After the hiring process is over you may think that the hardest part of bringing on new talent is behind you. However, you’re now facing the onboarding process, the task of teaching your new hire their role’s best practices, required skills, and behaviors. Unless the person they’re replacing is still at the company, this can take some guesswork and a few mistakes before they hit their stride. But onboarding can sometimes be too overwhelming for new hires.
According to a recent study on talent development, 22 percent of turnover actually occurs in the first month and a half of employment. This creates hugely detrimental losses for businesses, as the cost of losing an employee so early is estimated to be three times their salary or more. Thankfully, there’s a way to avoid these setbacks with a system that allows you to clearly identify expectations and best practices; competencies.
Competency based interviews are highly structured, and can be used to ensure that the most qualified candidates are hired in the first place, making successful training and retention much more likely. Competency-based job and role profiles clearly define the behaviors needed for success, meaning that new hires can quickly see what skill gaps they need to close, and what learning resources best suit their needs. New hires will also be able to see what competencies are most crucial to the organization as a whole, and work to embody them in all aspects of their work. For example, HRSG’s core competencies are encouraging collaboration, client focus, and innovation.
Competencies can also mitigate other emerging challenges in the talent landscape. Today, employees see the opportunity for growth and development as a major factor in choosing to stay with an organization. Competencies allow employees to see opportunities for growth beyond a standard promotion ladder, meaning that those who simply want a change of role at the same level can map their career within their current organization. People are also more likely to stay with a company that they feel listens to and addresses their concerns. Competencies support more effective communication between managers and employees, as they create a common language surrounding successful behaviors. Competencies make it easier for managers to point their employees in the right direction, meaning employees feel more empowered to seek help when needed.
If you want to retain new hires and embrace more effective onboarding techniques, contact us to find out more about how competencies can help.