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Attracting and retaining talent is the name of the game for sustained financial success in business. This said, it’s so challenging that many entrepreneur leaders decide not to scale up at all. If you do, here’s Tip #3 for keeping your “A” Players: Onboard them well.
Taking a new position in a new team is stressful. So much so, in fact, that around 20% of new employees resign within the first 45 days.
That’s an expensive addition to the cost of doing business. Estimates for replacing employees that turnover can run from 2-15 times annual salary depending upon the level of the position. These estimates include the cost of hiring, the cost of rehiring, and the lost opportunity cost of a better-fit employee that could have succeeded in the position and contributed to profitability.
To save on this cost of doing business, you don’t want to fall prey to overstressing new hires by “feeding them from a firehose” with new information, new challenges, and ambiguous role and goal expectations. Of course, this assumes that you did a good job with hiring fit to begin with.
Create an onboarding plan for each new hire that is well-organized and efficient. This not only increases the probability they’ll stick around, but it also increases the speed at which they can hit the economic break-even point of the investment you’re making in them and contribute to profitability.
Another way to set up a new hire to succeed is to make sure they have plenty of mentoring and social support. In addition to their supervisor, assign them to a more experienced, peer-level “buddy” who can help them succeed.
Stay tuned for more specific techniques to retain your “A” Players.
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Don’t be a stranger. (770) 993-1129, tdockery@TheResolveFirm.com
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