The purpose of the study was to examine how socialization processes (socialization tactics and proactive behavior) jointly affect socialization content (i.e., what newcomers learn) and adjustment. Longitudinal survey data from 150 business and engineering 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 actually learn.