As digital and technological advances continue to transform how businesses operate, HR tends to get overlooked when it comes to IT. This can mean HR is often left relying on traditional and time-served processes to ensure the onboarding process is thorough and compliant. When it comes to people management, trust in the process is critical!
There is no escaping that traditional processes for onboarding require significant time investment from often stretched teams who are juggling everything from legal requirements to if their new starter has the most appropriate buddy! Efforts to make onboarding more efficient to save time and money typically fall short on delivering a positive employee experience. This can lead to a reluctance embrace new ways to onboard, however the benefits to the bottom line can’t be ignored.
A study published in The Harvard Business Review analysed more than 250 organisations in an effort to quantify the business benefits of prioritising employee experience. It found a direct correlation between employee experience and company performance. Furthermore, a positive on-boarding experience has been found to strongly link to retention rates and increased productivity. People who experience positive and structured on-boarding are 69% more likely to stay with a company for three years. Making an investment in onboarding pay dividends in the long run.
Investing in digital onboarding solutions enables your HR team to give new hires the best possible experience of joining your business. Finding the right talent can be difficult enough, so keeping them with your business on a long term basis should be a priority. For larger businesses in particular, poor retention is a huge expense. Oxford Economics revealed that replacing employees incurs an average cost for employers of £30,614 per employee. Poor retention also impacts the productivity of existing teams, as welcoming new starters who don’t stay is disruptive to their daily operations.
A structured and informative onboarding experience will give an excellent first impression of your company and inspire immediate engagement in a new employee. New starters are often keen to soak up information about their new role and onboarding software can begin this process before their first day at work. The new hire can fill out forms, read company manuals, take a digital tour of the office and even organise their equipment and uniforms from home in the days leading up to their official start. Enabling people to hit the ground running puts them on track to reach their maximum earning potential as soon as possible. A highly engaged employee is also likely to become a fierce brand advocate, which is a valuable marketing asset when an employee’s word is often trusted more than a business’, particularly online. Company advocates will also attract further talent as employees praise the company culture within their networks.
Like in any part of your business, digitising and streamlining the onboarding process quickly demonstrates a return on investment. In the case of your HR team, they will no longer have to spend hours processing paperwork for every new employee and instead can dedicate their time and passion to added value projects that will benefit the workforce as a whole. In a landscape where culture is widely valued and a healthy and motivated workforce is a symbol of a leading company, your HR department is key to unlocking the full potential of your team.
The importance of onboarding is often underestimated but remains a vital process within all businesses. A digital solution will not only impact the attitude and productivity of your workforce, but boost your bottom line into the future. If your business is dedicated to growth, the returns on the investment in onboarding will be exponential.