In Hong Kong, research by Robert Half has found that more than half (54 per cent) of Hong Kong financial employers have had a new employee resign during their probation period due to poor onboarding processes, with little over one-third (35 per cent) citing they have even lost an employee during the first month because of it.
Despite many CFOs’ statement that they have lost staff because of a poor onboarding process, many of the same finance leaders assess their onboarding program to meet expectations. According to the survey of 150 Hong Kong CFOs, almost half (47 per cent) believe their current onboarding process is “good”, while one in 10 (10 per cent) state their onboarding process is “excellent”, and 34 per cent say it is “sufficient”. This suggests a possible disconnect between employers who think they have an efficient onboarding process and employees leaving the organisation due to a poor onboarding process.
Additionally, Hong Kong’s financial leaders state it takes an average of 5.5 months for new employees to gain a level of proficiency where they can independently and successfully manage their responsibilities. While several factors come into play when helping an employee reach his/her full potential, having a well-developed onboarding program surely plays a role, leaving organisations who do not have a proper onboarding program exposed to greater productivity risks as it generally then takes longer before their new employees reach the same level of proficiency as their tenured colleagues.
“Having the best talent in the company is not only about finding and hiring the right employees,” says Adam Johnston, managing director of Robert Half Hong Kong. “The recruitment process doesn’t end the moment the employee signs the contract. Successfully onboarding and retaining the staff member for the long term are equally important for the employee to thrive in the organisation.
“Aside from having to start the recruitment process from scratch, losing new staff members can have significant impacts on the team and company,” he adds. “Lost productivity and additional costs in replacing the new hire are some of the financial implications, not to mention the impact on team morale among employees who most likely have to manage the additional workload.”
As Johnston says, new employees need to feel welcome and a part of the team from day one if employers want to successfully integrate them into the company. Whether it’s hosting a team lunch for your new hire or providing them with the necessary tools and guidance, making the right moves in the early days of the employee’s tenure can empower them to do their job to the best of their abilities. “This will not only ensure higher retention rates for Hong Kong employers, but also help the new employee to start delivering results early on,” concludes Adam Johnston.