Implementing a framework for new employee onboarding improves the immediacy of a new hire’s impact on the organization and sets the stage for them to thrive.

Onboarding is a structured and tailored program that sets out a game plan for integrating new hires during their first weeks and months in a company. It is especially effective for onboarding C-suite and upper management hires but equally important for key strategic and critical hires at lower levels as well.

Onboarding typically involves orientation sessions, goal setting, relationship building, and job-related training to ensure new hires feel valued and empowered to become productive team members. When done properly, onboarding can strengthen or set the tone for your company’s culture and aid in retaining your best talent. It is the key to seamlessly acclimating new employees and setting them up for success from the moment they accept the offer until they become proficient in their roles.

The Importance of Onboarding for PE Firms and Portcos

By offering personalized guidance and support, onboarding coaching goes beyond traditional orientation processes. It helps new employees navigate key tasks and responsibilities and integrates them into the team and workplace environment so that they can quickly become productive members of the organization.

As Sharon Singer (Sharon Singer Consulting) highlights, “The focus areas are slightly nuanced between onboarding executives in funds vs. portfolio companies. For executives working in funds, onboarding focuses on investment strategy, firm culture, deal flow, investor relations, and compliance, aiming to align the executive with the fund’s strategic goals and operational processes.”

Transitioning to a leadership role in a private equity-owned company presents unique challenges. “Onboarding emphasizes operational management, strategic execution, performance improvement, and stakeholder relations, equipping the hire to drive value creation and meet the PE firm’s objectives,” says Sharon. Portco hires need to quickly establish relationships and earn credibility to effect change in a situation where they must please two bosses (investor and investment) who may not have the same vision or expectations.

The Value of an Onboarding Program

Ineffective onboarding leads to 52% of new hires feeling negative about their company. A well-designed onboarding program significantly benefits both the employer and the employee by promoting:

  • Improved Engagement: A study by BambooHR indicates that 89% of surveyed employees believe an efficient onboarding process greatly enhances their engagement at work. Coaching fosters open communication and helps new hires feel valued, leading to a strengthened connection with the company.
  • Faster Time to Productivity: Research by the Brandon Hall Group reveals that effective onboarding increases productivity by over 70%. It helps new hires learn the ropes quickly, increasing efficiency and positively impacting overall team performance.
  • Increased Employee Retention: A robust onboarding process improves retention by 82%, as employees typically decide within the first 45 days whether to stay long-term.
  • Enhanced Self-Confidence: A dedicated onboarding coach provides personalized encouragement and guidance for new hires. This accelerates learning and skill development, enabling faster contribution while boosting their confidence in their abilities.
  • Enhanced Self-Awareness: Assessment testing, delivered by an onboarding coach, provides insight to better understand personal strengths, weaknesses, motivations, and potential obstacles.
  • Stronger Goal Setting/Accomplishment: Through individual conversations, new hires clarify their goals and develop strategies for achieving them. It is shown that employees who receive solid support during onboarding are more likely to remain with the company.

5 Best Practices for Onboarding

“Having meaningful onboarding experiences where leaders feel connected to the organization’s values, culture, networks, and people – driving their understanding of how work gets done – is as important as clarifying strategic objectives and work expectations,” states Seema Patel, OE Consulting & Executive Coaching.

Our recommended best practices for onboarding coaching that implements a strategic path to success for new hires in your company include: 

  1. Start Early: Onboarding coaching must start before the first day. Begin pre-hire with initial interaction and goal setting, which sets the tone for an overall positive experience that will continue through the first day and beyond. Ideally, according to Eric Horwitz, CEO, GEM Coaching Network, “The integration period should be at least 6-9 months from the start date.”
  2. Establish Clear Expectations: Define the expectations for both the onboarding coach and employee regarding roles and communication and clearly define performance goals for the new hire. The coach will help them understand their role in the company’s bigger picture.
  3. Engage in Cultural Immersion and Relationship Building: Doing so “facilitates structured opportunities for new executives to build relationships with key stakeholders, including team members, other executives, and important external contacts. Establishing these relationships early promotes collaboration, trust, and a stronger network, which are essential for effective leadership.” (Sharon Singer, Sharon Singer Consulting)
  4. Focus on Specific Needs and Actionable Strategies: Tailoring the coaching program to meet each new hire’s specific needs and goals is essential. Equipping them with practical tools and techniques will better prepare them to excel in their roles and accelerate your company to success.
  5. Conduct Regular Check-ins: Coaching sessions should not be limited to the first few weeks. Instead, regular follow-up sessions should be scheduled beyond the initial onboarding to consistently offer support and feedback in effectively addressing any challenges.

Include an Onboarding Program with Your Next Search

Does your current search/recruiting vendor provide onboarding as part of the search engagement?

Spire Search Partners offers a comprehensive 3-session onboarding coaching program led by vetted and certified coaches. The program includes personality, cognitive abilities, and leadership skills testing using Hogan/EQ-i assessments.

Interested in enhancing your processes with our strategic onboarding coaching program? Contact Dennis Grady today to discuss availability.