Recruiting and hiring new employees can cost a pretty corporate penny, but the price tag of a new hire doesn’t stop after they’ve accepted your job offer. It continues through the onboarding, orientation and training processes. The key is understanding where you’re spending the most money and where a change in the hiring process would make the most impact. Often, that’s during new hire onboarding. Why? The ease and efficiency of signing the paperwork and filling in all the blanks with the right information is indicative of the efficiency of any given organization. The longer it takes to onboard, the longer it takes to fill the position with someone who can perform the open role. So how can you use onboarding to decrease new employee hiring costs further?
Step 1. Measure the ROI of current onboarding process.
Getting new hires through the onboarding paperwork opens the gateway to the next steps in the new hire process; the faster they sign all of the dotted lines, the faster you’re able to train them to become efficient in their role. On average, it takes a little over six months for newly hired employees to break even on the amount they have cost the organization. With an automated and expedited system, employers are able to send their candidates through the onboarding process with ease.
Step 2. Assess costly aspects of onboarding.
What is the cost of materials? The cost of personnel? What about the sheer time spent processing the paperwork? Any way you look at it, there’s most likely a way your onboarding process costs the company. Take the materials for example: when new hires complete their tax forms it takes paper — reams of paper when you’re going through a mass hiring cycle. So how can you reduce the amount of materials that go into the paperwork? Remove the paper – take the onboarding process online with a simple system that is easy for employees to fill out and for employers to organize.
Step 3. Automate where possible.
We specialize in automating onboarding. We’re passionate about it and we look for ways to make it easier for organizations to create a great new hire experience. In a previous post, we noted: