Onboarding is one of the most crucial aspects of the employee experience because it sets new hires on the path to success. While adopting a comprehensive onboarding program for your employees, it's essential that you set clear metrics at the beginning and measure them regularly. This will help you get a clear idea about what's working and what's not, so you can focus your efforts on initiatives that create a positive impression about your organization in your new hires’ minds. Here are five onboarding metrics that every organization should track.
New hire satisfaction
Your new hire onboarding program should help your new employees feel supported, reaffirm that they've made a good decision by joining your organization, and help them carry out their job responsibilities seamlessly. That's why it's essential to measure if your onboarding program has achieved these goals and understand how satisfied your new hires are with the onboarding program.
One of the best ways to evaluate new hire satisfaction is by running surveys. You can include questions like these to get valuable insights about your onboarding program:
Did you feel supported and welcomed during your initial days?
Did completing paperwork feel overwhelming?
Did you have access to all of the resources you need on your first day?
Did you get a clear idea about your goals and how they connect with our company culture?
What’s something that you liked as a part of the onboarding?
What suggestions do you have to improve our onboarding program?
Time to productivity
Time to productivity measures how long it takes for your employees to start contributing towards your organizational goals. It shows if your onboarding program helped your employees get a better grasp of your company culture, set clear expectations for them, and empowered them to learn new skills that'll help them excel in their new role.
Additionally, it also speaks volumes about your recruitment process because it indicates if you've selected the ideal candidate with the right set of skills, experience, and educational background required for the given role. To measure time to productivity, set clear entry-level key performance indicators (KPIs) for your new hires. Hold a performance review for them after six months. Enlist the help of their managers to assess if they've reached the goals that were set during onboarding, and how long it took for them to achieve those goals.
New hire turnover
After spending your time, money, and effort on building an onboarding program, you don't want to see your new hires quit within six months of joining your organization. That's why it's necessary to keep on top of on your new hire turnover rate. You can simply calculate the number of new hires who quit your organization within a span of three or six months of joining your organization based on these turnover calculator equations by Indeed. Using these equations, you can determine your new hire turnover rate by dividing the number of new hires who left your organization by the average number of new hires present during the measuring period (usually monthly, quarterly, or yearly). Multiplying that result by 100 will give you your new hire turnover rate.
Training completion rate
Training is an essential aspect of a new hire onboarding program because it helps your new hires acquire the new skills they’ll need to be their best selves at work. Tracking the training completion rate of your courses for new hires will help you understand if it's engaging and if it offers value to your new hires. You can calculate your onboarding's training completion rate by dividing the number of new hires who completed the new hire training program by the total number of new hires enrolled for the new hire training program.
Setting up your new hires for success
Measuring your onboarding program with the right set of metrics is as essential as adopting an onboarding program. Keeping track of your onboarding metrics will provide insights to help you constantly evolve your onboarding program and make it more useful to your new hires.
We hope this blog gave you a clear idea of the different onboarding metrics that you should start tracking right now!
Zoho People, our HR software, comes with a comprehensive onboarding system that automates every aspect of onboarding, from filling out paperwork to conducting training programs for your new employees. Learn more about Zoho People's onboarding management system here.