MELBOURNE, AUSTRALIA – February 23rd, 2011 – Leading Talent Management solutions provider, PageUp People, today announced the findings of their recent onboarding market survey, which found many companies are still not reaping the full benefits of onboarding.
Key findings highlighted that less than 40% of respondents believed their company effectively onboarded new hires. The lack of effectiveness may be linked to the finding that the main purpose for onboarding in three-quarters of companies was ensuring forms were processed correctly, and information was provided about the culture. Research indicates that a more strategic business approach to onboarding, which goes beyond form and task management, to include a focus on talent management provides the biggest impact to the bottom line.
The main driver behind implementing an onboarding process for two-thirds of companies was facilitation and management of forms, however over half of the respondents also indicated improving recruitment reputation, and retention and productivity of new hires as key factors.
For over 60% of companies onboarding remains a decentralized, inconsistent, manual process. This was reflected by what companies deemed the top challenge for onboarding, with over 60% indicating that form management, specifically ensuring all forms were filled out, as the biggest challenge. Introducing a technology solution helps stream-line the process and thus reduces the amount of time required to perform administrative duties. This enables HR personnel and line managers to focus on the strategic aspects of onboarding such as new hire productivity, retention and employee engagement.
Recent statistics from a large PageUp People client has found that nearly 3,000 new employees have been through the onboarding process in the last year. Conservative estimates place savings in the order of $100 per employee, or $300,000, due to reduced paperwork and increased productivity. Client feedback has been positive about the seamless and transparent process for the organisation and the benefits for new employees.
Global CEO, Karen Cariss, states that onboarding is a critical component of the employee life-cycle and provides companies with a competitive differentiator. “We see many of our clients facing challenges with employee engagement and retention, when implementing an effective and efficient onboarding process which is supported by software and consulting services, companies will see a decrease in business costs and an increase in time to productivity of their new employees”.
PageUp People, last week, held a follow up webinar for clients to explore best practice software and consulting services to support their onboarding process based on these survey findings. If you would like to learn more about the PageUp People Onboarding Solution please visit our Solutions page.