Number One Way to Decrease Turnover

Over the last few weeks, we have worked with some customers on identifying ways to decrease employee turnover. In our discussions, I have been amazed at the benefits and incentives that business owners have provided to their teams. The interesting thing is that regardless of what they provide, they tell me that the turnover KPI still does not decrease. I have done some extensive research and found the number one way to decrease turn is sometimes the most overlooked.

So what is it you ask?  What is this magical solution? Its basically taking the time to properly onboard the new candidate to the team and to make sure they get connected to the company within the first 30 days. 30 days is a key - did you know over 50% of millennials decided how long they will stay at the company during the first 30 days. If they have a less than stellar start, they are more likely to leave in the first year.

It’s a tribal instinct. We all want to belong to something bigger than ourselves. We want to be able to tell our friends and family about the great new company we just started working for. We want to inform them of the history, the structure, the top clients, etc. The challenge is that only 20% of small businesses have a formal onboarding process. In many cases the small business is so excited to have an additional team member, they forget to give them the backstory and the overview. They show them their desk, get them on the computer, and start to load the work.  

When I started at Ernst and Young, they sent me a package right after I accepted their offer. The package included an EY polo shirt, a bag of popcorn, and a video on the history of Ernst and Young. When I showed up on the first day I had an agenda that included a week’s worth of onboarding - basically just getting me acquainted with the firm. I remember that experience to this day and as simple as the process was, it made me immediately connected to something bigger. I wore my polo shirt with pride and told all my friends about the major clients that we had. I was in...

So my advice is to think about your onboarding process. Create the plan and the process. Integrate ideas to further connect the new team member to the company brand. Give them a company shirt, spend the time to ramp them up on the history, make sure they understand the mission and vision. Most importantly make sure they know how they fit into the organization and what path their career can take. The small things you do in the first 30 days will pay off!