According to Gallup’s State of the Global Workforce Report 2024, the UK was ranked as one of the lowest countries in Europe with an actively engaged workforce; only 10% of employees were reported to be actively engaged in their work and workplace.
Even in a competitive industry like the alternative investments sector where we may expect a significantly higher level of engagement, improving efficiency in all areas of a business is crucial. Although every firm may have an onboarding process, very few employees (only 12%) agree that their firm’s onboarding is great according to further research from Gallup. This results in many employers risking the loss of their best employees before they have really got started. Therefore, an effective onboarding process is the best way for a firm to ensure that they gain the greatest return on investment from their employees in the first few months of their employment and beyond.
Challenges without a developed onboarding process
Employee onboarding should never be just a quick HR checklist and tour of the office. It should be a well-planned and ongoing process that gives the employee a positive and efficient start from day one, helping the new hire become a key asset more quickly.
A poorly planned onboarding process can lead to several issues:
Misunderstandings of Expectations
A lack of clarity about roles and responsibilities can lead to misaligned expectations between the employee and the employer, which restricts their ability to contribute effectively.
Workflow Disruptions
The new hire may require more frequent assistance or direction from senior colleagues, which impacts staff resources, and may cause disruptions in workflow, more mistakes, missed deadlines and a corresponding reduction in productivity.
Reduced Productivity
A lack of a proper onboarding process will mean that a new hire will take longer to reach their full potential within their role. This unnecessarily extends the time that they are a financial burden instead of a benefit to a firm.
Employee Turnover
A poor onboarding process will reduce the opportunity for a new hire to feel supported and integrated into the company culture. This will often lead to high turnover rates and the additional costs that entails.
Key Considerations for a Successful Onboarding Process
To overcome these challenges, it is important to develop a thorough and effective onboarding process. The Gallup Report referred to a successful onboarding process as contributing to firms with the highest engagement levels.
With that in mind, how much planning do you really do in advance when hiring a new employee? Does the individual know what success looks like in detail? Do they know who is crucial to meet in their first week? Are you helping them prioritise? Who is taking responsibility for ensuring their first three months are as productive as possible? It is part of your overall business strategy?
How FeMan Can Help You
While it is clear that an effective onboarding process is beneficial for both a new hire and firm alike, it can often be a struggle for firms to implement and manage, with concerns over consistency, engagement and available resources. FeMan Consulting has worked with clients for years on how to onboard new hires successfully. We can provide you with the knowledge and guidance to plan and execute an effective onboarding process for your business to help your new hire become more productive, more quickly, and set the stage for long-term success.
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