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It depends on the employee's primary competence to be assessed.
If his/her primary role on Technical (hands-on), Yes we can decide its competence or incompetence at the end of the probationary period.
Otherwise, could need some more time, as administration or management role would have more vary of criterias (peoples engagement, work volumes, etc).
Nothing magical happens at the end of the probationary period. Usually, everybody has a pretty good idea of the employee's competence well before the period ends. It is, however, a formal opportunity for everybody to reflect on how things have gone.
The question is really a simple one. If this person is asked to leave today, will that make us better off tomorrow?