Some very good answers but most of them very theoretical but then that's been the main problem why only a few organizations in India have a highly productive Induction and Orientation programs. let me try and explain to you what they are all about and why it is important.
You are a new employee and are absolutely thrilled to get this job. Every individual is excited in a new job...everyone! But all your dreams, your energy and your excitement need to be channelized to become productive for the organization. Induction and Orientation is meant to do exactly that.
Induction is actually an attempt to make you part of the vision of the organization. Ideally it should be designed to make you part of the overall dream. It should align your dreams, your aspirations with that of the organization. That can only be possible if you understand what, how, where and why of the overall vision. Induction gives you the big picture, how every big or small parts of the organization support and align to each other. It is also a great opportunity (which 90% of the time goes waste in India) for the HR to create a channel of communication with you, directly.
It is NOT about telling you the rules and regulations. Unfortunately that's exactly what happens in most of the organization. They start telling you about the rules and regulations of the organization. Why? You have the employee manual for that and i presume most of the new employees are educated and can read on their own. Yes, any doubts or clarification can be discussed in this forum but having a 4 hour presentation on the employee manual is an absolute waste of quality time ( but that's my opinion). This is also the time you would likely be made aware of the key players in your organization and some great exciting happenings with the organization.
Now that you are aligned to the overall dreams and are now part of that dream, it is time to get you to understand how and what you can contribute. AND so Orientation is done. It is a process of getting you aligned to your department, your team and to align your thinking pattern, your working style with that of the team. This is to ensure you work towards a common collective team goal. This is where you get to understand how you can contribute and what is expected out of you. It is also a great opportunity to establish rapports with your department and your managers.
If done properly Induction and Orientation are perhaps the single most important, effective and critical component of "Employee Engagement". This is where you either make an employee part of your dream, your vision or it is just another job which he (the employee) would leave at the next opportune moment.
Having said that these are of course my opinion and experience of more than 20 years and i could be wrong (although i doubt it !) ...:-)
Cheers
Navneet