Adding and integrating new team members is always a good sign of a company’s progression. But that doesn’t make the onboarding process any easier for both new hires and hiring supervisors.
Why is that? Well, for one, the onboarding process itself is often time-consuming to craft and go through. Secondly, you’re dealing with multiple people and departments, as well as a lot of sensitive data that has to adhere to different regulatory restrictions, making the process quite complex and prone to errors.
Nevertheless, an effective employee onboarding process is essential if you want to help new hires understand their roles and expectations as quickly as possible so they can contribute to the company’s growth and success.
So, in this blog post, we share our best tips for crafting a seamless onboarding process that can help you (and your new employees) do just that, with a special focus on the financial responsibilities of new hires so you can prevent any misunderstandings down the line.
Benefits of Effective Employee Onboarding
Before we jump into the strategies for crafting an effective onboarding process, let’s tackle the basics first: why should companies invest time and effort into creating a seamless onboarding process? Simple: the benefits are numerous and far-reaching.
For companies, effective onboarding directly impacts the bottom line by lowering the turnover rate and the rehiring and retraining costs that come with it. This is because when new hires feel welcomed and prepared for their roles, they are much more likely to stay with the company long-term, which not only reduces turnover but also helps boost job satisfaction, and ultimately productivity.
Furthermore, clear communication about financial responsibilities during onboarding ensures that new hires understand what is expected of them, which helps prevent costly mistakes and misunderstandings while allowing them to fulfill their duties properly.
For employees, the benefits may be even more obvious. A well-planned, seamless onboarding experience makes them feel welcomed and valued, which not only increases the likelihood of them staying loyal to your company, but also boosts their engagement and morale.
An effective onboarding process also reduces the learning curve, allowing new hires to quickly integrate into their roles, which benefits them and the organization.
How to Create a Seamless Onboarding Process
Despite all the benefits an effective onboarding process can bring, research shows that over 50% of new hires don't feel well-prepared after onboarding. The cause? Ineffective onboarding. To make sure your new hires are not part of that 50%, follow these simple steps for crafting an excellent onboarding experience.
Have a Clear Onboarding Plan
The first step is to outline a clear, structured onboarding plan, meaning one that includes all the responsibilities and objectives as well as timelines for achieving them. Make sure the plan has a step-by-step outline so your employees can easily understand what is expected of them.
To make sure everything goes smoothly, designate individuals responsible for overseeing different aspects of onboarding, including financial training.
Most importantly, have a detailed schedule for the first few days and weeks so the new hires feel welcomed and know exactly what they can expect from the onboarding experience.
Provide Comprehensive Training
To prepare new employees for their roles and responsibilities, give them essential information about your organization (vision, mission, history) as well as detailed training materials focused on financial tasks.
If you offer company credit cards, explain the importance of using them responsibly by communicating spending limits and allowable expenses. To reduce the risk of corporate credit card fraud, be very clear about your company expense policy, with a special focus on what can be charged to the company credit card and procedures for accidental card misuse.
You may also want to consider holding training sessions that allow for questions and discussions. If that’s not possible, or even if it is but you want to make sure you provide comprehensive training, offer access to online courses and manuals related to financial processes.
Assign a Mentor or Buddy
If you really want to enhance the onboarding experience for your new hires and make it easier for them to integrate into their roles and within the team, pair them with a work buddy or mentor. To do this correctly, make sure you pair each new hire with an experienced employee who, in addition to having an excellent work track record, also has great communication skills.
When choosing mentors or buddies for the training, talk to each employee so they know exactly what is expected of them during the onboarding process. Encourage regular check-ins and provide guidance on how to support the new hires effectively.
Foster Open Communication
During the onboarding process, it is important to create a welcoming environment for new hires so they feel comfortable asking questions about anything they don’t understand or need clarification on. You can do this by being open and pleasant with them and by assuring each individual that no question is too basic or insignificant.
To make the next onboarding process even better, consider asking new employees for feedback, including feedback on financial training. You can do this by using surveys or even having one-on-one discussions.
