New Employee Onboarding Metrics

 

Measure and Improve Your Onboarding Experiences

It’s no secret that we live in a data driven society – statistical research and application have revolutionised the way business is conducted and evaluated, so it comes as no surprise that statistical data, such as employee onboarding metrics, can be mined and utilised for strategic decision-making. 

The onboarding stage of an employee life-cycle is one of the most critical stages for employees: much more than a singular orientation event, the onboarding process ensures that you are going through a set of events and procedures that will acclimate you to the organization, its mission and purpose, as well as the team, the job and your duties. 

“Employee onboarding initiatives should reinforce the new hires’ decision to join the company and ensure they don’t get feelings of `buyer’s remorse´ after accepting the job offer”, Paul Jelinek, Director of Product Management at Ceridian, global human capital management software company. 

This article will discuss how new employee onboarding metrics can provide organizations and HR professionals with insights that can be harnessed for continually improving the onboarding process, hence contributing to better talent retention and employee engagement. 

Onboarding Matters. So Do Onboarding Metrics

 

It goes without saying that the onboarding process should be optimized so as to empower you in order to achieve the best possible performance in your new role. It should give you all the knowledge, skills, and confidence to shine in your new position. 

Thus, given its importance, onboarding should be measured in order to gather data and evidence meant for continually improving employee’s onboarding experiences.This is where the HR metrics for onboarding come in. 

Measuring the onboarding process and activities is an effective way to acknowledge the onboarding program’s fortes and shortcomings. Onboarding success metrics will reveal the degree of effectiveness of your process.  

Something as important for the employee life-cycle as the new hire onboarding demands scrutiny and measuring (utilizing KPIs for the onboarding process).

Employee Onboarding Metrics

Using KPIs for the onboarding process will help the key stakeholders involved with talent acquisition and talent retention make strategic decisions, and adjust existing processes.


Must-have Features for Impactful Employee Onboarding KPIs

 

Onboarding KPIs (key performance indicators) are useful tools for a quantitative measure of performance over time for a specific objective. KPIs provide specific targets and milestones for judging the progress, thus creating insights into the progress and process. As such, using KPIs for the onboarding process will help the key stakeholders involved with talent acquisition and talent retention make strategic decisions, and adjust existing processes, as new data gets generated. 

A good and impactful onboarding KPI will:

  1. Set a specific and clear objective, 
  2. Set a goal that is realistically attainable and that is relevant for the organization,
  3. Be based on a clear timeline,
  4. Will be able to measure the journey and progress towards the end-objective, 
  5. Provide clear information regarding the progress made towards achieving the objective,
  6. Track and measure factors such performance, timeliness, efficiency and quality. 

Most Used KPIs in Human Resources – KPI Onboarding

 

There is no magic formula that can tell you how successful and effective your new hire onboarding process is. There are, instead, numerous employee onboarding KPIs that will provide you with valuable information. 

We can differentiate between three categories of HR metrics and we will include examples for each of them:

 

Recruitment metrics  

      1. Employee headcount
      2. Cost per new hire
      3. Offer acceptance rate 
      4. New hire turnover rate

Related to monetary value and revenue

      1. Revenue per employee
      2. HR to employee ratio
      3. Overtime Hours
      4. Time off and absence rates

Performance metrics

    1. Retention rate per manager
    2. Statistics on reasons for personnel leaving
    3. Employee satisfaction
    4. Turnover rate

 

Some specific KPIs for the onboarding process are:

    1. New-hire satisfaction rate (new-hire satisfaction levels data can be obtained through the employee interviews and anonymous surveys that are key parts of an employee experience roadmap).
    2. Training completion rate (Regardless of the content of the training – company policies, soft or hard skills – training constitutes an important step in onboarding new employees; thus it is important to know if training is being completed, and in case of a negative answer, the reasons for this situation).
    3. New hire retention rate (measures how many employees decide to stay in the organization for a defined period).
    4. Time to productivity rate (Measuring the timespan from your first day until you achieve the expected productive output is a solid indicator of how well the onboarding processes are performing).
    5. Engagement rate (the degree of employee engagement is a strong indication of the health of the employee-employer relationship and the employee’s drive to innovate and stay productive.

 

Onboarding can either become a new employee’s source of pride about how and what was done well. Or it can become the source of criticism when onboarding goes wrong. Metrics for the onboarding process can help you see what is actually working in your onboarding process and what isn’t. 

With the right software tool you can optimize your new hire onboarding experiences. Introdus, employee onboarding service, offers a full package for managing your pre- and onboarding processes. In addition to pre- and onboarding modules, personalized content, a framework for a buddy program, introductions to the team and company leaders, introdus allows for the implementation of quantitative tools that provide performance metrics

Onboarding metrics will provide insights into the success of the onboarding process and a big-picture view of what is really working and what is not working so well.

Step into a successful onboarding with an easy to use and fun online platform.

 

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