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Today’s organizations often prioritize onboarding processes to ensure a positive employee experience. However, an often overlooked aspect is the offboarding process, when employees leave the organization. Failing to establish a clear offboarding process can result in significant financial losses and security breaches. In 2021, 47.7 million people voluntarily left their jobs, according to the Bureau of Labor Statistics – largest number since 2001. By the end of 2022, an additional 50.5 million workers had quit. However, despite the changes in the labor market, according to research conducted by Aberdeen, a lack of offboarding processes is still a major issue for companies and can lead to $300 million in lost revenue from employee theft and $8.3 million in cybersecurity breaches each year. Shockingly, only 29% of organizations have a formal process in place for managing a seamless employee offboarding strategy. Explore HRtech News for the latest Tech Trends in Human Resources Technology.
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