A multinational company lowered potential revenue losses and improved employee retention rates by optimizing engagement of new employees with the help of kPoint.
The client is a multinational corporation that provides IT services, including digital, technology, consulting, and operations services. It is one of the world’s leading professional services companies, transforming clients’ business models for the digital era. The company is consistently listed among the most admired companies in the world.
Hiring and training fresh graduates were becoming a challenging and time-consuming task for the client. The uncertainty surrounding prospective employees and their acceptance of their offer letters weighed against the amount of revenue invested in their recruitment and early training. With the scramble in the job market for good candidates, the company aimed at increasing the chances of an employee remaining with them post-training. They used kPoint to confront these challenges with an innovative use of interactive video to enhance their onboarding and employee engagement processes.
Competition is extensive in the IT services industry and hiring fresh employees is no different. Once hired, a lot of resources are expended in training these fresh graduates. Despite that, early departures occur after potentially thousands of dollars have been spent on searching for, interviewing and training these new employees. This is, needless to say, a frustrating situation.
On average, the Fortune 500 company recruits 10,000 fresh graduates annually and they spend 4 months in training. This training period is worth $3000 of lost potential revenue per employee. The client sought to increase employee retention figures post-training and consequently, lower revenue investment and losses.
kPoint implemented a custom-made solution with an early engagement program to start training new hires remotely even before they could join officially. The new recruits were required to complete 30 hours of video content streamed through kPoint within 4 months and clear an online test to be eligible for a job offer.
Each candidate was given a secure ID and password so that they could access kPoint’s cloud-based platform anytime, and from anywhere. The organization ensured that there were no security issues or conflicts arising from Intellectual Property (IP) rights as only the training common to the IT industry were delivered via kPoint’s video platform.
The organization also shared video snippets of the company culture, events, and daily routine to clearly, concisely, and consistently explain organizational culture, work environment, and on-site facilities. This helped create an emotional connect with the prospective hires while ensuring a seamless transition to daily company life. This innovative video-based solution saved significant amounts of revenue on training. Moreover, the analytics captured through kPoint helped managers assess the candidates’ understanding and map them to appropriate projects. These new employees reported feeling more connected to the organization.
Key business outcomes
1. Reduced training time by 1 month
2. Reduced potential revenue losses by $7,500,000
3. Pre and post-start attrition rates decreased significantly
4. Prominent increase in the productivity of new hires
5. Tracked analytics for videos helped map employees to projects