Webonboarding has revealed that while UK businesses are spending £200 million on onboarding, most don’t recognise this huge hidden cost.
The research findings were revealed at a standing-room only showcase at the HR Software Show and Recruitment Exhibition 2017, at London’s Olympia last week.
Using data from a survey of 1,000 UK HR decision makers, webonboarding calculated that businesses spend an average of £195 per hire turning candidates into employees, on top of regular recruitment expenses.
With current vacancies running at 1.1 million, the highest level since November 2015, that presents a massive cost for UK businesses.
There’s also a huge time and resource cost around onboarding too. Webonboarding’s survey showed that HR professionals spend 8.7 hours per week dealing with onboarding issues. That’s more than one working day every week focused on people who don’t yet work for a company and who may take several months to become productive and effective employees.
By focusing on a more efficient onboarding process, UK businesses could save both time and money. Designed and developed as part of the webexpenses suite, and using the latest in cloud technology, webonboarding helps businesses reduce the cost of onboarding by moving from inefficient paper-based and manual processes to a digital online solution.
While onboarding isn’t a new concept for businesses, considering it as part of cost saving strategy is. Webonboarding seeks to raise awareness of onboarding costs and challenges to provide both HR teams and the new employee a better overall experience.
Onboarding starts from the moment the role has been offered and represents a crucial period for businesses to make real savings, without losing hard won talent. Webonboarding offers UK businesses an opportunity to dramatically cut their onboarding costs by automating many of the tasks involved and increasing visibility of the process for HR teams and new employees.
By offering a more efficient alternative to traditional manual processes that can lead to errors and delays in securing new employees, webonboarding is helping UK businesses to save time and money.