Inducted by AI: A workplace trend that Crowd Media (ASX:CM8) aims to set, page-9

General Employee Turnover Statistics

On average, every year, a company will experience 18% turnover in its workforce, but a 10% rate is considered healthy.

A business can expect on average to lose 6% of its staff because of reduction in force or terminating them due to poor performance.

For each new person that starts, an induction with senior management lasting 1 hour should be a minimum for any company and their are 5 senior individuals to go see.

For a medium size company of 40-140,000 employees you can estimate 10,000 new starters per year x 5 hours of Management time each saves a minimum of 50,000 hours and multiplied by $200/hour gives a saving of $10M.

Subtract licence fees and set up costs and there is significant savings to be made.

I only use this example because this is something we used to struggle with managing and the Talking Head solution should fit perfectly.

But there is more. Ensuring that management told exactly the same story to each new starter was impossible, as well as the time wasted when appointments had to be rescheduled. So there are additional Compliance benefits as well as efficiency savings. Also when the Manager is replaced, then the Talking Head image can be replaced just using the same textual messaging.

Industries like Healthcare and Pharma have very specific onboarding requirements, so consider Health and Safety, Cultural Diversity, Regulatory framework, Anti Corruption and Bribery session.

Whilst a lot of these are given via Powerpoint and Video mixes, they are often not interactive enough or can experience technical issues. There are professional providors for these types of package that are usually not handled in-house and they are ready to be shown this new solution.

The market is massive because the inefficiencies go way beyond just on-boarding.