Today’s small and medium size businesses are typically stretched thin on time and resources. They struggle with limited cash flow and a smaller workforce. Due to these limitations, it is crucial that these SMB organizations make the most of every resource they have -- including new hires.
The Society for Human Resource Management (SHRM) computes that the average cost of hiring a new employee is $4,129, but this figure could go higher, into the hundreds of thousands of dollars, depending on the position. Add this to the fact the recent research shows that 86 percent of the candidates surveyed said that they made the decision to stay with a company during the first three months of employment. This means that if you want to keep a new hire and keep turnover and hiring costs low, it is vital that your organization make a good impression during the critical first few months.
Unfortunately, many SMBs are tempted to minimize the new hire onboarding process with hopes that this will help save both time and money. However, when you factor in the high hiring costs, it is easy to see that your company simply can’t afford to not have a structured onboarding process. Not only will this save your company time and money, but it will help you make the most out of resources.
The good news is that an automated onboarding process can help even small and medium-sized companies create a robust onboarding process while still keeping within their limited budget restraints. In fact, a structured automated onboarding process offers a wide range of benefits for SMB organizations.
A recent New York Times report states that 43 percent of American employees worked remotely, at least to some capacity last year. While remote workers can provide a range of benefits to the employer, they also can put a strain on the HR department. An automated onboarding process can avoid the need for a face-to-face meeting. Rather than spending time and money mailing out hefty new employee packets, your remote workers can go online and complete the necessary forms, watch videos, read content and be made to feel like they are part of the team.
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