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How can induction & onboarding be streamlined in the banking industry?

Updated: Oct 17

Employee induction and onboarding can be challenging, especially when it comes to understanding the ins and outs of a banking organization, especially with remote or hybrid work setups. Thinkdom assists banks in effectively inducting and onboarding new employees by providing a clear understanding of the organization, its processes and its culture.

Jenga blocks stacked with "Hello", "And", "Welcome" written on them, with a hand pushing a block, and a plant placed nearby.

The challenge

Recruiting and training people for banking jobs is an expensive affair. With one in five recruits not accepting the job offer and two in six employees not lasting longer than a year, it proves to be a time-consuming and costly exercise. It’s sure to be quite challenging for an organisation to align its new employees with the company culture. Similarly, it tends to be overwhelming for the new employee to not just understand how the company works but to quickly start performing.

Existing induction programmes are usually full of information given to the new employees in their first few days of reporting. It doesn’t allow trainers the time to support their learners or go through the more difficult stuff in more detail. It also lacks the kind of oomph to get trainees excited about their new roles.

The solution

Onboarding new joiners should typically last months and ought to be considered a long-term effort. Often confused with orientation, which includes formal training and human resources-related tasks, onboarding is key to employee retention, culture- alignment, happiness, and productivity. Think of orientation as the first step to a longer onboarding phase.

In an ideal onboarding phase, new joiners will feel excited and appreciated. Their experience will be dynamic, transparent, and modernised. The consequences of providing a substandard experience are quite severe. Not so surprisingly, companies lose 28% of new employees before they complete their first year, often due to a poor induction & onboarding experience.

Objectives banks should set

  1. Leave new hires excited, informed, and well-equipped to perform

  2. Get rid of mundane tasks that usually weigh down the experience

  3. Commission well-known partners when structuring a program

  4. Leverage technology to ensure flexible learning

  5. Introduce a feedback mechanism at the end of each outcome

The objectives above provide a basic structured approach to induction & onboarding. In the banking and financial services industry, formal training programs range anywhere from three weeks to six weeks. These include technical and job-related training such as financial modelling, all through company-specific training including the bank’s mission and future roadmap.

Onboarding should begin before a new employee's first day

Banking is well known for being a competitive industry. Good candidates are usually very sought after. This is why, during the interviewing stage, hiring managers should be prepared to answer any questions an interviewee might have, as well as represent the bank’s interest in assuring there is a mutually beneficial fit between the bank and the candidate.

Once a new hire is deemed a good fit and accepts the job offer, the preboarding process should begin. Constant communication is at the core of a successful preboarding process and will play an important role in landing a great first impression.

A manager handing an offer letter to a smiling, happy new female employee sitting with a laptop

Key questions to land a great first impression

  1. Does the new employee know what to next expect?

  2. Can all the documentation & paperwork be completed prior to their first day?

  3. Is there a sense of excitement and validation that the new hire is feeling?

How we ensure productivity from the first day

Traditional onboarding programs focus on covering organisation workings, HR-related requirements, products, processes and systems. This ends up being an information overload to the new joiners without usually providing them with the confidence to apply the learning at their workplace. The consequence is a confusing new joiner, who avoids work due to a lack of confidence.

Solution: Thinkdom’s programs ensure that learners constantly keep an eye on the task they perform and acquire relevant skills and knowledge to perform those tasks. The training structure mirrors an actual work day of the new joiners.

The Banking and Finance industry faces high attrition, especially of new joiners with 0-6 months of tenure. This is usually because new joiners struggle with a lack of confidence and are unable to apply the knowledge to work and therefore, don't produce early wins.

Solution: Thinkdom’s programs ensure the application of skills and knowledge happens immediately, and the learner is able to demonstrate success and gain confidence within the training period

Thinkdom provides a sustained learning path to learners focuses on carving out learning time and introduces continuous learning which helps them systematically learn and improve even after joining the workplace.

Help with onboarding & induction eLearning program? Can Do!

Whatever your training requirements, Thinkdom can create a bespoke solution just for you. Contact us to know more.

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