While not often considered, employers are as annoyed by the hiring process as the future employees. This is especially true concerning hourly workers, which also tend to have the highest turnover rate. OnboardIQ is in the market to streamline this process to make it easier and cheaper on everyone. They’ve been at it for three years, and during that time raised $9.1 million accomplishing this.
Consider the normal hiring process. Companies are spending thousands of dollars to find the right applicants. Then coordinating schedules, waiting for responses to emails, conducting background searches, all for someone you may never end up hiring. Plus once you do hire someone, there’s no guarantee they won’t leave in 6 months, and the process begins again.
This is where OnboardIQ has been making an impact. They’ve helped the process by providing automation via computer software that goes directly to the applicant. The applicant is sent the available time slots for their interview, where they can respond and it’s sent instantly back to the employer. No more emailing back and forth, only to have someone not show up for the interview.
OnboardIQ began by targeting startups. The goal was to help them streamline their hiring process. But with the number of startups that don’t make it, OnboardIQ has had to broaden their market to traditional companies. But this wasn’t a problem, because hiring problems are universal to many businesses, whether established or startup; salary or hourly. The main problem is that hiring is time consuming. Sifting through applications, conducting interviews, pulling the trigger on an employee all takes time. Add in that the turnover rate, especially in typical hourly jobs, is at 75%, and you’ve got some companies begging for a better, cheaper, and less time consuming way to hire. Equally as frustrated is the applicant. Applying for work is as demoralizing as it is time consuming. The most common frustration is that applicants are left wondering if they are still in consideration for the opening, while never hearing from the employer.
OnboardIQ has created a hiring system to address these issues. The mobile first, personalized system uses SMS messaging, not email, and analytics from compiled data that shows applicants their chances of getting hired. Businesses save time, and therefore money. Applicants save stress and worry wondering if they’re going to be selected.
How successful has OnboardIQ already been? They’ve facilitated 400,000 hires and processed over 3.5 million applications. They now are focusing their efforts on making the entire process more time efficient, especially for the employers. They’re trying to take the massive amount of data from applicants’ information, and only provide the employers the best candidates with the most probable success in getting hired. By saving the employer’s time, they are also saving them money.
The market is primed and ready for this bold idea, with $50 billion being spent yearly on hiring hourly employees. OnboardIQ’s goal is actually to lower the amount of money that goes into hiring each year. While diminishing the cash flow in their own market, they’ll be making it more efficient.
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