The Cost of Not Having Onboarding and Learning Software for Employees
After investing time and money to find the best talent for your business, it doesn’t make sense to run them through a generic training program in the hopes they’ll enter their positions at peak productivity. Workforce development means more than teaching new hires the basic mechanics of their jobs. Your company needs a comprehensive onboarding process to maximise efficiency, increase engagement and ensure long-term employee retention.
Online Training Software: A Smarter Investment
The hiring process can cost your company up to 30 percent of the salary paid to each position you have to fill. If you’re dealing with a high turnover rate, this could add up to thousands of dollars over the course of the hiring process.
By contrast, studies show an investment of just $800 in workforce development training for each new hire can increase retention rates, meaning less work for you and more consistency within your company. Spending that $800 on an onboarding plan prepares employees to transition smoothly into their jobs and feel comfortable in the company culture from the first day they arrive at the office.
Better Workforce Development Training
Onboarding using a learning management system (LMS) goes beyond basic job training to provide employees with personalised tasks, learning modules and goals. From the start, new hires can visualise productivity and track progress. As an employer, your administrative tasks are simplified with a reporting system showing you each step in the entire employee lifecycle. If you’re using software to manage new hires, you can integrate it with the training software to monitor individuals starting with the application process, during onboarding and all the way through their careers. Having more detail allows you to create the best onboarding procedure for each employee.
Plan for the Future with Workforce Development
Employees feel more engaged and satisfied with their jobs when they have solid goals to work toward. Set goals for each new hire to give them a clear trajectory for growth, and use your LMS to assign modules to help them reach those goals. Research by Bersin shows properly onboarded employees engaged in ongoing learning can make companies up to $86,000 more in median revenue per person. Training can also function as part of a compliance management system, so employees not only perform better on routine tasks but also stay up to date on important compliance rules as they learn.
Getting a Head Start with Learning Management Systems
Eighty percent of companies enjoying the highest profits and best returns begin onboarding new employees even before they start their jobs. Designing and deploying learning modules with online training software allows employees to access the content from anywhere and move through the process at their own pace. By the time the official “day one” at the company rolls around, they already have an understanding of the skills and processes necessary to succeed in their positions. Community-building tools connect them with colleagues and introduce the company culture. Instead of spending weeks getting used to the way things work in the office, new hires can start contributing immediately.
With the right LMS, new employees will be ready to jump into their jobs the moment they first arrive at the office and will continue to learn during their first few months of work. Cornerstone offers learning and onboarding software designed to take your staff to the next level using personalised modules to reach their training goals. Having this powerful collection of features at your fingertips gives you an easy way to monitor and manage all employees as they grow to encourage collaboration, identify rising talent and maximise profitability.