Investing in solutions that address employee lifecycle can result in big returns for businesses, according to recent research from Aberdeen (News - Alert) and SilkRoad.
The companies report that organizations with best-in-class onboarding have:
- 15 percent higher customer retention;
- 17 percent higher revenue per full-time employee;
- 91 percent retention rate for first-year employees; and that
- 62 percent of new employees meet their first performance milestone on time, compared to the industry average of 29 percent.
“Leveraging technology to manage high volume workforces, or just managing workforces in general, is no longer a nice-to-have,” says Tom Boyle, SilkRoad’s director of product marketing. “Companies are seeing it as a must-have, especially with technology-related companies.”
Privately-owned SilkRoad, a global company based out of Chicago, in the past decade has put together a SaaS (News 
- Alert)-based suite that addresses the entire employee lifecycle – from recruiting to onboarding and training. It also acts as a human resources employee records systems and a tool for collaboration. SilkRoad an help customers populate the system when desired.
The solution is targeted at mid-market companies with 500 to 5,000 employees, and can work in any scenario, including for contact centers and help desks.
Milestone, which provides technology support for such companies as eBay (News - Alert) and Facebook, is among the users of the SilkRoad services. Boyle says the company is a fast-growing company that needed a tool to do hires quickly and effectively. All of SilkRoad’s customers are using the system to leverage social media in the recruitment process, adds Boyle, explaining that the SilkRoad service enables businesses to provide tools so candidates can see who at the company they know.
This social media aspect of SilkRoad can also be leveraged for onboarding and training, says Boyle. For instance, a company could program the system to provide a virtual introduction to a handful of people the new hire should know and suggest a couple groups they should join to education themselves on the company and the marketplace.
Edited by Stefania Viscusi
