SOURCE: SilkRoad

SilkRoad

April 29, 2013 09:00 ET

Onboarding's Impact on the Bottom Line Revealed in SilkRoad-Sponsored Aberdeen Survey

Customer Retention Improved by 15 Percent; Revenue per Full-Time Employee 17 Percent Higher for Best-in-Class Onboarding Organizations

CHICAGO, IL--(Marketwired - Apr 29, 2013) - SilkRoad, a leading global provider of cloud-based social talent management software, points to the positive bottom line impact for organizations with best-in-class onboarding in a new Aberdeen report, Onboarding 2013: A Look at New Hires, which the Company sponsored. Automation and integration with learning and development were identified as key enablers.

"With onboarding's proven impact on the bottom line, the payoff of investing in technology is cut-and-dry," said Karen Perron, RedCarpet Product Manager & Onboarding Strategist at SilkRoad. "It gives organizations the means to surpass the industry average by simultaneously improving new hire experience and administration." 

The report reveals actionable survey findings and strategies including:

  • Better Onboarding, Better Performance: In organizations with best-in-class onboarding, 91 percent of first-year employees were retained and 62 percent met first performance milestones on time, compared with only 29 percent in industry average organizations and 17 percent in laggard organizations.
  • Automation is a Best-in-Class Aid: Automated benefits enrollment, new employee forms, workflow and tasks management and provision tools to manage permissions and system access are Aberdeen's core best-in-class enablers.
  • Onboarding and Learning Integration Drives Growth: Currently, 26 percent of best-in-class organizations enroll new hires in learning and development programs, compared to 11 percent of all others. Industry average organizations should create a stronger correlation between the two functions as they share similar productivity objectives.

In addition, eBay, a SilkRoad RedCarpet® onboarding software customer, was featured as a case study on how the implementation of onboarding solutions plays a crucial role in driving performance and growth:

  • Challenge: With nearly 30,000 employees in 28 countries around the world and minimal HR resources, eBay recognized their need to improve the new hire experience and create efficiencies through a comprehensive technology solution.
  • Solution: By using SilkRoad, the Company has begun to improve the new-hire experience by automating both tasks and socialization aspects of onboarding.
  • Results: eBay quickly reduced the administrative cost of onboarding by 25 percent and saved significant operational costs and improved productivity by reducing its onboarding process steps by 60 percent.

For more best-in-class onboarding information, download the report in full at http://www.aberdeen.com/link/sponsor.asp?spid=30410362&cid=8383.

About SilkRoad
SilkRoad is a leading global provider of cloud-based social talent management solutions that enable you to connect, engage, and grow your employees in surprising ways to unleash innovation and drive competitive advantage. The award-winning SilkRoad Life Suite is an integrated set of employee-centered Core HR, Talent Acquisition, and Talent Development software solutions that are powered by social, mobile, analytic, and cloud technology to empower your people and rapidly boost business performance. It's everything you need in one platform to grow your business and engage employees from pre-hire to retire. Visit www.silkroad.com, follow them on Twitter @SilkRoadTweets or call 866-329-3363 (U.S. toll free) or +1-312-574-3700.

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