Hi Sumaira,
This could theoretically be done using OOTB, but it requires a lot of effort to implement and perfect.
Let me talk about the general idea.
First of all, we need to create multiple entities, such as employee, payroll, equipment, checklist.
Their relationships are as employee:payroll = 1:N, employee:equipment = 1:N, employee:checklist = 1:N.
Also need to create three business unit 1) the department of the employee, 2) HR, 3) IT.
Managers have full access to employee records.
1. Prior to starting, a manager will submit the employee details to HR and IT
We can submit employee records by sharing.
Or choose a team for the employee's owner, because different business departments can access records through the team.
The specific plan should be decided according to your business needs.
2. HR will set up the payroll process
We can create a BPF to represent payroll and add it to the payroll form.
3. IT will set up the equipment process
We can create a BPF to represent equipment and add it to the equipment form.
4. Once HR and IT has completed the set up, the manager who created the employee should be informed about all the details which HR and IT has set up
When the payroll BPF or equipment BPF is finished, run the workflow or flow, check whether the payroll BPF and equipment BPF are both finished, and if yes, send an email to the manager.
5. After starting, the manager will run through the checklist
Create two two option fields for checklist, the first one is used to indicate whether the checklist has been run, and the second one is used to indicate the run result.
Create a workflow or Flow, which is triggered when the first two option field is changed, the condition is that this two option field equals Yes, all the onboarding procedures of the employee are completed, the action is to change the second two option to Yes.
6. Manager should have visibility of before and after starting process
The manager has access to the employee, payroll, equipment, and checklist entities.
7. HR should be able to ensure if on-boarding checklist has been completed within first two weeks of joining
Create a scheduled flow that runs every day, search for all the checklist records whose the second two option field equals No, and that will take more than two weeks, make them as an HTML table, send an email to HR.
8. IT needs to be able to ensure that the equipment is set up prior to the emp start date
Create a scheduled flow that runs every day, search for all the equipment records whose BPF is not finished, and are about to reach the start date, make them as an HTML table, send an email to IT.
9. Salary info should be visible to only HR and Manager
The payroll entity only enables Read permission for HR and Manager.
10. System should create a calendar event to celebrate employee probation period and the calendar is a list in sharepoint
As this is mostly about Sharepoint, I recommend you seek help from Sharepoint experts in Sharepoint forums.