How Automated Onboarding Can Improve Go-Live and Increase Revenue for EOR Providers
Impact of automated onboarding on Employer of Record (EOR) providers
Automated onboarding is a game-changer for Employer of Record (EOR) providers. It allows them to quickly and efficiently complete the financial and legal onboarding of their customers' candidates, reducing the time it takes for them to go-live. This can lead to increased revenue and decreased operational costs for EOR providers.
Go-live is the most important KPI metric for EOR providers, as it gives an overview of how they are currently performing in the duration of time of onboarding and ensuring they are reaching their goals. The better an EOR provider is in their go-live, the more successful they will be at providing good service to their customers and having an exceptional team.
However, one of the biggest challenges that EOR providers face is slow onboarding, which can take 2-3 weeks to complete. This can result in higher customer turnover and slower overall company growth. Research shows that 80% of customers churn in the first 18 months after they start using a product or service, and churned customers are much more expensive to acquire than new customers.
How Automated Onboarding Can Help EOR Providers Streamline Their Operations
Automated onboarding can help EOR providers overcome these challenges by speeding up the onboarding process. It allows them to automate manual tasks, such as data entry and document verification, and set an autopilot for onboarding, which can optimize productivity and operational excellence. This can lead to faster hiring of customer candidates, which can increase sales and revenue for the EOR provider. Additionally, automated onboarding can help EOR providers save time and reduce operational costs, leading to improved profitability.
Furthermore, automated onboarding can improve the overall customer experience. Customers are more likely to stick with an EOR provider if they feel that their onboarding process is efficient and seamless. Automated onboarding can help EOR providers provide a better experience for their customers, which can lead to increased customer retention and loyalty.
In conclusion, automated onboarding is a powerful tool for EOR providers looking to streamline their operations and improve their performance. By automating manual tasks and setting an autopilot for onboarding, EOR providers can optimize their productivity, reduce costs, and improve the customer experience. This can lead to increased efficiency, profitability, and customer satisfaction.
The importance of efficient margins for EoR companies
Efficient margins allow EOR companies to provide their services at a competitive price, which is essential in today's global economy. Companies that are expanding into new markets often turn to EOR companies to handle the employment-related aspects of their expansion, and they want to be sure that they are getting the best possible value for their money.
Efficient margins also allow EOR companies to invest in their own growth and development. By keeping their costs low, EOR companies can invest in technology, training, and other resources that can help them improve their services and better serve their clients.
In addition, efficient margins can help EOR companies attract and retain top talent. By offering competitive salaries and benefits, EOR companies can attract and retain the best employees, which is crucial to providing high-quality services to their clients.
Overall, efficient margins are essential for EOR companies to be successful in today's global economy. By keeping costs low and investing in their own growth and development, EOR companies can provide competitive services and attract and retain top talent.
To boost your go-live rate, keep your operations lean and have profitable margins, reach out to Kohomai. We are a no-code designer for automated onboarding for your platform.
Here’s what we offer EOR providers and company owners:
To create an engaging and seamless onboarding experience that enables stakeholders to complete their tasks
Automate all manual tasks and set an autopilot onboarding
Optimize maximal productivity and operational excellence
Enhance communication and collaboration efforts
We are dedicated to helping not only EOR providers but also gig platforms,
marketplaces, and FinTech in boosting productivity and automating manual & admin repetitive tasks for your team or company. That means you’ll have more time to focus on the most important part, the happiness of your customers and team!
Get a free 14-day trial from one of our plans! - give us a try!