Businesses Are Now Looking To Automate And Digitize Their On-Boarding

People were really optimistic in the in initial few months of the year 2020 where the speculations were such that this year would prove to be a continuous growth for the global economy at large. But with onset of April, everything came to a standstill with WHO’S statement off naming the period as ‘Pandemic.’

While businesses across were expected to transition into digital working modules, hiring too began getting converted into the same model and since then ‘digital on-boarding’ became the new normal.  Now, after an year of surviving into the pandemic world, Tydy has launched The State of Digital Onboarding report- capturing data and trends in global on-boarding in the times of the pandemic. 

The report has been divided into 4 phases where it analytically showcases the journey of hiring processes across since March 2020 until now.

Phase 1

It all started in March 2020 when post the announcement of nationwide lockdown, companies began on strategising new modules to stay afloat. From 25 per cent of a month-on month decline in April’20, until May the percentage reaches upto 50.

The scenario was such that hirings were almost negligible, there were layoffs, cost-cuttings of employee salaries upto half, forced resignations, etc. Because the situation was something which no one had ever thought of hence it gave rise to innumerable speculations and uncertainty such as; will things ever get back to normal, and if so, when?

Phase 2

In the third quarter of 2020, there were rising demands of hiring across sectors and people could feel the bounce back of diminishing value of jobs in market. Months of July, August and September were the months when people re-instated the faith in investing into various businesses and by this time they had also learnt to adapt the ’new normal.’ A sudden jump of 65 per cent have people the indication that things might begin to revive the way they were. CEOs, CFOs, and CHROs began to speculate 2021 as the new beginning and even started strategising for new revival plans to help businesses thrive again.

Hopes for a stable economy was more upon Asian countries as only India and the US had begun on-boarding of candidates while Europeans were still refraining. Though there was a wave of things coming onto stable grounds but the fear wasn’t eradicated of the minds of people.

Phase 3

In the fourth quarter the on-boards from the third quarter were made to feel as comfortable as possible in the inductions of various companies. This quarter was more of reality check for those who felt that they would begin to operate on same working models.

The only constant between the pre and post-pandemic world was the usual dip in hiring during the holiday season. Leaders in the fourth quarter were busy planning and preparing to begin investing in the first quarter of 2021. Hence, while hiring had flattened, optimism was on rise. 

Present Scenario

Companies are finally witnessing a similar surge in hiring as was usual during the pre-pandemic days. Offices are beginning to open up in a very small percentage though, but more or less businesses are somewhat staying afloat. Moreover, people are now learning to live with this virus. 

With candidates too getting comfortable on giving interviews digitally, we can draw a conclusion that business are now looking to automate and digitize their on-boarding and employee data processes. With flex work and a hybrid model of working gaining popularity, companies are realising that digital on-boarding is the need of the hour. 

Drawing A Conclusion

On-boarding numbers are clearly climbing back up for our customers.
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With a steady increase in high quality inbound leads, companies are also witnessing businesses forecast an escalation in hiring and on-boarding of revenue generating resources this year. In fact, a lot of this growth will be seen coming from Asia Pacific with countries like India, China, Malaysia and Indonesia as beneficiaries of these investments and growth spurts.
The US is also picking up and companies are expecting to see on-boarding numbers increase by Q2 of 2021. Western European is fairly flat at the moment even though leaders in these regions are talking about reaching pre-pandemic levels by June 2021.