Tydy, an Onboarding Experience Company, has launched The State of Digital Onboarding report- capturing data and trends in global onboarding in the times of the pandemic. The report looks at data from February 2020 to March 2021 giving insights into the trend curve on digital onboarding through the pandemic and beyond. The report highlights onboarding numbers during a year when Work from Home and job losses were reported to be the highest over time and throws light on the ways global businesses automated their people processes.
The State of Digital Onboarding 2020-21 report is based on data from employers across FMCG, IT & Digital Transformation, Pharma, Manufacturing, Financial Services and Telecom. The digital onboarding trend was seen across a data set of 100,000+ employees who were onboarded from March 2020 to April 2021.
Launching the report, Kiran Menon, Co-Founder, Tydy, said, “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. 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.”
The report brings to light the following insights:
* With the start of pandemic, with hiring freezes, cost cutting and businesses going belly up, there was 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 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. 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.