.
Most of the companies pay little heed to their onboarding process. However, the BCG data has revealed that of all the 22 HR practices having a huge impact on a company’s business, onboarding comes second—just after recruiting. Research shows that the first 90 days of new hires are crucial. This is the time when they meet their new colleagues, understand their new organizations’ values, missions, and goals and most importantly, get the hang of their new jobs. So, if not taken care of, a poor onboarding program may leave a bad impact on a new hire’s morale.
Onboarding is different from training:A study posted on the Academy of Management Journal has revealed that the first 90-day period, which is known as the probationary period, is important to create a rapport with the organization, colleagues, and the management. When the level of support is high from leaders and the team, new hires gain positive attitudes about their jobs and work harder. Otherwise, poor support leads to an inverse situation, resulting in unproductive and unhappy employees.
Strengthen your employer brand: Your new hires were more likely to be drawn to your organization by its reputation, more specifically, your employer brand. So, make sure that the essence of your employer brand is assimilated into your onboarding program. Otherwise, it may leave a negative impact on new hires.
Structured onboarding leads to retention: Believe it or not, a structured onboarding program leads to better retention. A study conducted by the Wynhurst Group has revealed that when employees undergo a structured onboarding program, they are about 58% more likely to stay with the company after three years.
Retention:The retention of new hires holds immense importance. Research shows employees undergoing a proper onboarding program are likely to engage more and show greater interest. It ultimately reduces the incidence of “quick quits.”
Employee Engagement: Employee engagement can be measured in different ways. However, it is better to assess the satisfaction level of the new hire with company-centric and group-oriented onboarding initiatives at frequent intervals (30 days, 6 months, and 1 year). It is also a good practice to conduct surveys to get more insights from new hires as well as their managers.
Time to productivity: Now, your new hires have already been assimilated into your company story and they are ready to play their part. With a proper onboarding program, these enthusiastic new people are engaged in the work and life in the organization. This engagement results in employee commitment, thereby leading to accomplishment.