If your employees aren’t engaged, your business could be losing money—along with workers. Fortunately, there are steps you can take to deliver a positive employee experience right from the start.
Studies show that one third of employees aren’t engaged at work. And disengaged employees cost businesses billions annually. One reason for the financial hit: disengaged workers are less productive than their engaged colleagues and are liable to drag down employee morale, both of which can impact the bottom line.
Employees who aren’t engaged are also more likely to quit. Companies with high employee engagement have turnover rates 40% lower than companies where engagement is low, PwC research finds. The cost of employee turnover depends on multiple factors (including rank and responsibilities), but on average it costs six to nine months of a salaried employee’s pay to replace that employee. And it’s even higher for executives.
To prevent damage to your profits and your people, creating a culture of employee engagement is essential. To get it right, you need to start at the beginning: with the employee onboarding experience. This crucial period often sets the tone for employees' experience going forward. When done right, onboarding can result in higher job satisfaction, increased organizational commitment, lower turnover, higher performance levels, enhanced career effectiveness and reduced stress for employees.
For help in delivering positive experiences during the critical onboarding stage, many companies are turning to onboarding software platforms and services. The best onboarding solutions have the following six elements in common:
Sign up for our guide to learn about the “Four Cs” of onboarding, and how to give new hires the support they need to succeed.