When viewed as a human resources program that’s “nice to have” even the most refined onboarding program is a budget item in need of funding or one waiting to be cut. The first step in world class onboarding is to move away from “survival of the fittest” to “development of the fittest”. With the projected labor shortfall, a number of world class companies, have shifted onboarding from a “necessary evil” to a strategic differentiator in retention and development.
The biggest area of opportunity lies in capturing indirect “lost productivity” costs. In its research on workforce turnover and firm performance, The Corporate Leadership Council found that in numerous positions, lost productivity costs can account for 75 percent or more of the total costs related to turnover. Even more telling—New Employee Onboarding costs make up the lion’s share of lost productivity at 44.5 percent. This data, in and of itself, should push companies to reexamine how they calculate turnover and retention.
That would make the retention of employees the single biggest area in which an organization could impact its bottom line. Pursuing the “invisible costs” of lost productivity throughout the early hire lifecycle (before, during and after the job is filled) a company can gain new perspective on how retention can be addressed proactively.
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