Mentoring New Hires in the Financial Services Sector

April 03, 2017
mentoring new hiresA key part of talent development is mentoring.[Tweet This]In addition to evaluating the initial talent of a new hire, companies in the Financial Services (FS) sector benefit greatly from pairing new talent with a seasoned veteran to help them acclimate to their environment and achieve their performance and development goals. A mentor can provide an employee with a roadmap of the pitfalls and advantages of the industry, relative to the mentee’s position in the company. 

The results of establishing a structured approach to introducing new hires to a company are quantifiable and cannot be overlooked. Onboarding doesn’t end once the new hire learns their company login and payroll information. A 2014 survey by Bamboo HR found that 1 in 3 respondents left a job in the first six months. As new hires are actively weighing the pros and cons of staying, organizations must be involved in the transition process and assisting them in achieving their goals. 

Of those who reported leaving 27 percent of them said it was due to the work assignments being different than what was pitched to them in the interview. A mentor can clear any sort of ambiguity surrounding the new hire’s job duties, acting as a hub of Frequently Asked Questions instead of a minder. 

The 2015 Talent Acquisition Factbook found that companies spend an average $4000 on filing a job opening. With traceable results like that, the cost of assigning a mentor eventually pays for itself. In the same year Aberdeen reported that companies with employee engagement programs made 26 percent more in year-to year earnings revenue. It should go without saying that mentors hold the dual purpose of keeping new hires engaged and focused on the larger tasks at hand. The time for companies to invest in talent development through mentoring is now, unless they believe they can afford not to.

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