Cornerstone OnDemand, the provider of on-demand, integrated learning and talent management software and services, has joined other major players in the human capital management world, in co-sponsoring a groundbreaking report on onboarding – or, as it is known in the UK, induction.
The report – ‘All Aboard: Effective Onboarding Strategies & Techniques’ – by technology research firm, Aberdeen Group, examines how global enterprises are implementing induction strategies, as well as the processes and solutions to improve performance in critical new employee metrics, including new hire retention, time-to-productivity, employment brand and completion rates of induction-related tasks.
In addition, the report recommends actions that companies can take to improve the effectiveness of their induction strategies.
The report, authored by Aberdeen Group Research Director, Human Capital Management, Kevin Martin, characterises the organisational approaches used by companies that are the most successful in induction, and includes the role technology plays in that success.
The report found that while 86% of the organisations surveyed agree that it takes up to six months for a new employee to make a firm decision to stay with the company, some 61% of all organisations either don’t offer a formal induction programme or end their induction programme within one month.
The study also found that best-in-class organisations with respect to induction are more likely to:
· Begin induction before the start date of employment.
· Ensure the induction process is at least six months for select stakeholder groups.
· Extend induction to all new employees, including those coming from mergers and acquisitions as well as those who have accepted internal job transfers.
· Make ‘socialisation’ into the organisation’s culture a key focus of the induction process.
Furthermore, the report sheds light on the usage of technology to achieve best-in-class performance in new hire retention and productivity.
Jayson Saba, Research Associate at Aberdeen’s Human Capital Management practice, commented: “More than two thirds of the best-in-class are automating all or parts of their induction process, compared with 45% of other organisations.”
A long-time proponent of the importance of effective induction programmes, Cornerstone recently launched Cornerstone Onboarding, a solution that is part of its ITM platform for employee learning, compliance, performance, compensation, succession and analytics.