So, your top candidate accepted the position – do you have HR onboarding solutions to keep them engaged from day one? We all know how hard great talent is to find. You don’t want to lose candidates due to lack of an efficient onboarding process. Plus, good onboarding solutions benefit the company more than just getting the employee set up to work.
According to Bersin by Deloitte, studies show that embracing onboarding as a strategic tool to retain employees is hugely beneficial not just to employees but to the organization at large. Companies that strategically onboard employees outperform organizations from a profit, revenue and margin perspective compared to those who do not successfully onboard. Best-in-class onboarding can result in 2.5 times higher profit growth and revenue and margins can double when compared to competitors.
From an employee lens, onboarding has a huge influence on their tenure with a company. Eighty percent of new hires decide if they want to stay or leave a company within their first 6 months, and 20% of staff turns over within the first year. Of the 20% who leave within the first year, 22% of the turnover happens in the first 45 days. Four percent of those employees don’t come back after the first day because they had a negative experience.
These statistics encompass entire organizations from entry-level to executives with 50% of executives and leaders turning over within the first year. The insights suggest misalignment between the business, employees and new hires and often this is attributed to a lack of onboarding or poor onboarding. It’s clear that faulty onboarding is detrimental for organizations.
As partners to HR leaders, we at AltaFlux know the importance of retaining top talent and avoiding turnover where possible. A strategic onboarding solution might be your organization’s answer to retain talent and grow your organization’s profit, margin and revenue as well.
We recommend SAP SuccessFactors Onboarding because it is a standalone product or can be an extension of your organization’s existing core HR solution. SAP SuccessFactors Onboarding is the go-to source to guide, connect and develop everyone involved in the onboarding process.
The platform delivers an intuitive user interface for both hiring managers and new hires. HR teams and hiring managers will have easy access to the steps to successfully onboard a new employee creating a positive experience for longer tenure with the company. Everything from compliance forms, task management and processes can be found within SAP SuccessFactors Onboarding.
The tool helps to ensure new hires are connected to the right people with pertinent information to aid them in developing at your company. Before your new hire even starts, they can begin interacting virtually with their peers to make the ramp up time quicker, more effective and ultimately increase retention and productivity. Mentorship, reverse mentor, work buddies – whatever your company calls these one-to-one connections can be managed through Onboarding.
The Onboarding platform has the right foundation to move the new hire along on a strategic path that leads to a productive employee. It allows them to begin contributing to the organization’s goals and outperform competitors – all simply by making smart onboarding a priority. Profit, margin and revenue can all be tied back to onboarding and SAP SuccessFactors Onboarding can help your employees connect, understand their path at your organization and at the end of the day, help drive the business.
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AltaFlux understands what you and your organization need to excel, and can deliver rapid innovation to unleash your full workforce potential. Together, we can empower your business by streamlining, transforming, and optimizing your key HCM and talent processes with industry-leading SAP SuccessFactors technology—enabling you to adapt at the speed of change.
AltaFlux Corporation is a global HCM cloud consulting partner based in Troy, Michigan. We empower organizations by streamlining, transforming, and optimizing key human capital management (HCM) processes with industry-leading HCM cloud solutions like SAP SuccessFactors, Benefitfocus, WorkForce Software and Dell Boomi.