Posted by Mumbai: Digital onboarding of employees witnessed a 200% growth in Q1 2021 as firms plan to hire for the year. The State of Digital Onboarding report from Tydy revealed.
It captures data from February 2020 to March 2021 giving insights into the trend curve on digital onboarding through the pandemic and beyond.
The report highlights digital onboarding numbers during the year which witnessed work from home and job losses highest over time.
Tydy’s report is based on data from employers across FMCG, IT & Digital Transformation, Pharma, Manufacturing, Financial Services and Telecom. It also looked into a data set of 100,000+ employees who were onboarded between March 2020 to April 2021.
“Global economic activity, cross-border investments and onboarding numbers were booming until April 2020 and WHO called it a pandemic. The first two quarters were spent in adapting to the new normal and it wasn’t until Q3 2020, that we witnessed a bounce back when hope reigned supreme for businesses,” said Kiran Menon, Co-Founder – Tydy, an onboarding experience company.
“Digital Onboarding enabled and empowered companies to continue to onboard their new hires in the safest way possible. With zero paperwork, low-code functionalities, automated workflows and intelligent insights – HR and IT teams have been able to onboard anyone, anywhere. Since Q1 2021, Digital Onboarding has seen a 2X growth globally,” added Menon.
The report insights:
- With the start of the pandemic, with hiring freezes, cost-cutting and businesses going belly up, there was a 25% month-on-month decline in March 2020 with a further 50% decline by May 2020.
- Q3 2020 was the beginning of the plan of revival, witnessing a strong bounce back with August witnessing a 65% month-on-month uptick.
- Companies started seriously looking forward to 2021 and thinking about investments that needed to put in to grow their business.
- In Q4, the numbers stabilized. The holiday season brought down hiring but while the curve flattened, it was an optimistic time.
- The optimism reflected in Q1 2021, with digital onboarding witnessing a 200% growth from January to February 2021
- The upward trend continues through April 2021, despite the second wave.