Today’s employee onboarding process is much more than an administrative process. The technological advances of intelligent automation, paperless forms, and artificial intelligence serve to streamline the onboarding process for new employees, while delivering tremendous benefits to your business or HR department. A smooth and efficient employee onboarding process can help prevent bad hires, integrate new hires into the company culture, and bring your new employee to full productivity.
A recent Career Builder survey found that two-thirds of employers experienced problems due to bad hires. Out of 2,700 employers, 41 percent reported that each bad hire cost an average of $25,000. 25 percent of respondents reported average costs of bad hires to be $50,000 or more.
Studies show that many employees leave their position within the first 18 months of employment, for a wide variety of reasons, and most companies lose on average 23 percent of new hires before the one-year anniversary. However, a 2007 study from the Wynhurst Group found that newly hired employees are 58 percent more likely to still be at the company three years later if they had completed a structured onboarding process. The costs of recruiting, hiring, training, and retaining top talent can be quite costly, so it makes financial sense to develop an employee onboarding process that fully integrates a new hire.
As the days of pen and paper onboarding have fallen by the wayside, the future of onboarding is here with digital platforms and cloud-based solutions paving the way for streamlined efficiency that provides communication, consistency, productivity, and profitability.
Unleashing the power of technology on your employee onboarding process can provide the following benefits to your business:
An army of intelligent software robots can help to automate many tasks that enable consistent and efficient management of your onboarding processes. You can automate many tasks through self-service processes and assign someone from HR to monitor each new hire and guide him or her through the onboarding process. This intelligent automation allows you to deploy your staff to handle human tasks requiring intuition, creativity, and adaptability.
One of the central functions of a technological based onboarding process is to efficiently and consistently engage your new hires from the interview process through their off-boarding process (if/when the time comes). The cloud-based systems allow you to devise a holistic approach to onboarding involving the whole organization with centralized information key to each team member’s role. You can focus on communication and experience with a well-orchestrated process from placement to before first day and beyond.
According to an Allied Workforce Survey, 58 percent of companies responding do not measure new-hire productivity. This is truly where the “rubber meets the road.” This means that both employees and employers often make their decisions based on what they “feel” or perceive about the employee’s performance, and not necessarily quantifiable measurements. Through technology, you can leverage predictive analytics to evaluate the effectiveness of your onboarding program. You can then connect the dots between various statistics including recruiting effort, tenure, time-to-proficiency, and revenue-per-employee and assign real value to your processes. This gives your employee goals to shoot for, along with clarity of what is expected of him or her. It also gives management a real-time measurement of performance.
“Intelligent” is the Key
Intelligent technology facilitates seamless integration with multiple core company operations and processes, allowing a comprehensive and efficient onboarding system to be housed in one platform. You can monitor the entire onboarding process through custom alerts, dashboards and reports. Compliance issues can be fully integrated with the onboarding process so that compliance is automatic. Intelligent onboarding enhances the user experience and simplifies filling out forms, conducting background checks, managing document integration, I-9 E-verify verification, ACA and Cobra compliance, Visa Management, Time Collection, Payroll, and Billing, FMLA Tracking Compliance, and more!
Contact us today to demo our PRYDE onboarding compliance platform, and unleash the power of our robots so you can unleash the power of your people!
Ben Olson is the Chief Technology Officer of Essium, a premiere software company that has developed a revolutionary, customizable, onboarding compliance platform named PRYDE that leverages the power of intelligent bots. Designed to give HR a STRESS-FREE onboarding experience, PRYDE helps assimilate new employees, and retain personnel long-term.