• POSTGRADUATE PROGRAM IN BANKING AND FINANCE
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  • POST GRADUATE DIPLOMA IN MANAGEMENT
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  • MBA in Investment Banking
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  • MBA (Distance) in Banking and Finance with NGASCE
    Co-created with NMIMS
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    4x Industry Demand
  • Post Graduate Program in Banking and Credit Underwriting
    4.7 out of 5 by 1376 learners
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  • Credit Risk and Underwriting Prodegree
    Co-created with Moody’s Analytics
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  • Certified Investment Banking Operations Professional
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How do onboarding programs help?

The most important resource for any company is its labor force, the human resource we are talking about. What’s challenging in today’s scenario is finding the best talent from a pool of workforce, someone who will be a good fit for the firm given its culture and work environment.  Higher employee turnover ratio not only reflects badly on the firm but also drains profitability and revenue.

Firms in the 21st century have learned from their past mistakes and most of them have an outstanding onboarding program for the newcomers to make them feel more connected to the mission of the organization and their individual role in achieving the objectives. Let’s dive a little deeper into how the onboarding programs help the newcomers.

First and foremost, a robust onboarding program created by the company helps to increase the employee retention rate by providing them insightful information into the job they’ll be performing and the means to excel. Also, it helps to create a sense of belongingness for the employee and they are more likely to stick around for a longer period.

How to create effective onboarding programs?

Now that we know how onboarding programs help the firm in multiple ways, let’s talk about how we can create an effective onboarding program. Research studies have concluded that employee performance can be improved by up to 12% with a robust onboarding plan in place. Here are a few tips on how to create an effective onboarding program.

Creating a cross-departmental team for the onboarding process

Employees from different departments like HR, IT, Management, etc. can be included in the onboarding team. This will provide the employee with a holistic view of the company and also help the employee with a point of contact in every department.  Also, keeping a co-worker from the team can help the new recruit with understanding the day to day of the organization more effectively.

Communicating the firm’s expectation from the new hires

Communication is the key while hiring new talent; it helps with providing the new candidates with a benchmark as to what they’ll need to achieve the given objectives. It will also help the manager and the employee to evaluate the progress and take necessary measures to improve productivity.

Breaking the ice with team members

Planning an activity that’ll help the new candidate to gel-up and socialize with the team is paramount in the onboarding process. This not only helps with creating a positive work environment but also with developing a sense of belongingness for the new employee.

A proactive approach to the onboarding process

Maintaining communication with the new employee between the period of their hiring and their first day at the company is very crucial. People get anxious about their first day at the company, keeping in touch before their first day will create an inclusive environment for the newcomer.

Reminding the Hiring Manager

The hiring manager has a huge role to play when it comes to the success of a newcomer. Reminding the hiring manager to prepare for the first day of the candidate is a crucial step in the onboarding process. A reminder email to the hiring manager should focus on multiple aspects such as roles and responsibilities, buddy system, scheduled check-ins, etc. to be set up before the first day of the newcomer.

Giving access through QR codes

Using QR codes to provide the newcomers with important information such as training materials, company information, individual objectives, etc. can be an effective way to start the day instead of mailing a bunch of PDFs and handing out hard copies for sharing information.

Taking feedback from the newcomers

Newcomers not only bring new ideas but also have a different perspective on things. Taking feedback from the recruits as to how their onboarding experience was and what can be done to improve that experience is significant in designing better training programs for the future.

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Imarticus Learning is India’s leading professional education institute that offers training in Financial Services, Data Analytics & Technology. We’ve successfully transformed careers of over 35,000+ individuals globally through our Certification, Prodegree, and Post Graduate programs offered in association with leading and renowned global organisations in the Financial Services, Data Analytics & Technology domain.
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