Graduates are now entering one of the strongest job markets in decades, and companies are competing for top talent to help aid their growth and economic recovery after the effects of the last year.
Companies spend both time and money within the interview process, and once the candidate accepts and signs that offer letter, hiring managers think the work is done and that they’ve won the candidate over. This is a critical error.
A strong, engaging and informative onboarding experience is vital to avoiding rapid turnover. In fact, 47% of companies say their top metric for onboarding success is measuring one-year turnover rates because a staggering 20% of new hires leave a job for a new opportunity within their first 45 days at the company.
How an employee is onboarded into an organization is a make-or-break experience that either has them bought in and invested, or back to their job-search.
To have an effective onboarding, it is essential businesses highlight the aspects of their organization new hires care most about, and what attracted them to the company in the first place. LaSalle Network surveyed students from the Class of 2021 to learn what they wanted from their first employer and job out of school. Below, we share a few of the main values 2021 graduates hold in a future company and role, and how to effectively highlight each during their onboarding.
Address Pay and Benefits
Compensation was listed among graduates’ top three concerns when entering the workforce, and benefits offerings was among the top three most important considerations for graduates while evaluating companies to work for. While many companies may not be able to be as competitive in compensation and benefits offerings as some graduates would like, consider highlighting early on in onboarding the many additional ways the organization invests in its talent.
Ensure new hires understand their compensation structure, including incentives and bonuses and in what cadence their compensation may be reevaluated. Dedicate a portion of onboarding to training employees on the benefits and perks offered to them, as well. The top three benefits 2021 graduates reported wanting from their future employer include medical coverage, 401(k) matching and flexible hours, so be sure to highlight these if offered. If not offered, highlight other benefits within a similar vein of promoting physical and financial wellness.
According to a recent report, more than one third of employed individuals reported they did not fully understand the employee benefits they enrolled in during their most recent enrollment period. Among entry–level employees entering the workforce for the first time, there is likely much confusion surrounding what benefits they have access to and how to utilize them. A dedicated training could go a long way in incentivizing new employees with existing perks and benefits.
Get New Hires Integrated into the Company Culture
Company culture has been ranked among the top three considerations for graduates over the last three years while evaluating companies to work for, including the Class of 2021. While working remotely or slowly phasing employees back into the office, getting new hires ingrained into the company culture may be more challenging than in years past. Finding ways to get new hires introduced not only to their immediate teams but also to tenured employees and members of other teams is key to cultivating a work environment where employees feel included, valued and seen.
As an example, LaSalle Network’s executive leadership team introduces themselves in a Zoom call with new hires in the morning of their first day to establish a connection early on. We also hold regular speed-networking events to allow new hires and tenured employees to get to know one another casually. For more detail on that and other virtual culture-building events, click here.
Consider introducing new hires to company values or creeds in the onboarding process, as well as discuss some of the regular culture–building activities the company organizes or company-wide meetings.
Highlight Career Growth
53% of 2021 graduates surveyed indicated they expect to be promoted within their first year at a new job. Depending on the organization, role and candidate, promotions within the first year of an entry-level job may or may not be feasible.
To keep new hires engaged and focused on their future career progression within the company, highlight the ways the business supports career growth and development during the onboarding process. This could include additional training, mentorship or highlighting those within the company who have advanced their career.
For more information on how to attract, recruit and retain talent from this year’s graduating class, download our report, COVID Generation: Recruitment Expectation Index, which features year-over-year data comparisons of the last six graduating classes with tangible tips to help maximize this talent pool.
If you’re hiring 2021 graduates, let us help! Contact us here.
