How Employee Onboarding Could Be Your Most Valuable Opportunity of 2021
Growing your business takes talent, and when you want to hire the best people there are a number of seen and unseen costs. In a recent study from SHRM, the average cost-per-hire in Australia was found to be around $5500. From paying the wages of HR professionals, to operational expenses, administration and job advertising, many organisations are looking to reduce the number of times they have to hire per year. How can your organisation take advantage of what has typically been a costly task and leverage it into one of your most valuable opportunities for 2021?
In short, attracting the right talent is essential, but what’s equally important is making sure they stay.
Decreasing employee turnover and optimising the use of resources
Employee turnovers are costing the Australian economy $3.8 billion each year, according to estimates from PWC. For this reason, amongst others, onboarding new employees poses a large opportunity cost, as lost dollars could have easily been used on business development & expansion, workforce training, and other areas of the business that present an opportunity for growth. If organisations are to properly capitalise on hiring, the focus should be on retaining and upskilling hires at an improved rate. Research from The Boston Consulting Group found companies that adopt best practice onboarding processes have 2.5x times more revenue growth than organisations who allow it to slip from their list of priorities.
Roughly, 75% of the workforce will be comprised of millennials by 2025. But attracting top talent from this generation can be a challenge. In the same report by Deloitte, roughly 70% of millennials don’t see their careers as exclusively being within traditional settings. They said that at some point, they see themselves working independently.
Given the changing state of the workforce, and millennials’ aspirations when it comes to their career and working for an organisation, businesses need to step up not just with attracting talent, but also with engaging and retaining them. They need to think of ways to enrich their staff so that they wouldn’t even consider jumping ship or changing career paths. Good employee onboarding is crucial in paving the way for exactly that.
Effective employee onboarding goes beyond paperwork and orientation. It’s designed to help a new hire integrate into the role and the organisation. When done right, it can develop brand champions who are proactively contributing to the organisation. When the process falls short, it can mean turnovers even before the probation period ends and new costs that are yet to be incurred to fill the position again.
Expedite ROI of hiring initiatives through your onboarding process
Research conducted by the MIT Sloan Management Review revealed that on average it takes anywhere from 8-26 weeks for a new hire to become fully productive, depending on the position and role.
It’s essential to give a new employee enough time to learn the ropes, build rapport with teammates, and understand the purpose of the organisation. An efficient and comprehensive onboarding process allows your new hires to better understand their new work environment, shortening the time required to become fully productive. Examples of onboarding practices that aid in induction include the addition of company culture guides, goal setting and a thorough introduction to coworkers.
Organisations that underdevelop their onboarding run the very real risk of losing new hires in the first few weeks or months. As a result, they’ll incur another round of hiring, repeating the entire process, along with all the associated costs.
It takes money to grow a business, and a huge expense most organisations have is related to hiring people. While you invest in attracting talent, you should also pay equal attention to engaging them once they have set foot in your organisation. Proper employee onboarding benefits your bottom line and financial health in the long run.
One of the ways to make onboarding efficient automate some of the manual tasks involved in it. See how Tanda’s paperless onboarding can help your business.
Significantly reduce administration with automated employee onboarding
Employee onboarding involves specific tasks that can be repetitive, time-consuming, and especially prone to error when done manually. Examples include filling out forms, encoding employee data, and distributing company documents or guides.
During a busy hiring period, it’s common for onboarding administration to become a burden, taking up a significant part of your HR or recruitment teams day and frequently causing them to incur overtime. Those hours could have been spent on sourcing talent, improving employee satisfaction, or any number of other value-adding tasks. It’s not healthy for your people, for engaging your new hires, and ultimately for your business.
Time is valuable, and you obviously want to dedicate resources on things that matter. Automate what you can in your onboarding process. A smooth process creates a great first impression for new hires and also provides a better experience both for your HR staff and new employees.
When automating your onboarding process, go for a solution that will help you manage everything in one platform, allow you to customise according to your needs, and enable you to go 100% paperless.
Tanda’s paperless employee onboarding helps simplify the process of getting employee details, gathering pre-employment requirements, and sending out-of-company documents and policies. Within a few clicks, new hires can submit necessary information, and your staff can quickly process and integrate them into your existing systems.
Product Updates |
Tanda hits 1 million clock ins!
Tanda has ticked over to 1 million clock-ins! That is a lot of people showing up for work. And though we may gripe and grumble about the daily grind, one million clock-ins is something we want you to celebrate with the whole team at Tanda. Tanda has been here to help you. We have helped you make payroll simple and easy. We have helped you make time theft and wasted hours of figuring out award rates a thing of the past. But today Tanda wants to acknowledge someone else in this ever-growing time and attendance tool. We want to focus on YOU. One million clock-ins on our successful cloud-based software might seem like an intangible concept. Instead, we’d like you to think of it more as an in-Tanda-ble concept. That’s people getting up early to clock in so you have your morning coffee. That’s childcare workers all over Australia clocking in to make sure your children get the best start in early learning. That’s certified companies like Subway, Nike and Telstra moving forward in the constantly changing systems of business, time and attendance. But more importantly in many ways, that’s small businesses and the backbone of Australian industries moving forward with them too. Tanda ensures no one gets left behind, and no time or attendance goes amiss for those 1 million of you who have clocked in. Though we can’t celebrate this achievement with each and everyone of you in your office, restaurant, childcare centre, hotel or whatever space it is you run your business in, we can still thank you all here from Tanda HQ. This video isn’t much, but its a small demonstration of how excited we are for all of you. Keep up to date with more exciting news from Tanda by heading to our Facebook page and giving us the old thumbs up or follow us on Twitter and LinkedIn for more surprises to come.
Events & Media AU |
Tanda Open Data Hackathon this weekend – 17th & 18th April
This article is about the 2015 event. Go to hack.tanda.co for 2016’s event details! The Tanda Open Data Hackathon is upon us! Programmers, designers and developers are flocking to Brisbane for Tanda’s first Open Data Hackathon. In a digital era where everything is reachable from the click of a button, it’s no surprise there are now marathons and competitions for the digitally oriented too. Hackathons, e-conferences and everything in between can be a great way to meet new faces in your industry and carve out your own opportunities in the workforce. You can come along as a lone wolf hunting down open data, or bring a pack of friends to brainstorm together. On the first night after pitches, that’s when you’ll have a chance to form your final teams and get ready to compete. Tanda’s Hackathon will be taking place over two locations. Day 1 will see us at our own Tanda HQ for meet’n’greet, drinks and pitches. Then, a fresh start (and a free breakfast) on Saturday morning will begin at Brisbane’s River City Labs. The great facilities at this space will hopefully give all attendants the comfort they need to execute a great pitch. It’s a Learning Experience The main drive of these types of events is that everyone should walk out feeling that learnt something. Whether it’s something a team partner has shown you while trying to create something awesome under pressure, or a competitor reveals a clever trick in their presentation. There’s no point to an idea if you don’t share it. It’s a Networking Opportunity Whether it’s the company hosting the Hackathon or a fellow competitor at the event these are the kind of industry events where you can actually stand out for future employees. Instead of selling yourself in an annoying verbal resume at some cocktail event you can show potential employers your skills in action. It’s a push in the Right Direction Not only will you meet new people, you will receive feedback from the two judges for Tanda’s Hackathon. The first judge will be Tanda’s very own Adam Lyons who spends his time all over Australia helping to implement savvy programs for growth in Australian businesses. Our Guest Judge for the Tanda Open Data Hackathon is Keran McKenzie. Keran has been on the scene helping take start-ups to sky heights for the past 20 years. He’s come up all the way from Melbourne to assess your ideas and test your skills. It’s a chance to help a Great Cause This Hackathon is a “Hack It Forward” kind of event. All proceeds made in this event will go back into student funding for IT, programming, and related student clubs at QUT and UQ. As a Start-Up company ourselves Tanda knows the ideas start with you guys – the students, the idealists, the dreamers and the young entrepreneurs.
Clients & Partners AU Events & Media AU |
Tanda “Clocks In” to the Xero Roadshow!
Xero is hitting the road in February, taking their team of cloud accounting experts on the road to answer your questions. We’ve been invited along and are looking forward to catching up with our existing partners as well as meeting plenty of new ones across the country. Using Xero’s API we are helping businesses (and their advisors) understand and control their staff costs. Our time clocks, rosters, and customisable award interpretation take the hassle out of payroll and give you insight that you just can’t get with paper timesheets and excel rosters. Business with over 15 staff in all industries are making huge efficiency savings using Tanda, all over Australia. For more info before the day take a look at www.tanda.co Most importantly though, come in and say hi! It’s free to attend the Xero roadshow and there’s even CPD credits available – so there’s literally no reason not to go. If you haven’t already, be sure to register at www.xero.com/au/roadshow Where are we stopping on the Xero roadshow? Here’s the list of places and dates. Bendigo – Monday 3 February Melbourne East – Tuesday 4 February Melbourne CBD – Wednesday 5 February Geelong – Thursday 6 February Albury – Tuesday 11 February Sunshine Coast – Tuesday 11 February Brisbane – Wednesday 12 February Dubbo – Wednesday 12 February Gold Coast – Thursday 13 February Wollongong – Friday 14 February Newcastle – Monday 17 February Parramatta – Tuesday 18 February Sydney – Wednesday 19 February Canberra – Thursday 20 February Adelaide – Monday 24 February Perth – Wednesday 26 February If you have a client that could benefit from using Tanda, or if you have any questions. Come say ‘hi’ or, If you’d like more information about Tanda before we visit a city near you, give us a call on 1300 859 117.