A well-executed onboarding process in finance is typically broken down into several phases, each designed to provide new employees with a gradual introduction to their roles and responsibilities.

1. Pre-boarding: Set the Stage

Effective onboarding begins long before the new hire’s first day. Pre-boarding activities help the new employee feel prepared and reduce first-day anxiety.

• Documentation: Ensure all necessary paperwork (contracts, tax forms, etc.) is completed before the start date, so the new hire isn’t bogged down with administrative tasks on their first day.
• Tech Setup: Ensure their IT systems, email accounts, and any necessary software access are ready ahead of time. Consider providing a welcome pack that includes their equipment, login details, and an introduction to any tools they’ll be using.
• Communication: Reach out before day one to introduce them to the team, share a detailed agenda for their first week, and let them know who to contact for support.

2. Day One: Welcoming and Introducing

The first day sets the tone for the rest of the onboarding process. It should feel welcoming yet informative, balancing team integration with job-specific training.

• Welcome Session: Start the day with a welcoming meeting where HR and key managers introduce the company’s mission, values, and culture. Provide an overview of the company’s structure, particularly its finance operations and key departments.
• Office Tour: For in-office roles, show the new hire around the office. Introduce them to key colleagues, including those in the finance team, HR, and IT. For remote employees, schedule virtual introductions.
• Role-Specific Overview: Provide an overview of the new hire’s specific role, including key responsibilities, expectations, and the tools they’ll be using daily.

3. The First Week: Training and Integration

The first week should focus on job-specific training and familiarising the new hire with systems, tools, and policies.

• Training on Core Systems: Introduce the finance systems they’ll be working with, such as accounting software, ERP systems, or data management platforms. For example, if they will be using software like SAP, Tagetik, or Microsoft Excel for data analysis, ensure they receive the appropriate training.
• Regulatory Training: In finance, compliance and regulatory knowledge are essential. Provide detailed training on key regulations (e.g., GDPR, the FCA’s principles) and internal compliance procedures.
• Team Introductions: Arrange for one-on-one meetings with key team members, including those they will collaborate with regularly. This not only helps build relationships but also encourages knowledge-sharing.

4. The First 90 Days: Continuous Support and Feedback

The first 90 days of employment are critical for integrating the new hire into the team and assessing their performance.

• Regular Check-ins: Schedule regular one-on-one meetings with the new hire’s manager to discuss their progress, challenges, and any feedback they might have.
• Provide Ongoing Training: Continue to offer training on more advanced aspects of the role, such as strategic financial planning, reporting, or forecasting.
• Mentoring and Support: Assign a mentor or buddy from within the team who can provide guidance, answer questions, and help the new hire feel supported throughout their initial months.
• Feedback Loop: Offer constructive feedback on their performance, especially during their first review at the 30-60-90 day mark. This ensures they understand areas for improvement and feel confident about their development trajectory.

Best Practices for Onboarding

1. Personalise the Process

Each new hire brings unique skills and experiences to the table. Personalise the onboarding experience to ensure that it meets their individual needs. Tailor training sessions based on their prior experience with finance systems or their exposure to industry regulations.

2. Foster Open Communication

Open lines of communication between the new hire and their manager, HR, and team members are key to a successful onboarding process. Regular check-ins and feedback sessions ensure that any issues are addressed promptly, which boosts morale and enhances performance.

3. Embrace Technology

Leverage technology to streamline the onboarding process. Use platforms like Learning Management Systems (LMS) for training modules, and video conferencing tools for remote onboarding. Automating documentation and using onboarding software can save time and ensure consistency across the process.

4. Focus on Cultural Integration

Integrating new hires into your company’s culture should be a priority. This can include introducing them to company traditions, social events, or employee resource groups. Encouraging new employees to engage with the broader team will help them feel part of the organisation early on.

The Key to Successful Onboarding

Onboarding in the finance industry should not be a one-size-fits-all approach. A thoughtful and structured process that balances job-specific training, cultural integration, and ongoing support is essential for retaining top finance talent. By focusing on clear communication, personalised training, and continuous feedback, you’ll equip new hires with the tools and confidence they need to thrive in their roles and contribute to your organisation’s success.