This year, the unemployment rate in the U.S. hit a 49-year low of 3.7%. The demand for companies to retain top talent is intensifying. One report suggests that employee retention is the number one issue on the minds of CEOs today — not just in the U.S., but around the world. And yet, companies often spend very little time onboarding new hires. With up to 20% of staff turnover occurring within the first 45 days of employment, a standardized onboarding process is essential.
To Retain New Hires, Spend More Time Onboarding Them
Focus on three key dimensions: the organizational, the technical, and the social.
December 03, 2018
Summary.
Talent management is one of the things CEOs worry about most, and yet companies often spend very little time onboarding their new employees. The most effective organizations onboard new hires for the duration of their first year — their most vulnerable period — and focus on three key dimensions: the organizational, the technical, and the social. By using this integrated approach, they enable their employees to stay, and to thrive.
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New!
HBR Learning
Attracting and Cultivating Talent Course
Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Attracting and Cultivating Talent. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Discover how to attract, hire, develop, and keep talented people who will grow and thrive throughout their employee journey.