In a world that has witnessed tectonic shifts to how we work, onboarding plays a vital role in the employee's lifecycle. Trends like The Great Resignation point to how employees are leaving in large numbers. A turbulent business ecosystem has meant companies have to rapidly adapt by evolving their talent requirements. The need for new skills has entered the market, while people’s expectations with jobs and work have evolved.
Facing a period of rapid talent disruptions, companies today require onboarding platforms that address a diverse set of needs. The right onboarding platform provides companies with the surety and agility to operate in a fast-evolving business ecosystem. For many, the solutions lie in the growing field of Open Digital Ecosystems (ODEs), and their application in the realm of talent management.
Modern solutions for new-age problems
The rise in remote work has led to HR and talent professionals looking beyond geographical boundaries to find the right person. For many, this provided an alternative to traditional ways of addressing talent concerns.
Yet these opportunities also bring challenges. The rise of remote hiring means problems such as ghost working, a low offer-to-join ratio, moonlighting, and fraud have all become challenges for companies across the board. A recent report stated that over 30% of companies go bankrupt because of unethical employee activity and fraud. Additionally, over 54% of employees don’t end up joining after accepting their offer. Such talent concerns prove costly if left unaddressed.
Companies require a favourable offer-to-join ratio, a dependable and swift way to perform background verifications, and an onboarding platform that is secure and agile.
The advent of open digital ecosystems which allow for the smooth, secure, and consent-based instant sharing of data has proven to be of great benefit. ODEs enable interoperability between siloed systems and allow for automated data sharing across different members of a network. When combined with technologies like blockchain, they allow for a secure and instantaneous exchange of data and remove outside, third-party interventions.
When it comes to providing companies with agile and impactful onboarding platforms, companies like Repute have sought to leverage ODEs. By creating robust talent networks that allow HR professionals and recruiters a smooth and seamless onboarding process, they provide a modern talent solution.
The Repute advantage
We are all currently in a world that generates troves of digital data. Over 59 Zettabytes (or 59 trillion gigabytes) was generated back in 2020 by some estimates. Even in the case of India, there has been a constant shift towards maintaining digital data. With the advent of centralised digital record-keeping tools like Digilocker, the country has made several strides towards using digitally stored data. While data information remains deeply entrenched in all parts of life, they are siloed and often restricted in their use.
By using principles of ODEs and blockchain, Repute’s talent network provides an accelerated solution to employee data verification and exchange. For HR professionals, this translates into a much faster time-to-hire, verified background checks, a much higher offer-to-join ratio, and a better employee experience overall. They can easily request access to view employees' previous employment records, get background credentials like education and certifications instantly verified, send out offers and provide seamless onboarding using the Repute’s talent network. The automation of these steps has removed cumbersome manual processes, reducing over 90 percent of the time taken by HR professionals during hiring.
The role of network effect means that, as more companies become part of Repute’s talent network, the more impactful the network grows. As the company’s talent network grows exponentially, so does the ambit of its services.
With Repute”s talent network and onboarding solution, companies get the following benefits:
- Better offer-to-join ratio: Companies depend on new talent to support their changing business needs. This proves difficult if candidates don't end up joining the company. With Repute’s talent network, companies have a clear picture of who the candidate is applying to ensure the reliability of their joining once the offer is accepted. It also ensures candidates cannot accept multiple offers at the same time. By making hiring a clear and transparent process, they help companies tackle the uncertainty of hiring in a hybrid work environment.
- Quick and efficient background checks: Repute’s talent network allows companies easy background checks at the click of a button. By removing the numerous manual steps of traditional background verifications that are prone to tampering, Repute’s talent network authenticates documents right at the source within seconds. The talent network enables a range of options that covers identity verification and performs educational and career background checks. Everything from education, work experience, court records, residential addresses etc can be quickly and securely verified with Repute. This helps reduce the occurrence of identity frauds and ghost working.
- Enhanced employee experience: HR professionals can leverage Repute’s talent network in multiple ways to improve their employees’ experience. Not only does a smooth onboarding create a positive experience, but the network’s additional benefits like renting and lending help employees to address their financial needs. With a paperless and hassle-free mode of functioning, the network’s ability to provide permission-based instant financial help enables companies to create a positive brand name for themselves.
- Enable agility: Repute allows HR professionals to be agile and data-driven in their decision making. By providing easy and reliable solutions to their hiring needs, Repute’s vast and rapidly growing talent network empowers HR professionals to make quick hiring decisions. Swift background checks shorten the time to hire, enabling companies to be more responsive to external demands. The talent network also allows for seamless onboarding and cuts down the many manual processes involved in hiring.
- Secured employee data: Repute’s talent network ensures employee data shared across the network remains safe and secure. Without storing any employee information, the network acts as a gated highway, allowing employees and companies to exchange and view information. This permission-based sharing of data through the networks allows data to remain secure and impervious to theft or loss.
While hybrid work has made background verification even more important, the need for quick and efficient onboarding remains perennial. Repute’s talent network provides HR professionals with a convenient and easy-to-use onboarding platform. A future-ready platform, Repute also intends to provide HR professionals with better tools for talent management. Features such as salary benchmarking, access to industry trends, innovative best practices across talent markets are in the works to make talent management more robust. Leveraging the latest in the field of ODEs, Repute’s talent network is a powerful tool in the hands of HR professionals.