Cost of onboarding a new hire (Free Spreadsheet)
What is the cost of onboarding a new hire?
✔️The average cost of onboarding a new hire is 30% to 70% of their annual salary
✔️Recruiting and training are major costs, but time to productivity has the highest overall cost
✔️Companies can save up thousands of dollars per new hire hired by maximizing onboarding success
Put simply, ‘bad onboarding’ is an unstructured and haphazard onboarding process that fails to engage early, nurture continuously or monitor growth during the job lifecycle. The consequences of this for both the new hire and the employer, are far-reaching.
The onboarding experts here at Preppio frequently refer to ‘experience and science-based onboarding. Our software and methodology focus on the employee experience during the pre and onboarding phases. Preppio’s onboarding software honors people as the true currency of success for companies and organizations. It does this by interlocking mandatory business protocol and corporate needs with a heightened understanding of professional support and growth.
The process is built on the psychology of potential and best practices created by leading scientists. The newly updated 6 C’s employee onboarding framework devised by Preppio’s Chief Scientific Advisor Talya Bauer Ph.D., forms the pillars of the Preppio onboarding experience – Compliance, Clarification, Confidence, Connection, and Culture moving into Check-back.