Finally! You’ve found the perfect candidate for your new role, and you’re ready to welcome them into your team. All you need to do now is ensure that you’re starting your professional relationship off on the right track.
Studies have shown that induction programmes have a direct correlation with staff attrition rates. More than 25% of employees will choose whether to stay with a company during the first week of their new role and in a time where financial talent is in short-supply, you can’t afford to lose your new hire.
The correct induction plan can seamlessly integrate a recruit into your business, and ensure they thoroughly understand the systems, processes, and procedures that keep your venture running. This simple onboarding practice can be the key to optimising your financial teams and reducing the risk of disruption within a new work environment.
Here are 6 reasons to consider implementing an induction strategy in your organisation.
1. Induction Plans Minimise Turnover
Finding the perfect professional for your financial team is only the first step in your journey towards brand success. If you want to stay ahead of your competitors, then you need to know how to hold on to your talent too.
People join companies with a considerable amount of questions, and expectations – all of which need to be addressed during the first couple of days spent inside of your business. Without the right support at the beginning, your new hire might feel helpless and frustrated.
A good onboarding strategy welcomes your expert to the group and gives them the tools they need to get started. This means that they feel more loyal to you from the start.
2. Induction Plans Boost Operational Efficiency
You rely on your teams of financial experts to complete plenty of complex tasks, so it’s important to make sure that they’re prepared to go above and beyond on every project. A good induction plan provides a complete overview of your business, so candidates become familiar with everything from mission and vision, to goals and culture.
By giving your recruit all the information they need to integrate with your company from day one, you reduce the friction that’s often present during the first couple of days starting a new job. The right onboarding or training makes jumping in at the deep end more accessible for any employee.
3. Induction Plans Encourage Mutual Respect
While giving your financial staff the right software, resources, and background information to perform their duties is crucial to success, it’s also important to remember just how useful a good relationship can be too!
Good induction training gives your newest person a warm welcome to your employment and may even alleviate any doubts they might have about beginning their new job. Launching a mutually respectful relationship sets the pace for the future, and keeps your hire motivated to impress their new boss.
4. Induction Plans Clarify Company Culture
While it’s tempting to push your role applicant through the training process as quickly as possible so that they can start making a difference in your financial team, it’s vital to ensure they’re familiar and comfortable with the environment they’ll be working in.
Culture isn’t just crucial to your brand reputation; it’s also something that can have a substantial impact on your staff’s morale, and their decision to remain within your business. One of the most common reasons people leave a new position is that they don’t feel as though they “fit in”.
5. Induction Plans Eliminate Inconsistency
Accuracy is crucial in the financial world. If you want to stay ahead of the game, then you need to ensure that all your team members are working on the same page. A good orientation and training program can help to improve your chances of consistent performance as everyone knows what’s expected of them from day one.
Remember, inconsistency in any professional environment can lead to financial experts who are adopting different techniques at different stages, leaving numbers that need to be re-calculated and checked at a later stage. This can damage your productivity levels in the long-term.
6. Induction Plans Improve Communication
Finally, an induction strategy will help you to highlight how your recruits can reach out to their managers and supervisors when they need a little extra help. No matter how qualified or experienced your financial wizard might be, there’s always a chance that they’ll need some time to get used to a new software application or come to terms with your cash flow.
Induction training can involve an introduction to each staff member’s supervisor, the employees on their team, and the directors leading the organisation, so they know who to turn to whenever they’re confused.
JobFitts Consultants are a specialist provider of professional Recruitment Services for the Financial Services sector and related suppliers in Australia. Since 2003 we have recruited and placed a breadth of operational roles at all levels from; HR, Accounting, Marketing and Customer Service/Frontline.