Posts

How high does your new employee onboarding rate?

/in , /by

In today’s highly competitive business landscape, hiring top talent is no longer enough to ensure long-term success. Companies must also focus on effectively integrating new employees into their teams and cultivating a sense of belonging from day one through their new employee onboarding process.

According to research and studies, there is considerable work to be done in this area. The failure rate for new hires within the first 18 months ranges between 25% and 46%.  Studies also tell us that Gen Z (born from 1995 to 2009) and soon to represent almost one-third of the Australian workforce have “itchy feet”, with over one-third (39%) planning to leave their job within one year.

It’s a given that training and development have always been important for employee engagement, and 63% of Gen Z agree! Based on these figures, it’s easy to see why the crucial process of new employee onboarding can make or break the success of an organisation’s retention goals. And if done poorly increases recruitment costs dramatically.

Companies must go beyond paperwork and logistics 

New employee onboarding goes beyond the paperwork and logistics of getting a team member up to speed. It is about:

  • creating a positive first impression,
  • setting clear expectations,
  • providing necessary resources, and
  • fostering a supportive environment for growth.

A well-executed onboarding program can help new employees feel welcomed, empowered, and motivated, leading to higher retention rates and productivity.

One critical aspect of employee onboarding is the selection process. Companies invest significant time and resources in finding the right candidate. However, the importance of providing feedback on assessments conducted during the selection process is often overlooked. Sharing the results of these assessments with the new employee can be immensely valuable as part of their onboarding and employee journey with an organisation.

Providing assessment results to new employees allows them to understand their strengths and areas for development. This feedback not only helps individuals gain self-awareness but also aids in aligning their goals with the organisation’s objectives. By sharing the assessment results, companies demonstrate a commitment to the growth and development of their employees right from the start.

Moreover, incorporating the results of psychometric assessments into the onboarding process can provide detailed insights to both the new team member and their manager. High quality psychometric assessments go beyond measuring skills and qualifications. They delve into personality traits, work styles, motivations, cognitive ability and behavioural tendencies. By understanding these aspects, managers can tailor their approach to supporting the individual employee’s development.

Information for strong new employee onboarding

A psychometric assessment should provide comprehensive information on the individual’s development areas. This information includes areas where they may need additional support or training to excel in their role. Armed with this knowledge, managers can create a well-defined development plan for the new team member, addressing their specific needs and setting them up for success.

Therefore, it is crucial to evaluate the effectiveness of your current psychometric assessment tool. Does it provide valuable information and insights to both the new team member and the manager? Does it offer actionable recommendations for development?

Assessing these aspects ensures that your onboarding process starts strong and sets the foundation for long-term success.

Reach out for a free psychometric assessment trial or to discuss a tailored approach for new employees in your organisation.

Isn’t it more important to prioritise job fit over white vs blue collar?

/in , , /by

Historically, blue collar vs white collar jobs referred to manual labour jobs that involved physical work. In the 1940s, this classification was not only based on the job itself but also on social class. Examples of such occupations include those in the construction, trades, and manufacturing sectors.

 

Fast forward to today, and collar colours

Today, blue collar jobs form an integral part of the workforce for many organisations, regardless of the industry sector. These individuals serve as the backbone of a company, frequently working in physically demanding environments and can face heightened risk.

Although businesses must prioritise customer satisfaction, ensuring all employees are content and well-suited for their respective roles and company are equally important.

 

What are the advantages of fit for white v blue collar and all employees?

There are numerous advantages, even in collar colour roles such as blue collar vs white collar jobs. Let’s look at some benefits here.

Any improvement in productivity translates to increased profits regardless of collar colour

A contented team of workers can greatly enhance their own productivity levels. A cheerful workforce creates a favourable work atmosphere that inspires employees to put in extra effort, resulting in improved organisational productivity. As most business people know, any productivity boost translates directly to increased profits.

Keep your top people

Happy employees, regardless of blue collar vs white collar or another collar colour, can also help reduce employee turnover. A high employee turnover rate can cost businesses severely.

 

According to AHRI, employee turnover costs 1.5 times the employee’s salary. 

 

Better mental health across all collar colours for jobs

Today, mental health has become a top priority in all workplaces. Employees well-suited to their job roles tend to experience higher satisfaction levels and are more likely to maintain good mental health. These aspects ultimately result in a more secure work setting.

 

When employees are happy in their jobs, they tend to be more alert and have greater attention to detail. And so, the likelihood of workplace accidents or injuries is reduced. Providing a safe work environment is always a must for organisations.

 

How to hire the right candidate for blue collar jobs?

Modern psychometric assessments can predict role success with high levels of accuracy. But they are rarely used for wage-based or less-skilled roles due to perceived cost constraints in many instances.

 

Great People Inside has a solution to this issue for successful business outcomes. Our highly precise psychometric evaluations are unbiased and efficient in assessing candidates for all job levels. From entry-level to executive positions, from the machine room to the boardroom.

 

The GR8PI platform can design cost-effective assessments to precisely measure fit and what’s essential to each specific role. The result for people in companies is improved productivity, reduced employee turnover, and better mental health.

Are you aware of other collar colours?

In addition to the well-known blue collar and white collar jobs, several other types of jobs are distinguished by collar colour. Each is explained in an article written by Kelly Campbell.

  • Gold collar – Signifies white collar workers with higher skills and are in higher demand. These include doctors, engineers, lawyers, and pilots.
  • Red collar – Refers to workers that work in the government whose salaries come from the red ink budget. This category may also include farmers.
  • Pink collar – An outdated term used to describe sectors historically dominated by women, including nursing and secretarial work.
  • Grey collar – These jobs are often associated with the gig economy or freelance work. Examples of grey collar jobs include graphic design, web development, and writing.
  • Green collar – This is one of the newest additions which refers to jobs in the environment.

We’ve seen the effects. We encourage you to try GPI for blue collar and other roles to make a real difference to your company.

What’s the actual cost of replacing top performers at work?

/in , /by

As a CFO or finance professional, to help determine what’s the actual cost of replacing top performers at work, what if I asked you to rank your team members from top to lower performers?

Your estimate will likely come up with numbers (give or take) that are approximately:

  • 25% of your team are high performers,
  • 50% are average performers, and
  • 25% are below par.

What distinguishes top performers at work?

According to a McKinsey study, high performers are 400% more productive than average performers. And the productivity difference might reach 800% in sophisticated professions such as management or software development. These outstanding performers have distinct cognitive, behavioural, and personality traits.

Identifying these traits and hiring outstanding individuals is likely to result in considerable financial rewards for your company.

These employees not only boost productivity and income production, but they can also improve:

  • staff turnover,
  • management workload, and
  • investor and consumer confidence.

A terrible hire could result in hidden costs, such as

  • lost corporate credibility,
  • greater stress, and
  • worse employee morale.

What’s the bottom line or actual cost of replacing your top performers at work?

The bottom line is that hiring the wrong person can have long-term implications for your organisation. So, getting it right the first time is essential. And it’s scary these costs are not captured in the P&L and that actual costs can show as staggeringly high.

Making another smart investment for your organisation

As a senior finance professional, you recognise the critical nature of making wise investments that yield a good return. However, in my experience, one area in which many firms frequently struggle is how they hire their people. That is, having a consistent replicable process across the organisation that results in the right outcome- a top performer.

Hiring the incorrect individual might cost you far more than you think, with estimates ranging from 30% to 250% of the employee’s compensation.

To solve these recruitment problems and significantly increase the hiring of top performers at work, our award-winning GR8PI assessments can help. The platform provides an easy approach to measuring and qualifying the attributes of high performers. Advanced analytics are employed for a thorough insight into a person’s cognitive ability, behavioural patterns, and professional interests and motivations.

As a result, making it simple to discover outstanding performers and avoid undesirable recruits and costs.

Investing in a recruitment strategy that easily and reliably identifies high performers is critical to the success of any firm. Senior executives we work with improved their ability to identify top performers by 300%.

Renatus Capital Partners, a private equity firm, says it best:

“We use GPI assessments for our own company and all our portfolio companies. Not only do they have tools they can customise for practically every HR situation but the diagnosis around same, advice on which tools to use and the outcomes are priceless.”

Mark Flood , Director – https://renatus.ie/

So, why not contact us today to learn more about how we can assist your company in identifying and hiring top performers?

How to measure values alignment to strengthen your organisation

/in , , /by

It doesn’t matter whether you’re a small family business or a large multinational; values alignment is at the heart of an organisation’s culture. A strong set of values can help build a positive work environment and foster:

  • trust,
  • integrity, and
  • accountability.

Values provide a sense of purpose and direction to clients, stakeholders and employees. Both are vital to you as a business, identifying business identity and as an individual. Values represent your inner voice reflecting your morals, scruples, and integrity. They are what you stand for. They are the personality of your business, which in turn affects your decisions. So, what you do and how you do it; your culture.

Importance of values alignment

Most business owners and leaders proudly feature the organisational values:

  • on their websites,
  • in job advertisements, and
  • during company presentations to stakeholders.

While your company’s values define your culture, how can you be sure that everyone in your team is on the same page? Think back to when you experienced a situation where you were required to compromise your values. How did you feel about it?

For most people, it makes them uncomfortable, and they struggle to reconcile the differences.

But why should we be bothered if not all employees align with corporate values?

Aren’t values just a guide?

After all, it’s not like they are a government regulation!

Values and company culture are important because they significantly impact the success and longevity of a corporation.

Leaders should be concerned. Your culture, the heart of your business, can quickly become a liability if the core organisational values are not accepted, embraced, and practised by every team member in your company. A lack of alignment by team members with your values can interfere with the ability of your business to deliver its strategic goals. As a result, this position can negatively impact the overall productivity and success of the organisation.

Team members must align with organisation values to avoid misunderstandings, miscommunication, and a lack of trust among team members. Without solid values, alignment can lead to:

  • reduced morale,
  • decreased motivation, and
  • lower levels of job satisfaction.

It can negatively impact the overall performance of the team and the organisation as a whole.

Current methods used to measure alignment at interview

Discussions about values often come up during the interview process. And most hiring managers have their own approach to checking alignment. This approach may include:

  • articulating the organisation’s values and their link to operations,
  • asking the candidate about their decision-making process, or
  • inviting them to state their interpretation of the organisation’s values.

No matter what questions you ask, it’s not an objective measure. Especially given that research for SEEK shows that almost half the candidates say they haven’t been sincere in their interview.

You could flip a coin as you have a 50/50 chance of getting it right. If you fail to verify alignment, the issues arise months after the employee joins the team when it’s too late.

Therefore, it is critical to understand which values align with your vision of the company.

Values alignment and cultural measuring tools are essential for organisations to assess the potential candidates’ values and cultural fit. By using these tools, organisations can identify candidates who share the same values and beliefs as the company, leading to:

  • increased job satisfaction,
  • higher levels of employee engagement, and
  • better overall performance.

Additionally, values alignment and cultural measuring tools can help to reduce turnover and increase the likelihood of a successful long-term employment relationship.

Objective information will inform your decision

Our flexible values alignment assessment solution scientifically measures more than 13 different values, so you can choose which ones to include for your organisation. We start by benchmarking values alignment in your business. Then you compare potential candidates to determine a “fit” for your company.

Typically feedback we receive from our clients says:

“The flexibility of the tool is impressive. It has helped us hire people who fit as we can develop custom benchmarks and assessments that measure our precise role requirements and ensure alignment with our values.”

 

“GR8PI has improved our hiring success and reduced employee turnover by 76%.”

When values align, employees are motivated, engaged, and committed to the company’s success.

To learn more about our values assessments, email with “values” as the subject, and we will be in touch shortly.