- 54% of HK’s financial employers have had an employee resign during their probation period
- 35% of HK’s financial employers have lost an employee during their first month
In Hong Kong’s competitive employment market, business leaders understand the importance of hiring the best talent. New independent research released last December reveals, however, more than half of Hong Kong financial employers have had a new employee resign during their probation period due to poor onboarding processes, with over one-third explicitly citing they have even lost an employee during the first month because of it.
According to the survey of 150 Hong Kong CFOs, commissioned by Robert Half, many CFOs stated that they have lost staff because of a poor onboarding process, but almost half believed their current onboarding process is ‘good’, while one in 10 stated their onboarding process is ‘excellent’, and 34% say it is “sufficient”. These findings suggest a possible disconnect between the employers’ and the employees’ expectations for the process.
Adam Johnston, Managing Director, Robert Half, Hong Kong highlighted, “Having the best talent in the company is not only about finding and hiring the right employees. 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.”
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 their full potential, having a well-developed onboarding programme surely plays a role, and the lack of an effective onboarding process will leave an organisation exposed to greater productivity risks.
Johnston concluded, “New employees need to feel welcome and a part of the team from day one if employers want to integrate them into the company successfully. 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. A good onboarding experience will not only ensure higher retention rates for Hong Kong employers but also help the new employee to start delivering results early on.”
Paul Arkwright
Publisher
