In 2022, financial services firms put a lot of effort and expense into winning the escalating war to secure the services of new analysts fresh out of university.
However, this time and money invested could all be in vain if firms are not prepared to rethink how they introduce and integrate an analyst into their new role – commonly termed ‘onboarding’.
Why is onboarding so important?
With hiring competition at an all-time high and turnover of analysts still challenging, engaging and retaining your analysts from day one is essential. Research by Brandon Hall Group found that organisations with a robust onboarding process improve new hire retention by 82% and productivity by over 70%.
In other words, when trained correctly, recruits can hit the ground running immediately.
Yet, even though firms know how vital onboarding is in a candidate-driven market, according to Gallup, 88% of new employees say they don’t believe their organisations do a great job onboarding new employees.
How can your firm become the 12% of firms that get onboarding of your analysts right? Follow these three onboarding strategies from Twitter, LinkedIn and Zapier, and you won’t go wrong:
- Start with pre-boarding. Why wait for an analyst’s first day on the job to get them engaged, motivated and excited? Twitter’s “Yes to Desk” approach is soo polished that on day one, new hires are welcomed with a bottle of wine on their desk before having breakfast with the CEO and taking a tour of the company office.
- Focus on people, not paperwork. 58% of organisations say their onboarding programme is focused on processes and paperwork. That’s nuts. Take a leaf out of Zapier’s book and ensure a new employee feels welcomed and valued with an introduction to the company culture, pre-arranged calls with colleagues, and plenty of time to digest the information they’ve been given.
- The Managers role in onboarding. As the old adage goes, ‘people don’t leave companies; they leave managers.’ A line manager or a hiring manager plays an integral role in how quickly, efficiently, and enjoyably a new analyst is onboarded. LinkedIn has even created a short video for their hiring managers to show how impactful the onboarding experience can be! You can watch it here.
If you want the top financial analysts, it is time to supercharge your onboarding process.
Our recent white paper discusses how your firm can get their new financial analysts modelling skills up to speed as quickly as possible. Download your copy today.