Attracting and acquiring top talent in one of the most competitive hiring markets in years is cause for celebration. At the same time, it’s a mistake to treat it as crossing the finish line. From the moment an organization brings a top professional on board, it’s essential to immediately begin the process of ensuring they stay.
How important is it? Studies show 20% of employee turnover happens in the first 90 days. To guard against becoming a statistic, companies need to give new hires a strong introduction to the organization, and put them on a path to success. A great way to do that is by setting performance goals from day one.
Using performance goals to increase attrition
A new employee is eager to demonstrate his or her value and contribute to the success of their new employer. In order to do that, they need to understand what’s expected of them from the outset. That’s where performance goals come in.
The idea is to map out a new employees’ first 30, 60 and 90 days. Identify what they’re being asked to accomplish during their first 3 months on the job, communicate it clearly, and be available to answer questions and provide guidance as they get started.
How to structure performance goals
Of course, a new employee needs time to get up to speed. That’s fine – in fact, it can be worked into their performance goals.
For instance, the first 30 days might focus on becoming familiar with both the organization – getting to know its people, systems and processes – and their new position, including key tasks and daily workflow. Then, over the next 2 months, metrics can be introduced in each area that demonstrate growing knowledge of the organization and increased mastery of their specific role and responsibilities.
Performance goals help organizations, too
The beauty of setting 30-, 60- and 90-day performance goals is that companies will also reap benefits. In setting expectations for new employees, employers can pinpoint the training they’ll need to get there. In doing so, they’ll learn where the gaps are and can address them. As a result, the overall onboarding experience will improve, and that will lead to higher retention over the long term.
As the saying goes, you never get a second chance to make a first impression. That rings especially true as you welcome new employees to your organization. Need assistance establishing a process for determining and implementing performance goals? The experts at Alaant can put you in the right direction. Contact us today and let’s get the conversation started!
