In our previous blog we focused on the statistics of using Induction Systems in the workplace 2017/18. Since publishing this post, we have discovered some additional key facts regarding workplace induction programs.
Most innovative companies understand that building an effective Induction System is an ongoing process. As we continue into 2019, workforce Induction continues to be a key focus for many businesses.
Here are some KEY facts every business needs to know about the importance of employee Induction Systems: –
- A well-structured employee induction can improve staff retention by 82% (source)
- A strong Induction process can improve productivity by over 70% (source)
- Companies with an engaging Induction programs retained 91% of their first-year workers. (source)
- Induction programs can improve individual employee performance by 11.5%. (source)
- 81% of businesses believe inducting existing staff, contractors and visitors is just as important as inducting new employees. (source)
- 69% of employees are more likely to stay with a company long term if they have experienced a well-structured Induction (source)
- Up to 20% of employee turnover happens in the first 2 months (source)
- New employees who went through a well structured Induction Program were 58% more likely to be with the organisation after 3 years (source)
- Companies with a Induction process experience 50% greater new hire retention (source)
- Successful companies are 35% more likely to begin an Induction processes before day one (source)
- Only 37% of companies extend their Induction programs beyond the first month (source)
- In the U.S. and U.K., an estimated $37 billion is spent annually to keep unproductive employees who don’t understand their job (source)
- Organizations with a Induction System experience 50% greater new hire productivity (source)
- Employees whose companies have extended Induction programs gain full staff proficiency 34% faster than businesses with basic Induction processes (source)
- Satisfaction increases by 20% when employees have formal Induction training (source)
The need for an effective Induction System is clear. Every year more research reveals how valuable it is to start employees off on the right foot. Yet, statistics still come through that show that not everyone understands the impact an effective induction system can have on a company.