Onboarding New Employees and Financial Wellness

Hiring new employees is a complicated process. Have you ever stopped to contemplate all of the steps it takes from the time you initially determine it’s time to hire someone until they complete their first day of work? Depending on the position to be filled, you may conduct a simultaneous internal and external search. The search involves advertising, recruiting, resume reviewing, initial candidate screening, in-person interviewing, offer generating, and acceptance gathering. In some cases you become involved in relocation arrangements. Assuming your preferred candidate says yes, resigns their current position, and ignores any counteroffers, you are only partway to a successful onboarding.

From this stage in the process, my candidate onboarding checklist is a page-and-a-half long. Two weeks prior to starting, I send new employees an email inviting them to enroll into our payroll system. I remind them to bring two appropriate forms of identification, so they can complete the I-9 form on their first day of work. One week prior to the start date, I reach out to our future hires to motivate, answer any questions, and calm potential first-day jitters. I make sure the employees’ computers and phones are ready for day one. I must create email addresses and then tie them to Office Suite and Google Suite software, the client project tracking system, Dropbox, intranet, video conferencing, and various creative tools.

My checklist also includes making sure that our new employees have building access keycards, parking permits, printer codes, and conference room scheduling permissions. I make sure that new hires get some company swag and an ambassador for their first few days.

When day-one arrives, new employees complete their I-9 forms, insurance choices, and meet with our 401k fund manager. They receive a tour of the building (restrooms and coffee are important) and staff introductions. We give new employees a customer “cheat sheet” presentation that provides basic information about the clients we serve. New hires get a thorough explanation of workflow, written schedules, and basic expectations. They are asked to read through and give acknowledgement of our online policy manual. New employees receive week-one goals, month-one goals, and a chance to ask questions. After this, we always make sure new employees get lunch either brought in or at a nearby restaurant with some of our team members.

Soak in this thought for a minute: you perform all of these tasks to help a person feel welcome and get through a successful day-one at your company. Day-one. One day. Now think about how much you do to help new employees experience financial wellness for the rest of their lives. Be totally honest. To which duration do you devote more time and effort? One day or an entire lifetime. Don’t get me wrong – if day-one doesn’t go well, the entire lifetime may not matter much to your company, but ignoring your employees’ financial wellness can cost your company dearly in the long run.

A 2021 CreditWise survey reported that 73% of Americans list finances as the top cause of stress in their lives. This stress translates to lost productivity, increased absenteeism, and reduced profitability for your company.

At the Foundation for Financial Wellness, we know that everyone’s knowledge and comfort level with budgeting, planning, and investing is different, so we’ve created tools to be flexible and guide your employees into the areas that they need the most. Our Five Essentials Program starts at the beginning, complete with behaviors and psychology, and leads the user down the path to intentionally creating an investing plan that will lead to sustainable retirement and a lasting legacy.

Don’t let the effort you put into successful employee onboarding end after day-one. Take action and create a plan to help your employees develop a sense of financial wellness by visiting www.foundationforfinancialwellness.org/employer-programs. We are a not-for-profit looking to make a difference. Learn how to help your employees Handle Life (and their money) Better.

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