How to Waste $4000

First day jitters are nothing new. With so many new faces to learn and responsibilities to remember, it’s no surprise even the most composed people get a case of the butterflies when starting in a new job.

But here’s a secret: for all the nervous excitement everyone experiences in those first days, no one’s more tense than the person doing the hiring.

Why? Because hiring someone new is expensive — and losing a new hire to early turnover is even worse.

Today it costs an estimated $4,000 just to recruit new talent to your organization. That investment goes up in smoke every time one of those new hires decides they’d rather not stay.

So how can you put an end to new hire turnover?

New data from BambooHR suggests companies actually have some power to dramatically improve new hire retention — by getting better at onboarding.

Improved employee onboarding could help prevent 1 in 4 new hire losses. According to BambooHR’s survey of employees who had quit a job within six months of starting:

  • 23 percent felt they hadn’t received clear guidelines to their new responsibilities
  • 21 percent said they wanted “more effective training”

The message is clear: whether it’s for job-specific training, benefits enrollment, or communicating company culture, a thoughtful, comprehensive onboarding plan should be an essential part of every organization’s new hire plan.

Better onboarding software solves a big challenge of employee onboarding

Onboarding Video - Tablet Video Player - Panopto Video PlatformWhile the task of onboarding may be straightforward in small companies with a single location, for many organizations, onboarding presents a unique challenge: how to deliver time-sensitive training, tailored to a specific role, and to a small audience that may be remotely located across the country or around the world?

Gartner Research offers a surprisingly simple answer: video.

In fact, Gartner’s identified onboarding video as one of the top 5 uses for video with the greatest potential value to organizations.

Video is the perfect tool to enhance your onboarding programs. And a video platform like Panopto can make creating professional onboarding video for your organization quick and easy.

With Panopto’s video platform, you can create a library of new hire training videos with how-tos and best practices for every role across the company. You can introduce new employees to your company culture through engaging video presentations. And you can provide employees and their families with on-demand information about company benefits and enrollment procedures.

Panopto’s video library makes your recordings viewable and searchable from any laptop, tablet, or smartphone, so new employees always have access to the information they need for a successful start.

Find out more about how Panopto can help you improve the new hire experience at your organization. Contact our team for a free trial of Panopto today.

Published: April 04, 2014