The Hidden Financial Savings of Automating Your Talent Onboarding

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Onboarding new freelance talent for your company can cost your business valuable time and money. The process of sourcing, vetting, interviewing, ensuring individual compliance, running background checks, and sending out agreements and contracts can all add up to tens of hours a week across your internal teams. If your teams are wondering if there’s a faster, easier way to onboard your contractors – there is. 

Platforms like Worksuite make it easy for you to quantify the cost and hourly savings for your management teams and finance department – as automated onboarding can slash significant time off every part of your onboarding process.

However, there’s also an often-overlooked financial savings benefit that is critical for a successful talent management program when you’re working with freelance contractors.

Creating a successful talent management program

Aside from saving your in-house employees the time and stress of a manual onboarding process for every new contractor, there’s an indirect benefit of using a modern technology solution for centralizing your applicant tracking and onboarding process.

With customizable, user-friendly, and easy-to-complete workflows like the ones you can set up inside Worksuite, you can ensure a great experience for all your talent from the moment they begin the onboarding process. 

In addition, your onboarding process becomes consistent and ensures all your talent is compliant – eliminating any compliance risks for your company. 

Once your freelancers are onboarded – assigning and managing their tasks becomes a breeze, as all your data, progress tracking, invoicing, and reporting can be accessed with just a few clicks.

All of the above factors contribute to huge cost savings – plus creating an exceptional brand experience for all of your freelancers.

Lowering your onboarding costs

Turnover costs and fill times are inherent and ongoing challenges for every company, no matter your industry or talent type. There’s no absolute solution for this issue, and strategies will vary by organization. 

However – there is a secret we’ll let you in on. 

Your turnover costs can be calculated as attrition volume minus the cost-to-onboard. 

Based on this calculation, organizations can create a robust, industry-leading program to tackle attrition for their contingent workforce. 

But what if you also focused on lowering your cost-to-onboard? 

While it might take a little extra work upfront to customize and automate your onboarding process – setting up a hands-off onboarding workflow for your business will provide you with a wider, ongoing impact for your onboarding costs. This is due to the fact that you’re lowering the time and cost for your company every time a new vendor is onboarded. 

Once you’ve automated your onboarding and your talent pool is all uploaded and compliant within your system, you’ll face your next challenge: retention.

Insourcing your talent sourcing

Retention programs require consistent, ongoing efforts to engage and build relationships with your talent. And the larger your talent volume, the harder it is to keep your top talent engaged. 

One of the benefits of setting up automated onboarding flows is that it can increase your chances of finding the right talent, for the right price, and on time. And this is more likely to be talent that’s both interested and engaged with your brand and project assignments.

When you add in direct sourcing capabilities, and share responsibilities across your team to identify talent that has expressed interest via your job openings – the retention process can become a lot easier.

Often, your existing onboarded freelancers are a perfect match for open and upcoming positions – so there’s no need to recruit new talent. Insourced talent already understands your needs and your company, and they can hit the ground running more easily on new tasks.

Instead of spending extra time and budget on outsourced talent sourcing, Worksuite’s applicant tracking capabilities makes it simple to group, tag, and filter your existing contractors. This makes it quick and simple to insource the perfect talent within your organization.With automated onboarding workflows  in Worksuite, you’ve now lowered your total cost of ATS spend, centralized your candidate talent pool and talent network – and lowered the cost of onboarding new talent.

Understanding your turnover volume

With Worksuite, you can get a transparent view of your contract turnover volume. Knowing the volume of turnovers is one thing, but how do you identify if you are losing quality candidates? 

Understanding how many turnovers are quality candidates can directly impact your engagement and retention strategies. 

You can analyze your quality talent turnover by running a simple Worksuite Workforce Analytics report. This identifies your total archived partners versus the volume of tasks and total task spend per archived partner.

Once you have this data, you can plot this on a month-over-month basis. This gives you a direct insight on your total loss of quality talent.

In conclusion

Automating your onboarding workflows can save you a ton of time and money across your organization by eliminating paperwork and back-and-forth emails. But there are also many hidden benefits to automating.

With Worksuite, you can get deeper insights into your talent turnover volume, engagement, and insourcing opportunities – all while creating a better brand experience for your freelancers.

To learn more about automating your talent onboarding with Worksuite, talk to one of our experts.

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