I developed QuickSTART 91™ in 2008, when I found the onboarding processes of employers weren’t really doing enough to get me oriented and productive fast enough.
Research has shown that about 50% of senior executives fail within 18 months of being hired – even after companies have undertaken exhaustive searches to identify and hire the ideal candidate. A 2012 study indicated only 52.8% of employees experienced a formal onboarding process during their first few months. We believe the lack of proper integration into the organization is a root cause of employee failures because there was no facilitation of forging relationships within the organization to help the new hire build the internal network they need to contribute effectively.
We estimate the cost of turnover is between 35 and 50% of an incumbent’s total compensation (which considers recruiting fees and lost productivity among other things). With that in mind, for every $100,000 in executive compensation, this kind of turnover is costing $35,000 to $50,000 per year.
Our QuickSTART 91™ process is not an out-of-the-box solution. It’s a process that needs to be customized to the role of the new candidate and the organization hiring that candidate.
It’s not something we create, but rather is the result of collaboration with our clients and candidates. It requires active participation by the client and the candidate to realize its success. During the onbaording period, HIRE GRAY MATTER serves as a facilitator to mediate issues between candidate and client and to help ensure both parties follow the process.
Here’s how QuickSTART 91™ helps get you a faster payback on your recruiting investment:
- Get the results you hoped for. According to a 2012 study by the Aberdeen Group, among companies with best-in-class onboarding, 71% of new hires were rated as “Exceeds Expectations” vs. only 13% at companies with poor onboarding processes.
- Customer Satisfaction. Companies with great onboarding processes realized 6 times the customer satisfaction vs. companies with no onboarding process.
- Customer Retention. Companies with great onboarding processes realized 5 times the customer retention rate vs. companies with no onboarding process.
- Employee Retention. When you have engaged, productive employees, they stay with your organization and the cost of employee turnover usually falls to your bottom line as savings.
Our blog has a series of posts on onboarding, so we invite you to read these to help you understand why onboarding is such an important employee process and how doing it poorly affects employee engagement.
For a free no-obligation discussion or more information about QuickSTART 91™, please call us at 416.840.6015 or email us at email@example.com.