Business Issue
Following a series of mergers/acquisitions, a top-tier financial services firm was experiencing unusually high turnover of executives hired from outside the organization, as well as those promoted from within. Internal studies indicated that average cost-to-hire exceeded $250,000 per executive, not including the indirect costs of ramp-up time or lost productivity.
Solution
Cambria reviewed the existing onboarding practices within the organization’s business lines; benchmarked them against internal and external best practices; and created an onboarding approach to serve as a guideline for onboarding any new leader in the organization.
Cambria then developed an online tool to articulate and support the new process approach, which outlined time-based phases with corresponding objectives and activities. The site was clearly organized so that each stakeholder group – new leader, manager, HR partner, administrative liaison, peer mentor – had easy access to the information and supporting resources most pertinent to them, including activity summaries, tip cards, checklists, templates, and samples.
Results
The onboarding process and its online tool have been successfully applied in each of the firm’s business units, receiving high praise from stakeholder groups needing to leverage it. Now there is a central point of access for sharing best practices, and users can enter at any point in the process, identify what needs to be done, and access tools and resources to help them do it.
Read more about Cambria’s Online Talent Solutions