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25% of the employee turnover happens in the first 45 days while it takes new hires 8-12 months to gain proficiency comparable to their tenured co-workers while loss of productivity from new hire learning curves can lead to loss of revenues ranging between 1-2%.
Benefits of Digitzation and Automation of Onboarding Process with MyJoining
- Employee Retention: 69% of employees are more likely to stay with the company for 3 years if they experience great onboarding
- Employee Productivity: It takes new hires 8-12 months to gain proficiency comparable to their tenured co-workers. A holistic onboarding program can increase new hire productivity up to 54%.
- Employee Engagement: 44% employees feel that they don’t get proper training while 61% companies don’t set any career advancement paths for their employees.
- Employer Branding: 50% job seekers say that they won’t work for a company with a bad reputation- even for a pay increase. MyJoining can help create a strong brand to attract the best talent and reduce cost-to-hire.
- Cost of Onboarding: The average cost to fill a position ranges between $3000-$18000. Attrition and unsuccessful onboarding compromise a large portion of this cost.
- No-show rate: Candidates often leverage an offer letter to get higher salaries in their current organization and even new opportunities in other organizations. MyJoining helps increase offer conversion by up to 60%.
- Digitization and Automation of Paperwork and Onboarding: MyJoining can help automate workflows, notifications, and digitize paperwork. It also provides valuable insights to HR using unique analytics capabilities.