Is HR doing enough to retain new staffers?
As companies compete in an increasingly skills-short employment market in Singapore, business leaders understand the importance of hiring the best talent.
Yet new research commissioned by specialised recruiter Robert Half reveals almost half (49%) of Singapore’s financial employers have had a new employee resign during their probation period due to poor onboarding processes. Also, more than one in four (27%) said they have even lost an employee during the first month because of it.
Despite many CFOs’ statement that they have lost staff because of a poor onboarding process, many of the same finance leaders assess their onboarding program to meet expectations.
According to the survey of 150 Singaporean CFOs within finance, accounting and financial services, almost half (45%) believe their current onboarding process is “good”, while nine per cent believe their onboarding process is “excellent” and 37% say it is “sufficient”.
This suggests a possible disconnect between employers who think they have an efficient onboarding process and employees leaving the organisation due to a poor onboarding process.
Additionally, Singapore’s financial leaders state it takes an average of 4.5 months for new employees to gain a level of proficiency where they can independently and successfully manage their responsibilities.
While several factors contribute toward helping employees reach their full potential, having a well-developed onboarding program is essential. Organisations that lack proper onboarding programs are exposed to greater productivity risks, as it generally then takes longer before their new employees reach the same level of proficiency as their tenured colleagues.
“In today’s candidate-short market, too many business leaders sometimes forget it’s not only about attracting and securing talent, but also retaining them,” said Matthieu Imbert-Bouchard, managing director at Robert Half Singapore.
“Companies who want their new employee to stay for the long term need to ensure their onboarding process is a positive and welcoming experience from day one.”
He explained to HRD that new team members should be equipped with a fully prepared workspace with all the necessary technical essentials.
In addition, managers should also provide regular guidance on job requirements and goals for their new employee. Frequent check-ins to see if they have any questions or concerns about their new job could also provide a positive experience for new staffers, he said.
“Having an efficient onboarding program in place will ensure companies avoid high staff turnover and help the new employee start producing results early on.”