Long gone are the days of new hires working their way up from the mailroom to the c-suite. In fact, according to the Bureau of Labor Statistics, the median tenure of young workers is only about 3 years. In a world that is faster and more competitive than ever, new hires and companies alike need to minimize their speed to productivity if they are to succeed.
Between the fact 46% of new hires fail within the first 18 months (i.e. were terminated, left under pressure, received disciplinary action or significantly negative performance reviews), and that turnover costs companies billions in lost time and productivity (beyond the hiring and training costs) companies need to perfect their ability to empower new hires to thrive. According to Glassdoor, meaningful onboarding that connects new hires to a larger company culture can increase retention by 82%. In other words, it is vital to empower a new hire early and often if they are to succeed.
In recent articles, I have discussed how inclusive workplace cultures encourage happier and more empowered employees, which in turn allows companies to thrive. Inclusion also has resounding effects on the success (or lack thereof) of new hires, which ultimately impacts the larger organization. Here’s how:
New hires need a sense of psychological safety
According to experts in psychology and organizational culture, starting a new job is one of the most vulnerable experiences individuals go through; however, feeling a sense of belonging is arguably as important as feeling loved. Navigating these two components is vital for any new hire, and the root of overcoming these challenges results from a sense of psychological safety.
When new hires feel safe, they are empowered to overcome their vulnerabilities and engage by asking questions, taking initiative, and even making mistakes. If a new hire is engaging on these levels, they are already on the fast-track to long-term success at their new company.
New hires want to feel like they are part of company plans
All employees stand to benefit by feeling like they are part of something bigger than themselves. But employees also need to benefit from feeling that their company is also invested in them.
Connecting new hires with key stakeholders helps continually bridge the natural gaps that exist between organizational leadership and the larger workforce. Engaging new hires in this manner helps build and sustain a culture of transparent communication and overall trust.
What does this mean for companies and their culture?
When new hires feel connected to their company’s goals and trust that their leadership is invested in them, they will feel safe to engage in their workplace, connect with key stakeholders, leverage professional development opportunities and actively contribute to their company’s long-term success.
This combination of purpose, recognition, and gratitude creates an all-in culture that engages and empowers EVERY employee in a company. But without elements of inclusion that impact an employee from day one, companies will inevitably fall short of harnessing the full potential of their new hires and overall culture.
What do you think?
How does inclusion impact the success or failure of new hires? What is the evolving role or inclusion in culture and company success in the workplace? You can download the white paper to dive deeper into the topic or join the discussion during an upcoming virtual-live Q&A.
About Lead Inclusively
Lead Inclusively is a technology-enabled Diversity and Inclusion Consulting firm devoted to developing leaders, teams, and organizations to leverage Diversity and Inclusion as an accelerator for business performance. Our collective experience has been that diversity only assures that we have a mix of different people in the workplace. Diverse people in a non-inclusive workplace may be retained for some period of time, but without inclusion, they will not thrive, advance, or become strong team collaborators. Our Unique Diversity and Inclusion solutions ensure impactful and sustained transformation in your Leadership Development, Culture, Team, and Performance.