An organization can lose as much as 25% of its employees within 1 year and 20% of staff turnover happens within the first 45 days.
Most of us believe and are accustomed to the fact that employee turnover is a natural part of a business and little can be done to control it. There is a common misconception that employee turnover is majorly caused by reasons related to an employee’s salary. The ‘new business dynamic’ of today has created new pressure on Human Resource when it comes to reducing turnover. Human Resource needs to be more strategic in terms of finding the ‘right hire for the right role’ and keeping them engaged and productive, which asks of them to move beyond their traditional functions of compliance and building an engaged and productive workforce.
This paper outlines how this cost is hurting organizations in a big way and how a structured onboarding can help turn it around.