Studies show that one in three employees will leave their job within the first three months.

You might assign your rookie a mentor who’s not in their chain of command.

An effective onboarding process can have an immense impact on retention and satisfaction.

It’s an opportunity to set achievable expectations, provide resources, and foster confidence. Plus, it can benefit your entire team.

Here, we’ll explain the four fundamental phases of an onboarding program and offer some actionable tips for setting your new hire up for success:

Phase 1: Preboarding

The preboarding (or pre-onboarding) phase should take place between the day you extend a job offer and your new employee’s first day of work.

Even though they’re not yet on the payroll, this is a critical period for employee retention. Especially in red-hot job markets, bear in mind that other offers might still be on the table. In any case, new employers should take full advantage of this period of relative downtime. Use it to set up software accounts, complete tax documents, and share company policies.

But preboarding shouldn’t be all paperwork – it’s a chance to connect on a human level. If your new employee is going to be moving, share info about local housing and amenities. And consider sending them a welcome package with branded swag and a personal note. A team lunch is a nice touch as well.

Phase 2: Orientation

Starting with your new hire’s first day on the job, the goal of this phase is to familiarize them with your business’s key faces, places, and practices.

Begin with a guided tour of your workplace and a quick all-hands meet-and-greet session. Then, show them to their individual workspace and allow them to get set up and settled in. Make sure their tech is ready to go. If they’re remote, give them plenty of unhurried time to explore all your digital platforms. Start scheduling one-on-one meetings with direct team members and senior management. Additionally, you might assign your rookie a mentor who’s not in their chain of command.

This is also the right time to review general protocols, like safety rules and HR procedures.

Phase 3: Training

A lot of early turnover results from mismatches between tasks and expectations – and a robust, tailored training program can help bridge these gaps.

By now, your new hire should know who’s who and be up to speed on companywide policy. This is a chance for them
to get their hands on some actual work, with guidance as needed.

Lack of support during this phase is one of the primary drivers of employee disengagement. But training shouldn’t be overstructured – it needs to accommodate different learning styles. Key job aids should stay accessible. Build in effective feedback mechanisms so the process can adapt on the fly.

Phase 4: Connection

After training, your job isn’t done: the connection phase is vital to helping new employees integrate more deeply into your organization’s culture. Along with good skillset alignment, a sense of belonging is essential for retention and satisfaction. So, make these first few months count.

This phase involves close mentoring, knowledge-building, and setting goals for the near term. Establish a consistent cadence of one-on-ones with managers and check-ins with mentors. Give your new hire the chance to develop
cross-department relationships and skills as well.

During this period, they should gain a solid understanding of performance metrics and tools. It’s not about hitting targets right away – it’s about clarifying expectations and possibilities. This is also the perfect time to plan
team-building activities to help the entire company cohere.

It’s an Ongoing Process

If onboarding has been a success, you’ll see your new hire becoming a valuable part of your team – and you’ll want
to ensure they keep thriving.

If you hired them for their ambition, make it so they won’t have to go elsewhere to grow. After their first 90 days, start finding ways to involve them in ongoing career development. Consider offering modest stipends for pursuing credentials or attending industry events. And always keep feedback loops open.

Let’s Get Started

For individualized guidance on optimizing your operations, consult your financial institution.

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