A good induction in financial services is critical to business success

Simon RoderickResources for hiring managers, Hiring and recruitment process

Good induction process

A good induction in financial services is critical to business success

A good induction process isn’t just about politely welcoming someone to your firm, it’s about productivity and performance.
Good induction process
Ask anyone who’s worked for long enough about the terrible first days, or induction process, and most people would have a horror story or two. I once turned up to a new job and was welcomed with “I thought you started tomorrow”. Actually I think that’s quite common. As are IT issues, stationary issues and, more worryingly, a lack of clear aims for the first few months. A clear differentiator of our offering is that we can, if clients wish, help with this all so important integration.

Creating a solid induction process

A good induction isn’t just about politely welcoming someone to your firm, it’s about productivity and performance. Selfishly, it’s about getting the best performance from your new hire, and perhaps better put it’s about them feeling comfortable and getting the best out of themselves. As Marc Randolph, Co-Founder of Netflix said on top talent “they’re pros, so give them the flexibility and responsibility to work however they work best. On this count, they probably know better than you.” The problem is, none of us work well when we don’t know what tools are available to us or how to access them. Part of accelerated integration and performance is knowledge and feeling comfortable enough to be yourself. Also, judgements are made on whether a firm is a good employer very early on in an appointee’s tenure. Get the first few weeks wrong, and it’s highly unlikely someone will settle.

There are many parts of an induction, which can be standardised, and so somebody in your organsiation needs to take ownership of producing an induction template colleagues can use as a roadmap. This of course will need tailoring to an extent depending on the hire you make.

Ideas for creating a great induction

  1.  A personalised welcome message from the CEO or someone from the senior leadership team. Firms talk about culture, but this really sets out that you’re a people focused firm.
  2. Set expectations early on performance and metrics and work with your hire so that they feel ownership for them. Take out the ambiguity of what good performance looks like and support your hire to the hilt in achieving these targets. Be realistic too.
  3. Give them a buddy. If you’ve ever changed schools, you’ll know how invaluable this is. It’s the same for adults, having someone to look after them for the first few days really helps.
  4. Take time to show your new colleague how systems work and what tools are available to them. Remember, it may take more than one session for people to grasp how you work.
  5. Regular catch ups can’t be underestimated. Ask for feedback, ask if they need clarification, offer support
  6. Make sure you include them in lunch, events, and anything which speeds up their cultural immersion. Take away the feeling of being new and you’ll see someone succeed quicker

There are of course lots of other ideas available, but the key message is invest time before a new hire starts to work out what their first few weeks will look like. Attracting someone to your firm is only half the job, allowing them to be a pro and excel, as Marc Randolph suggests takes more work. It will save you time and money in the long run.

About Fram Search

Established in 2010, Fram Search is a specialist financial services recruitment consultancy. We focus on mid-to-senior hires in the UK and internationally.

We provide high quality contingent and retained recruitment services to boutiques and global brands. We have long established relationships, outstanding market knowledge, and access to deep talent pools. Fram takes a highly consultative approach, combining outstanding tech with a human approach. We are proud that our contingent fill rate is nearly three the industry average and we augment our retained search methodology with rigorous psychometric testing. We take ESG seriously, we are champions of diversity and all staff have undertaken unconscious bias training, we also carbon offset.

Please contact us on 01525 864 372 / [email protected] to learn more.

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