New hires need to feel they fit in and that they are making valuable contributions to the company early on. One of the best ways to do this is with a well-designed orientation program. A good orientation program not only helps employees get up to speed faster, it increases job satisfaction and reduces turnover. This article covers all the essential elements of an effective orientation program.
Turnover is costly for all businesses, large or small. For a worker you are paying $24,000 a year, it will cost you an additional thousand or so dollars to replace them. However, the small business owner may feel the impact more immediately and to a higher degree. While there may not be a magic formula for attracting and keeping entry-level workers, here are some tips to consider.
Replacement costs usually are 2.5 times the salary of the individual. The costs associated with turnover include lost customers, business, and damaged morale. In addition are the hard costs of time spent in advertising, screening, verifying credentials, references, interviewing, hiring, and training the new employee just to get back to where you started.