According to the Society for Human Resource Management (SHRM), 50% of new hires fail within 18 months. From a business perspective, this is quite alarming, pushing the expense and lost productivity to organizations is in the hundreds of millions of dollars.
Because of the high costs of hiring and retaining talent, onboarding has become a critical focus of many organizations. Companies are investing significant time and resources to get new hires up-to-speed quickly on company processes, systems, and methodologies with a goal of reducing time to proficiency, lowering turnover and increasing overall engagement.
On-boarding is not a check-the-box activity
Onboarding cannot be a check-the-box activity, nor can it solely focus on individual skill development for a specific role on function. The onboarding process is the perfect time to introduce new hires to the company strategy and how their business unit goals align with that strategy.
Advantexe can work with you to develop a business acumen and business simulation learning journey that will develop new hire's skills and build an understanding of your business strategy, profitability drivers, target market and competition.
By providing new hires with basic business knowledge, employees are empowered to make daily decisions from a broader perspective, which will have a positive impact on the bottom line.
Advantexe customized a business acumen program for a leading technology company’s onboarding process. The program integrated a business simulation to provide new hires with a broad perspective of the company, its strategy, and what potential effect the new hires will have on the success of that strategy.
The simulation covered a four year period and explored the importance of having a clear strategy and the actions required to fully execute that strategy. After each simulated year, the participants received feedback on their decisions - seeing the trade-offs between short- and long-term decision-making and the interrelationship between the different parts of the business in implementing their strategy.
Advantexe’s learning modules introduced participants to key business acumen topics such as strategic planning, marketing, sales, supply chain management, and financial management.
The learning journey included pre- and post work and was rated a 4,87 out of 5 for developing business acumen skills, cross functional awareness, relationship building and for allowing participants to experience how their daily decisions impact the bottom line.