Socialization processes (socialization tactics and proactive behavior) jointly affect socialization content and adjustment. Longitudinal survey data from 150 business graduates during their first 7 months of work indicate that: (1) institutionalized socialization and proactive behavior are each associated with newcomer learning, (2) the socialization processes and learning are each associated with various forms of adjustment, and (3) the socialization processes are associated with adjustment, while controlling for learning. These findings suggest that how newcomers are socialized has substantive and symbolic value over and above what they learn.