The development of nickel-rich NMC cathodes (LiNi_xMn_yCo_1-x-yO₂ with x > 0.5) is among the most promising routes to deliver lithium-ion cells with energy densities that significantly exceed 250 Wh/kg. The capacity decay in the long-term cycling has been attributed to several factors including electrolyte decomposition and cross-talk between the anode and cathode. Forming a stable solid electrolyte interface (SEI) layer at the graphite anode is indispensable preventing irreversible consumption of electrolyte and lithium ions. However, the process to form such passivation layers for lithium ion batteries typically takes several days, or even up to a week, resulting in either lower LIB production rates or excessive capital cost for battery cyclers. In this study, we propose a fast and effective formation protocol that could significantly reduce the formation time for LiNi_0.8Mn_0.1Co_0.1O₂ / graphite full cells. We show that cells formed over a reduced time exhibit similar rate performance to cells that undergo a much longer formation protocol. Moreover, better capacity retention after long-term cycling is achieved with the shorter formation time. X-ray photoelectron spectroscopy (XPS), Fourier-transform infrared spectroscopy (FTIR), and impedance spectroscopy reveal the impact of formation protocol on SEI chemistry and impedance growth. Finally, this study shows that there is an optimal formation time below which severe lithium plating and faster capacity fade are observed. Our study illustrates a viable route to reduce the time and cost to form a robust and chemically stable SEI layer and enable a long cycle life for lithium ion batteries with nickel-rich NMC cathodes.