The Meta4 Onboarding module cuts hire costs and improves the employee experience
- 17% of hired professionals quit their jobs in the first three months.
- Successful onboarding cuts the cost of hiring a newcomer by 3,200€.
- New employees that participated in a well-structured onboarding process were 58% more likely to remain in the company after three years.
- The Meta4 Onboarding module facilitates the management of the hire process for new employees and fast tracking their integration.
Madrid, 31st January, 2018- Increasingly companies are beginning to consider the new employee’s professional life even before arrival. This phase together with the integration phase is called onboarding. This is earmarked as one of the issues HR directors need to address in the months to come. Furthermore, success means that organizations save costs for a newcomer, worth 3,200€ according to various studies in the sector. Other than the financial cost, in today’s “Talent War”, managing this process effciently will safeguard against newcomers from leaving the company and the ensuing damage: high employee turnover, decreased engagement, or increased learning curves.
According to an analysis by the Harvard Business Review, “33% of new hires seek a new job in the first six months.” Similarly, another analysis by the consultancy company, The Wynhurst Group points out “how new employees who participate in a well-structured onboarding process are 58% more likely to remain in the company after three years.”
Under such circumstances and as part of their suite of specialized talent management solutions, Meta4 offers an Onboarding module to meet the needs organizations have for creating the best employee experience in onboarding, in order to fast track employee hire and achieve maximum productivity in the least possible time.
How much does it cost to incorporate an employee into a company?
To extract the best performance from the new hire right from the onset at zero minutes, while sidestepping the typical saturation of the first few days, companies must roll out processes and tools to manage issues that can be undertaken in the phase prior to employee hire and streamline the employee integration process.
Managing this much-needed phase earlier prevents the newcomer from leaving after a comprehensive recruitment process, and subsequently starting a new search process for the vacancy with all the extra costs and resources needed. For example, just as the research from Harvard Business Review, (June 2017) claims, the consequences for a company that hires 80 employees a year on average and does not have a digital onboarding process will lead to 17% of new hires leaving in the first quarter. According to Meta4, this will also spur approximately a 33% rise in labour costs for new hires due to salary payments over these three months without obtaining a return, the cost of starting a new hire process, the cost of the employee’s “time to proficiency” training period, among others.
Employees, managers and companies benefit from technology for onboarding management
It is common knowledge that one never forgets the first impression. Moreover, in the work environment, it is well proven that a welcoming reception avoids a bad experience for the employee over the first few workdays and initiates a solid engagement relationship between the employee and the organization.
The Meta4 Onboarding solution enables new employees to speed up the paperwork required by the company, such as the signed contract of employment, academic certificate, and acceptance of company policies. This enables the employee to access and edit their personal and CV information according to their needs: marital status, emergency contacts, bank account, and academic record. It will also help the employee to relate to future stakeholders, managers, colleagues and other key people who will make their first day at work seem more smooth and pleasant.
Furthermore, this tool does not only benefit the new employee, but also managers who are one of the key actors for promoting or hampering the assimilation of this new talent. The tool allows managers to have direct contact with the future hires in order to plan together actions for induction, training, development, or socialization, and thus reduce the learning curve on the new job.
Lastly, companies also benefit from the Meta4 Onboarding module. Besides reduced costs and fewer resources associated with the recruitment processes, this module enables digitalization of the hire, orientation and assimilation processes, contributing thus to a better employee experience and integration, while bringing about an improved employer branding. Additionally, the Meta4 solution assures legal compliance, one of the most sensitive key issues that can lead to dire consequences in companies due to infractions.
“If we have consistently invested efforts, care and resources into our candidates throughout the various phases of the recruitment process, then at the moment of hire, during the weeks up to and after this point, we cannot let this pace stop. Once the candidate accepts the offer, it is essential to roll out an efficent onboarding process that fast tracks newcomer integration as much as possible,” declared Sergio Moreno, a Meta4 Strategic HR consultant.