An excellent onboarding process has a real, positive impact on a business’s bottom line, according to new research.
An excellent onboarding process has a real, positive impact on a business’s bottom line, according to new research commissioned by SilkRoad. The latter commissioned a report by Aberdeen that examined the use, experiences, and intentions of enterprises using strategic onboarding initiatives. The research was conducted in January and February of this year, and involved 230 organisations of diverse size in North America, predominantly, but also in the Asia-Pacific region.
The report defined those enterprises that constituted the top 20% of aggregate performance scorers as ‘best-in-class’. They were defined by key performance criteria:
The benefits experienced by these companies with superior onboarding processes included, a 16% year-on-year improvement in customer retention (compared with a 12% industry average), and a 17% improvement in revenue per full-time employee (compared with 9% industry average).
The report also considered those key elements of the onboarding processes of ‘best-in-class’ performers. It concluded that those factors contributing to success included:
Key HR takeaways:
