Getting the admin right
Probably the closest thing to a formal procedure for hiring staff is the inclusion of a new joiner pack. The pack can be distributed following, or as part of, the new employee’s offer letter as well as their employment contract, which means this will need to be organised before the individual officially starts with the company.
In addition to these required documents, some information about the advice firm will help refresh the new employee’s basic understanding of the business.
Perhaps even more importantly, this also provides an opportunity to give the recruit a feel for the overall direction and positive developments that have taken place within the advice business, encouraging them to feel enthusiastic about being part of the firm’s future.
The full new joiner pack should ideally consist of:
• An offer letter.
• Terms and Conditions of Employment (employment contract).
• Information designed to provide a basic understanding of the business.
• Details of any company benefit schemes in place.
Although many advice firms will most likely already have a process in place for drafting an offer letter, it is also worth considering a few key details that can give a clear indication of how an employee’s first few days at the company are likely to unfold.
Providing a named person to whom the new starter should report on the first day, for example, will provide a key point of contact should they have any questions or issues at all.
First impressions
Fast forward to their first day, a formal induction is another way to ensure that a new joiner receives the best possible start. Using both reading materials and face-to-face meetings, the induction should cover people at the business, expectations for performance, opportunities for training and development, company rules, health and safety and the business’ broader strategy.
Creating a timetable will help give structure to the induction, allowing the new joiner to manage their time more effectively. Deciding who will carry out the induction ahead of time is a good way to guarantee that the induction is implemented properly.
If you are the owner and manager, it may be advisable the induction is led by you, but contributions from different members of the team can also prove beneficial for both employer and employee.
This can work particularly well for smaller-scale advice firms that may not be able to have a single team member commit all of their time to the induction.
For larger financial advice businesses, sharing responsibility for the induction can also allow the new joiner to get to know people from different areas of the business and develop an understanding of how all departments work together.
