As an employer, you want to ensure that all of your new hires are set up for success from the moment they walk through the door on their first day. You’re not alone. An increasing number of organizations have come to realize that effective new employee training — otherwise known as employee onboarding — is a crucial factor in unlocking the full potential of your new recruits.
But did you know that an effective employee onboarding practice also has a positive impact on employee retention?
Research has shown that good employee onboarding practices lead to higher job satisfaction, better job performance, and have stronger commitments to their organizations. According to the Aberdeen Group, companies that offer an onboarding program have an average employee retention rate of 86%. In contrast, companies without onboarding programs experienced an average retention rate of 56%. That’s a jarring difference, especially when, according to BambooHR, re-filling a position made vacant due to poor onboarding techniques costs companies an average of nearly $11,000.
Despite this evidence, some HR departments continue to struggle with putting together impactful and scalable employee onboarding programs. Often, these organizations are spending large portions of their yearly budgets on in-person training events and their associated travel and logistics expenses.
The use of internal video platforms or “corporate YouTubes” has enabled forward-thinking companies to deliver engaging, effective onboarding programs at scale without breaking the bank.
If you’re looking to create an effective video onboarding program, download our free white paper, Make Every First Day a Great One. In it, we discuss 15 ways that you can use video to enhance new employee training, and show you how to develop a video onboarding program that works.
If you’re ready to try video onboarding for your company, contact our team for a free, full-featured 30-day trial of our video platform.