3 Onboarding Hacks to Build the Next-Gen Workforce

3 Onboarding Hacks to Build the Next-Gen Workforce

In 2020, a pandemic-driven disruption took place in the job market and inspired companies to level up their ‘new-hire’ onboarding. From verifying education qualifications to past employment and exact identity verifications, companies check all relevant credentials to ensure it’s the right candidate to carry forward their brand values. That’s because an ineffective background check causes serious damage to a business and its reputation. A Gallup study reports that nearly 88% of organizations do not onboard their hires properly, leading to high job dissatisfaction post joining and negative feedback.

Today, we are welcoming the generation Z that only relates to the hi-tech world. This generation prefers to work for transformative organisations spearheading digital technologies and capabilities. This must translate to remote, customisable time-efficient onboarding journeys for them. As digital natives, they choose roles that are technology-driven and to take their career one level up.

So, ensure your onboarding process is in tune with the ‘new normal’.

Ever since COVID-19 emerged, manual processes have been pushed back. Digital tools have been brought in to help HR staff focus on prioritising tasks and avoid hiring delays. Here’s what you should adopt – AI-powered, cutting-edge authentication technology to ensure you’re hiring the absolute best, delivering a phenomenal candidate experience.

Here are 3 hacks every HR should implement to build an effective next-gen workforce:

  1. Endorse Paperless Onboarding

Beginnings matter! The first hiring experience of the next-gen employee stays till the end. A single, paperless onboarding solution for your Gen Z workforce will save their time, leave a lasting impression, whether it’s application scanning, real-time identity verification, digital address verification services, or onboarding documentation. iBRIDGE-powered by AuthBridge is a single, web-based platform that beat odds of a tech-savvy generation with customisable, accurate, and contactless candidate journeys. According to a PwC survey, 59% of Gen Z workers prefer their hiring employer to be technologically prepared at the time of their job consideration and acceptance.

2. Choose an eSigning Solution

As proof of identity, handwritten signatures were earlier used to attest documents. However, when onboarding new-gen workers, signing by hand is perceived wasteful and time-consuming. Here, the modern alternative of digital signing can ease document management using cloud storage. As a new gen, you’re always on the move and would prefer a signing solution that’s faster and efficient. SignDrive powered by AuthBridge is an automated, cloud-based digital signing product that allows you to upload, sign, submit and manage documents digitally, 10x faster.
It’s high time we leave hard copies and build a reliable repository to extract important documents instantly, have a comprehensive dashboard and keep audit-ready reports in one place.

3. Take Gen Z Experience to Next Level

Gen Z are a far more agile workforce with a higher learning curve because of their openness to growth possibilities. Often, this generation are referred to as global citizens for their love for an inclusive society.  A Deloitte 2021 report shows that 55% had donated to charity over the past two years, while 33% had raised money for charity. They feel a strong urge to care and connect beyond their professional lives. So, creating a collaboratively positive culture is inevitable while digitally taking them in. It’s now even more important to up your technology game and aim to offer an exceptional onboarding experience.

According to Oxford Economics, Gen Z’s income from work will shift from $440 billion to a whopping $3.5 trillion by 2030. The total consumer spending will be $3.0 trillion – equivalent to 11% of total household spending in the history of economies. Therefore, a ‘welcome onboard’ must connect with their values and aspirations ahead. An agile, seamless employee onboarding journey acts like a means to their future end. Through AI-powered verification and onboarding technology, AuthBridge is working hard to build trust amongst its new hires to keep long-term ties. We encourage our new market entrants to join our digital bandwagon, and see the difference it brings for Gen Z.

A Guide to New Employee Onboarding Process

A Guide to New Employee Onboarding Process

Amidst the pandemic, the hiring market is already tense. And the next wave could be worse than the second wave situation. So, employing efficient ways to onboard employees help the organization to ensure sustainability. According to Brand Hall Group, preeminent research, and analyst firm, organisations with a strong onboarding process improve new hire retention by 82% and productivity by over 70%. New employee onboarding is the key process to acquaint a new employee with the internal culture, provide all necessary tools and information to build a long-term association.

This is an ongoing strategic process that starts with finding a hire to settle them in their job role. This isn’t as shallow as an orientation program.

Imagine how it would feel if, after laying the groundwork right (searching for, identifying, interviewing, and recruiting the right talent), your hire quits or accepts the competitor’s offer or what if a candidate accepts an offer, confirms the joining date, and suddenly doesn’t show up?  This can be heartbreaking for the HR teams!

The question is whether creating a structured new employee onboarding process will have a positive impact on new hires? Would it augment employee engagement, invoke a sense of loyalty, and improve employee retention? And more importantly how to build a new employee onboarding process

 

What is employee onboarding?

Much before an employee onboarding process begins, sourcing good candidates is a must. Employee onboarding processes can vary from one organization to another. Ideally, a successful onboarding journey helps to transform a potential hire into a productive one. This mainly involves familiarizing your new employees with the workplace, company policies, and cultural values.

Let’s take a deeper dive into what encompasses a new employee onboarding journey and how you can get it right.

 

What is the Employee Onboarding Process?

Step 1: Releasing the offer

An employee onboarding journey typically begins when employees are first selected. After that, offer letters, policy documents, onboarding forms, and other papers are extended. Keeping clear and transparent communication will help gain their trust in the new work environment. Today, with the help of AI-powered platforms, it’s much simpler and faster to verify and onboard good talent. iBRIDGE by AuthBridge is an end-to-end employee onboarding solution to scale at ease, hire quality hires, drive business growth, and enable seamless onboarding. This helps reduce the onboarding time by 90%.

Step 2. Offer acceptance

After an offer is shared with the candidate, the next step is acceptance. At this very stage, your company initiates a telephonic call or meeting to set out organisational expectations and review company policies, procedures, benefits, etc. We believe in keeping a proactive approach towards engagement. This is a vital element to improve employee retention and reinforce strong relationships thereby strengthening the employee onboarding process. These days digital signing products are gaining popularity to electronically sign, manage, and store documents. SignDrive by AuthBridge is a 100% contactless solution to digitally keep up and secure your business documents in the most compliant way.

Step 3. Waiting period

When there’s a gap between the job offer and the date of joining, it’s important to keep your new joiners engaged. A pre-planned strategy must be devised prior to taking them in. This will help to keep their motivation levels high while creating a healthy relationship. This is an important step while creating the onboarding process.

Step 4. The day of joining

The first day of joining is always special. It’s a good time to make them feel excited and happy at the same time. As an HR, it’s important to build a sense of belonging among the new hires.

Step 5. Liaison within departments

Whenever a new employee joins, it’s recommended to introduce the new hire within all departments and help them understand the business better. A short meeting can help to feel more connected to the organization and its people. This opens the internal communication channel for the new person and enables them to do concrete work from the get-go. The teams can be IT, HR, etc. along with topline managers.

Step 6. Training & orientation

Another important step in the way is to share insights related to the company culture and the role and responsibilities. This is great to understand the overall vision and short-term goals of the organization. This is also the right time to set specific goals for the new employee in the next 30, 60, or 90 days.

 

The first few pieces of training can fill in the employee to pick up and start concrete work without any pitfalls.

Technology can offer opportunities to take a candidate-centric approach and create a highly profitable unit. With the introduction of innovative analytics tools, SaaS software, and AI-based chatbots, candidate journeys will be fully customized. The next generation of HR needs to create a holistic, data-driven approach to modernize itself with robust tools and technologies like Artificial Intelligence, Deep Learning, Augmented Analytics, etc. to collect, process, and analyze data within the HR tech stack and arrive at strategic decisions.

Why is KYC important for Crypto Exchanges

Why is KYC important for Crypto Exchanges?

We can’t emphasize much on the fact that cryptocurrencies have taken the world by storm and are gearing up to re-envision the conventional mediums of exchange. Crypto is everywhere these days. It’s not just limited to  traders, business analysts, or nerds. People are willing to enter the fascinating world of crypto by investing in digital coins and making them a part of their investment portfolio.

Though crypto currency trading is disrupting the financial sector the way one could have never imagined, people are still skeptical of trading coins. Not because the ‘crypto world’ is peppered with friction, but also because it has a history of hacks and scandals.

“With different forms of financial crime such as money laundering, shady transactions, tax evasion surfacing up, crypto exchanges need to deploy strict KYC measures not only to fight financial frauds but also ensure user onboarding at speed and scale.”

Let’s deep dive to understand why cutting-edge KYC technology is imperative for crypto exchanges and trading platforms:

Lowers the Risk of Financial Crime:

2021 has been a record-breaking year in terms of cryptocurrency crime. According to the “2022 Crypto Crime Report” by Chainalysis – blockchain data firm, it is stated that scammers took crypto worth $14 billion last year. It is twice the $7.8 billion taken by scammers in 2020. Take the example of the BITpoint – a Japan’s Cryptocurrency Exchange where $32 million of funds were stolen by the hackers from the hot wallets. Similarly, bitcoins worth $40 million were stolen from Binance. 

Weak KYC processes are unable to tap the ill-intentioned users – making the process even more vulnerable. This might also lead to hacks, scams, and phishing. Exchanges should tackle large-scale security breaches and control such instances with strict KYC measures. Leveraging AuthBridge’s industry-leading KYC technology that uses OCR for document digitisation, liveness detection, and face match – lowers financial crime as it verifies users with no errors and roots out scamsters – diminishing illicit activities.

 

Builds Trust and  Transparency With Customers:

Trust and transparency are two prominent factors for cryptocurrencies to reach the level of mass adoption. As the high-tech nature of crypto will continue to attract scammers, KYC becomes crucial to highlight high-risk users and root out criminals. Cryptocurrency exchanges need cutting-edge KYC technology for fraud detection and prevention and for seamless onboarding to keep their users assured about their money security. Any platform brimmed with non-compliant users, criminals, and fraudsters will stop genuine users from trading on that platform. New users feel safe about their money if they know that KYC measures are taken by the platform.

Implementing AI-powered award-winning KYC technology can help exchanges exemplify trustworthiness to new users. KYC and user onboarding technology, which is customizable and integrable, empowers exchanges to root out non-compliant users and spot shady transactions. 

 

Assures Fastest KYC Turnaround-Time:

Manual KYC procedures not only create space for friction and errors but are time-consuming, eventually increasing application dropout rates. Digital KYC ensures frictionless onboarding of the customers –  reducing account abandonment rate and drawing more users to the crypto platforms. 

AuthBridge’s KYC technology automates KYC verification for faster, fraud-free, and seamless user onboarding. Solutions like Digital KYC, Video KYC, Digital Address Verification, Bank Accounts Checks, reduce operational costs by up to 70% and onboarding time by up to 90%. Thus, exchanges and trading platforms can eliminate the need for manual authentication and facilitate frictionless onboarding without compromising accuracy of results.

 

Stabilizes the Crypto Market:

Strict KYC measures and AML compliance can stabilize crypto currency trading and remove the barriers to mass adoption revolving around mistrust. It also helps people to clear their misconceptions associated with the crypto space and see exchanges and trading platforms as legitimate entities. By deploying AI-powered KYC technology, platforms can demonstrate active risk assessment and enable the users to trust the system.

Final Thoughts 

Exchanges not only have to keep KYC in place for fraud detection but also have to ensure user boarding onboard 10X faster. AuthBridge’s NASSCOM-recognised KYC technology, powered by AI, solves all these problems by verifying and onboarding users 100% digitally. 

It is easily integrable and available as end-to-end onboarding solutions, focused on user experience and scalability.

It’s time to get ready for the future. Contact us to get started!

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