When you implement a new onboarding technology, it may seem like measuring its impact is challenging. Some of the experience-related improvements are hard to gauge numerically, which can leave companies wondering if the investment is making a meaningful difference.
Fortunately, by looking at the right metrics, it’s easier to measure the impact of technology on your onboarding process. If you aren’t sure where to begin, here are three metrics to review.
Onboarding technology has the ability to streamline the new hire process, resulting in a better candidate experience. While their perspective on the onboarding process is subjective, a general rise in candidate satisfaction shows the impact is positive.
Capture survey data from employees who recently completed your previous onboarding process. Then, when each new hire completes your new process, have them provide the same survey data, allowing you to compare candidate satisfaction with greater ease.
While your overall onboarding process may extend far beyond the gathering of paperwork, comparing the time it took new hires to complete the previous process verses the technology-supported one can give you insights into the impact of technology. Find out how long incoming employees spent on their paperwork, as well as the time required for administrative staff to enter that data in every system that required it. Then, compare that to the time candidates and administrative staff spend today. Often, the difference between the two times is stark.
Return on Investment
In many cases, calculating your return on investment (ROI) is crucial for gauging the financial impact of implementing a new onboarding solution. For this to be accurate, it’s critical to assess all of the costs associated with your onboarding process.
Often, the bulk of your costs pre-technology will focus on administrative effort. The time your human resources or other departments have to spend inputting data from forms completed by the new hire is a prime example, though it isn’t the only one.
Determining the number of hours spent – including any efforts required to correct mistakes – and comparing that to the involved employee’s wages gives you a baseline of your administrative spending. However, you also need to factor in the new hire’s hourly wage and the time they spend on burdensome paperwork during their first days on the job. That way, you can make a fair comparison to the impact of onboarding technology.
Often, the time saved through features like automation and the ability to begin the onboarding process before the new hire’s first day is substantial. As a result, a positive ROI is often captured quite quickly, all while reducing the administrative burden on your staff.
In the end, comprehensive onboarding solution can lead to measurable benefits. By introducing the right HR technologies, costs can decrease while efficiency increases. Plus, candidate satisfaction will generally rise, leaving a better first impression and making it more likely that the new hire will become a happy, productive long-term employee.
If you want to streamline your onboarding process and capture the benefits technology can provide, Essium’s solution can help. Contact us to learn more about how our technology can benefit your staffing agency.