Turnover, Making an Offer, and Onboard Planning

Name: Turnover, Making an Offer, and Onboard Planning
Author: Dari DeSousa

Improve employee retention through onboarding

Preview the first lesson free — get full access to all 4 lessons.

Course: On-Demand

(upbeat music) Onboarding is how new employees are integrated into the company. How you onboard, what information you include in your job offer, and how you prepare for a new employee's first day and the weeks that follow can make a significant impact on their success. Let's discuss the impact of hiring and employee retention, as well as how to implement an effective process after selecting a candidate. The first step in creating an effective onboarding process is thinking of the company as a whole, whether that includes your mission statement, budgeting goals, or work culture. When we think about creating that new-hire experience, we need to ask ourselves a few questions. What do we need to do to create a positive, employee-focused onboarding experience, and what kind of impact does onboarding have? According to a recent study by the Work Institute, the cost estimate of employee turnover ranges from 33% to 200% of the departing employee's salary, depending on the employee's level within the company. What does this mean to you? If youre departing employee's annual salary was $50,000, then at best, losing them would cost your company $16,500. Turnover for higher-level positions could cost you double the employee's wage. How often can your company spend thousands of dollars without it affecting business? Or think of it this way? What could you do with the money instead of losing it? Are there any supplies or uniforms that you are needing? Is there a company incentive plan that you would like to initiate? Is there a benefit that you would like to add to your company's total compensation offerings? There are many alternatives to spending the money on employee turnover. That's why the onboarding process is crucial in building a higher employee retention rate. The financial impact of turnover on a company can be substantial. The per-person costs of advertising, interviewing, selection, background checks, onboarding, training, uniforms, and productivity can be considerable. That impact increases exponentially when the turnover involves managers and senior leaders. From a financial standpoint, creating a positive hiring experience and retaining those you've hired is just smart business. Higher levels of employee engagement are a bonus. Generally, the more engaged employees are, the more satisfied they are with their job. Employees who have a positive experience at work are more productive, produce a better product, provide better customer service, have less absenteeism, and are less likely to cause disruptions in the workplace.

Beginner Provider : Dari DeSousa 4 Lessons · 9m in Arabic, German, English, Spanish, French, Portuguese, Chinese

Course Description

Onboarding significantly impacts a new employee’s success and retention. The financial impact of turnover can be substantial for a company. So, after selecting a candidate, it’s essential to implement an effective onboarding process. It’ll also help with employee engagement and satisfaction. This requires that you provide all of the essential information and tools necessary for the new hire’s success. The work of onboarding begins as soon as you select the candidate, long before their first day. So how do you create an onboarding process that’ll help your company succeed? What are a new hire’s basic needs?

In this course, you will learn how to create an effective onboarding process. We will cover making a connection and creating an offer letter. You will also learn about the essential components of onboarding, such as documentation and a new hire packet. By the end of this course, you will be ready for your next employee’s first day.

What You'll Learn

Identify the impact of high turnover on a company
Create a connection with a new hire using an offer letter
Apply best practices for building an effective onboarding process
Assemble essential onboarding documentation and a new hire packet
Prepare for a new hire's first day at the company

Key Takeaways

Onboarding significantly impacts a new employee's success and retention, and the financial impact of turnover can be substantial for a company.
An effective onboarding process supports employee engagement and satisfaction by providing the essential information and tools a new hire needs to succeed.
The work of onboarding begins as soon as a candidate is selected, long before their first day.
An offer letter can be used to make a connection with the new hire.
Essential components of onboarding include documentation and a new hire packet.

Frequently Asked Questions

What will I learn in this course?

You will learn how to create an effective onboarding process, including making a connection and creating an offer letter, the essential components of onboarding such as documentation and a new hire packet, and how to prepare for a new employee's first day.

Who is this course for?

This course is for those responsible for onboarding new employees who want to create an onboarding process that helps the company succeed and supports new hire success and retention.

What topics are covered in the lessons?

The lessons cover The Impact of Turnover, Creating Connection via the Offer, Onboarding: Basic Needs, and First Day Agenda and Information.

When does the onboarding process begin according to this course?

According to the course, the work of onboarding begins as soon as you select the candidate, long before their first day.