Every company aims to hire and retain the best talent. Offering a higher employee value proposition (EVP) is a powerful way to attract potential hires.
However, the onboarding process of new hires is equally important in shaping their first impressions of the company. Here are six metrics to access the recruitment process and refine it to deliver a superior hiring workflow for new recruits.
1. New Hire Retention
What is the average time frame that a new hire continues to work at your company? Do they leave within a few days, weeks, months, or years?
Using data to determine how long new hires stay on at the company is an effective way to gauge new hire retention. For instance, the percentage of new hires who stay for 45 days, six months, and one year can form benchmarks to improve new hire retention rates.
2. Net Promoter Score
An employee Net Promoter Score is used to gauge how employees like different aspects of their experience. It can also be used to determine how employees liked the hiring experience.
Getting a snapshot into how they felt about various parts of the hiring workflow – the interview process, official emails, introductions to team members, and the onboarding journey – can give recruiters first-hand insights into how to fix issues and elevate the experiences of new hires.
3. Engagement Rate
When employees are actively engaged in their workplace, it translates to higher productivity, revenues, and profitability. Measuring the employee engagement rate is a proactive approach that companies can take toward reducing turnover.
A higher engagement rate among new hires is a positive indication of how long they are likely to stay as the business scales. Putting frameworks in place, such as access to a mentor network, can lead to meaningful engagement that increases productivity.
4. New Hire Satisfaction
How satisfied are new hires with their work? Do they see themselves fitting into the company culture? Are they able to access all the tools and training to perform their role successfully? Did they feel welcome in the company? Do they feel valued by their boss and team members?
An authentic assessment of multiple factors connected to the satisfaction of new hires is a valuable metric in improving the overall experience.
5. Time to Proficiency
This metric refers to the amount of time a new hire takes before they can optimize their work performance.
A smooth, seamless onboarding process brings down the time to proficiency. Conversely, the longer it takes for them to reach an acceptable performance level, the lower their productivity. Each day a new hire remains unproductive, the higher the cost to the company.
There may be several reasons that increase time to proficiency. The reasons can range from not knowing what is expected from the job role, not being clear about the reporting and accountability structure, to not having enough information on the business to hit the ground running.
6. Onboarding Experience
The journey of enabling new hires to integrate into a new company is a defining experience.
Designing and executing the onboarding experience with a cohesive workflow can help a hire feel welcome, understand the work culture, and develop a rapport with team members with ease.
With the shift to hybrid workplaces, new hires must be given access to communication tools and digital resources that help them understand more about the business.
Hiring and retaining new employees is one of the most important exercises that can lead to lower attrition rates in businesses.
By leveraging technology and data-driven insights, companies can build a more scientific, streamlined onboarding process and empower new hires with a foundation that propels their success trajectory in the company.